What could only be accessed for a fee is now available for free, CTOS Data Systems is offering its highly prized credit report with CCRIS for free to Malaysian’s.
The credit reporting agency, has also revealed that over the past 12 months, there has been a 52% increase in consumers accessing their CTOS credit report, and a recent survey showed that 57% of consumers checked their credit due to financial issues caused by the pandemic. “Covid-19 and the uncertainties that came with it has highlighted the urgent need for Malaysians to get on top of their financial health. However, based on CTOS data, currently only around 1.3 million out of the approximately 15 million working population in Malaysia perform self-checks to access and manage their personal credit information.
To encourage more people to take the first step towards managing their financial health, the free service will give consumers more empowerment over the financial status explained Eric Chin, CEO of CTOS Data Systems.
A CTOS personal credit report contains detailed information about a person’s debt, account histories for credit cards and loans such as payment history, including any late payments, credit limits or loan amounts, account balances and credit inquiries. Legal cases and bankruptcies are also listed in a separate section of the credit report as well as directorships and business interests.
Banks and other lenders use this information as part of the credit evaluation process before approving any credit applications like credit cards and loans. The importance of having a good credit report isn’t limited to financial products only. Potential landlords may also review an applicant’s credit report to decide whether to rent their property or not. Some employers even check credit reports as part of the job application process.
The free MyCTOS Report with CCRIS campaign is available through www.ctoscredit.com.my as part of the CTOSCARES initiative until 31st July 2021.