Partners with CTOS to offer an industry-first initiative, including a free MyCTOS credit report with CCRIS
Touch ‘n Go Group today announced that it will be providing its Touch ‘n Go eWallet users with a free MyCTOS credit report with CCRIS, as it continues to promote elements of consumer education within the context of financial inclusion. This industry first initiative is made possible through a strategic collaboration between Touch ‘n Go eWallet and CTOS Data Systems Sdn Bhd (“CTOS”), Malaysia’s leading credit reporting agency. The collaboration will also see CTOS joining Touch ‘n Go eWallet’s ecosystem through the latter’s mini programme initiative, where eWallet users will now have access to tools to facilitate credit health self-checks, obtain educational articles about credit and credit reporting.
“This really is a market-first, an initiative about empowering all Malaysians, and we’re hoping to educate everyone that understanding, and having access to one’s own credit health is necessary, especially in developing countries and growing economies. We’re extremely pleased to find a like-minded partner in CTOS, and we hope that individuals access the facility we are making available,” said Effendy Shahul Hamid, Group Chief Executive Officer, Touch ‘n Go Group.
“We also hope that through this initiative, people will find the topic of credit reports and credit health ratings less scary, and in turn use this as a platform to understand the space and enhance their individual credit profile,” added Effendy.
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 lenders use this information as part of the credit evaluation process before approving a credit card and loan applications.
Checking a credit report helps consumers understand what banks see and how evaluations are made to either approve or reject credit extensions. Consumers can also check for any signs of identity theft and fraud; any litigation or bankruptcy cases registered under their names and also fix any inaccuracies that may show up.
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.
“Globally, eWallets such as Touch ‘n Go eWallet have been embraced as a fast and easy way for consumers to manage money digitally. At CTOS, we aim to empower as many people as possible with the right tools and knowledge to make good financial decisions and checking your MyCTOS credit report is the first step of that journey. Our partnership with Touch ‘n Go, Malaysia’s eWallet market leader, will enable their 16 million eWallet users to access and understand their credit health conveniently and seamlessly,” said Eric Chin, CEO of CTOS Data Systems.
Details of the new programme will be available through Touch ‘n Go eWallet app. The current free MyCTOS report with CCRIS promotion will be available until 31 January 2022.
