KUALA LUMPUR: CTOS Data Systems Sdn Bhd has launched its ‘What’s Your CTOS Score’ campaign, an initiative that aims to educate and create awareness among consumers on the importance of managing credit.CTOS chief executive officer, Eric Chin, said with the availability of the CTOS Score, consumers were now able to know where they stood in the eyes of credit grantors and lenders.“The consumers will also be able to take charge of their own creditworthiness and consequently be in a better position to manage their credit eligibility and access required financing.“Through education and awareness, we want to help them make smarter financial decisions by understanding their credit scores and knowing how to use them within their means,” he told reporters after the launch of the campaign in Kuala Lumpur on Tuesday.Chin said the campaign was in response to the Government’s call for Malaysians to improve their credit and financial management skills.As of May 2016, Malaysia’s household debt stood at RM1.03 trillion, or 89.1%, of gross domestic product, which was among the highest in Asia, he said.He said the reality of today’s economic situation was that rising debt level remained a huge concern, especially household debt.“With the implementation of the CTOS Score, we believe we can help transform the way the public view their own credit health and how it impacts their purchasing decisions and in turn, helps consumers manage their debts and finances within their means,” he said.Chin said good credit scores would benefit consumers in terms of obtaining loans faster.Currently, CTOS has 250,000 subcribers and were growing at about 15,000 to 20,000 every month, he said.With the campaign, he said, CTOS was confident of attracting another 100,000 subscribers in the next couple of weeks.The campaign kicked off on Tuesday where 100,000 My CTOS Score Reports worth RM25 each will be given away free and individuals can get them at any of the seven CTOS branches nationwide. - Bernama

Source: The Star November 01, 2016 10:10 UTC