When you apply for credit cards, home loans, or personal loans, the banks will be contacting credit report agencies like CTOS to learn about your credit history.
A credit history is a record of a consumer’s ability to repay debts and demonstrated responsibility in repaying debts.
Your credit history determines your level of creditworthiness and trustworthiness in the eyes of the lenders.
What’s included in a credit report?
A consumer's credit history consists of information such as: number and types of credit accounts, how long each account has been open, amounts owed, amount of available credit used whether bills are paid on time, and number of recent credit inquiries.
It also contains information regarding whether the consumer has any bankruptcies, liens, judgments or collections.
This information is all contained on a consumer's credit report.
The banks/lenders would then evaluate these information to decide whether it is feasible to lend you money, and have a high degree of chance of you paying back the money you’ve borrowed.
That is why, if you know your own credit score, this would enable you to make better decision on making future financial commitments.
How can you get your credit report?
CTOS has a self-check product called the MyCTOS Score Report. To get your credit report, simply choose either one of these available channels, it is convenient. Here are the steps:
1. Sign-up online at www.ctoscredit.com.my
2. Download CTOS mobile app
3. Walk-in to any CTOS customer service branches nationwide https://www.ctoscredit.com.my/contact-us/
How you can make use of this report is to know where you stand on the credit rating scale. If you are ranked high, then you can leverage yourself (i.e. take on more loans to get more assets) or if you are ranked low, then you can work in specifics on improving your credit score.
Here’s my question to you: Do you let other people know about your credit score? More importantly, do you let your spouse know your own score?
The case for letting your spouse know your own score is still dicey.
A household with a good CTOS score would mean that the family can build more useful financial means.
If you are thinking about purchasing a house or a car, your CTOS score plays a determinant role in the interest rate that you will eventually be paying, for the money you are borrowing from the banks.
CTOS presently is running a social experiment on couples revealing each other’s credit scores. The idea is to reveal to the spouses what their obligations and duties are.
The aim of the social experiment is to see if the couples know what their CTOS scores are, why it is important and more crucially they understand their credit health and financial limitations in attaining their goals.
Another underlying message of the social experiment is that, couples should be transparent and honest with each other in building a household.
Should credit score be the last thing a couple talks about in a relationship?
It remains to be seen if revealing individual’s credit score to spouses will become a norm in the Asian setting.
Couples tend to be more private with regards to their finances in this part of the world in comparison to the Western countries.
This campaign by CTOS is a bold move to culturally challenge what is considered as ‘taboo’ and it is commendable.
Do you know your personal credit score? Would you like to know your spouse’s CTOS score? Would you reveal your own CTOS score to your spouse?
Leave us a comment and tell us what do you think.
Ibrahim Sani
Tue Oct 17 2017
A credit history is a record of a consumers ability to repay debts and demonstrated responsibility in repaying debts. - Filepic
Astro AWANI's revamped English news website, AWANI International, launches on Oct 21
Astro AWANI's revamped English platform delivers in-depth global news and expert analysis to keep you informed on key developments.
Israeli strikes kill 33 people in Jabalia refugee camp in Gaza, medics say
Residents of Jabalia said Israeli tanks had reached the heart of the camp after pushing through suburbs and residential districts.
Liam Payne's ex-partner calls for media restraint after 'painful' death
Cheryl Tweedy used her statement to urge the media to remember they had a seven-year-old son, Bear, who could read the reports.
Analysts: Indonesia's strong MoF leadership team to boost investor confidence
Sri Mulyani Indrawati as head of Indonesia's Ministry of Finance is expected to instil confidence among investors.
Biden offers both a carrot and a stick to Israel as his term nears an end
Israel has frequently resisted US advice and has caused political difficulties for the Biden administration.
Putin says BRICS will generate most of global economic growth
Russian President Vladimir Putin will host a summit of the group in the city of Kazan on Oct. 22-24.
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.