CTOS, Malaysia’s leading credit reporting agency, is providing 67,000 free MyCTOS Score reports to first-time MyCTOS Score users via the CTOS Mobile App from 15th August to 20th September in conjunction with the spirit of Jiwa Merdeka.
“Out of a working population of 17.1 million Malaysians, so far just over 4 million people have checked their credit report with CTOS, which means that over 75% are still to do so. In line with Jiwa Merdeka, which expresses the people’s freedom and patriotic spirit, while building a strong, harmonious and progressive nation, CTOS is happy to be offering free MyCTOS Scores to the rakyat who have yet to subscribed to CTOS,” explained Erick Hamburger, Group CEO of CTOS Digital Berhad. “Along with our ongoing contest giveaways and various public awareness events, we are committed to championing financial literacy and building a better Malaysia for all.”
Just like the government’s 2024 Jiwa Merdeka campaign, credit reports benefit all races, ages and income levels, with a healthy credit score indicating financial stability. This allows people to make sound financial decisions for the future, especially when it comes to larger purchases such as a car or a new home. A good credit score also makes consumers more attractive to lenders as it ensures financial institutions of a reliable borrower.
The MyCTOS Score Report contains critical information that enable financial institutions to determine an individual’s creditworthiness, including the CTOS Score, CCRIS records, litigation and bankruptcy information, directorship and business interest based on Companies Commission of Malaysia (SSM), and trade reference listings (eTR) that detail the past payment experience to non-financial institutions such as CTOS’ subscribers.
It is produced using rich proprietary data from CTOS, as well as CCRIS information. Five factors make up the 3-digit number of the MyCTOS Score – payment history, amount owed, credit history length, credit mix and new credit application. These are defined as:
- Payment history: evaluates timeliness of loan payments over the last 12 months.
- Amount owed: is an account of credit facilities from various banks and the amount owed for each.
- Credit history length: represents the length of time a particular credit facility has been held.
- Credit mix: evaluates the types of loans and credit credit cards held – secured credit (e.g. home and car loans) versus unsecured credit (credit cards and personal loans).
- New credit: looks at the success of new credit facility applications in the past 12 months.
Once all these factors are accounted for, a 3-digit MyCTOS Score which ranges from 300 to 850 provides a numerical representation of a person’s credit worthiness.
To redeem the free MyCTOS Score Report, users only need to download the CTOS App, sign up, and enter the promotional code “Merdeka67” during the campaign period.
Make Malaysia’s 67th Merdeka celebrations meaningful for you by taking the first step towards financial freedom. For more information, download the CTOS mobile app or go to https://www.ctoscredit.com.my.
