by TMR / pic credit: touchngo.com.my

TOUCH ‘n Go Group (TnG) will be providing its eWallet users with a free MyCTOS credit report with Central Credit Reference Information System (CCRIS), the company announced yesterday.

The company’s eWallet users will now have access to tools to facilitate credit health self-checks, obtain educational articles about credit and credit reporting.

This is the result of a strategic collaboration between TnG eWallet and CTOS Data Systems Sdn Bhd (CTOS).

“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,” TnG group CEO Effendy Shahul Hamid (picture) said in a statement.

“We’re extremely pleased to find a like-minded partner in CTOS, and we hope that individuals access the facility we are making available,” he added.

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.

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.

Potential landlords may also review an applicant’s credit report to decide whether to rent their property or not. Some employers can even check credit reports as part of the job application process.

“At CTOS, we aim to empower as many people as possible with the right tools and knowledge to make good financial decisions and checking the credit report is the first step of that journey. Our partnership with TnG, Malaysia’s eWallet market leader, will enable their 16 million users to access and understand their credit health conveniently and seamlessly,” CTOS CEO Eric Chin said in the same statement.

Details of the new programme will be available through TnG eWallet app. The current free MyCTOS report with CCRIS promotion will be available until Jan 31, 2022.