CTOS is offering 67,000 free MyCTOS Score reports to first-time users of the MyCTOS Score through the CTOS Mobile App from 15th August to 20th September 2024, in line with the Jiwa Merdeka spirit.
Out of 17.1 million working Malaysians, only about 4 million have checked their credit report with CTOS, leaving over 75% who have not done so yet. Erick Hamburger, Group CEO of CTOS Digital Berhad, emphasized that CTOS is excited to provide free MyCTOS Scores to those who have not subscribed to CTOS, supporting financial literacy and a better Malaysia.
Just like the government’s 2024 Jiwa Merdeka campaign, credit reports benefit everyone regardless of race, age, or income level by indicating financial stability, helping in making good financial decisions, and enhancing attractiveness to lenders. The MyCTOS Score Report includes essential information for financial institutions to assess creditworthiness, such as CTOS Score, CCRIS records, legal and bankruptcy details, directorship and business interests, and trade references.
The MyCTOS Score is based on payment history, amount owed, credit history length, credit mix, and new credit applications, utilizing data from CTOS and CCRIS. 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.