KUALA LUMPUR: Touch 'n Go Group announced that it will be providing its Touch 'n Go e-wallet users with a free MyCTOS credit report with CCRIS to promote financial education.
In a statement released on the collaboration, Touch 'n Go Group's group chief executive officer, Effendy Shahul Hamid said that the initiative is an industry first initiative, made possible through strategic collaboration between the e-wallet and CTOS Data Systems Sdn Bhd (CTOS), Malaysia's credit reporting agency.
"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.
The collaboration will also see CTOS joining Touch 'n Go e-wallet's ecosystem through the mini programme initiative, where e-wallet users will have access to credit health self-checks tools as well as educational contents about credit and credit reporting.
"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.
The importance of having a good credit report isn't limited to financial products only. It can also be used to check signs of identity theft and fraud; any litigation or bankruptcy cases registered under their names and also fix any inaccuracies that may show up.
"Globally, e-wallets such as Touch 'n Go e-wallet 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 will enable their 16 million e-wallet users to access and understand their credit health conveniently and seamlessly," said CTOS Data Systems, CEO Eric Chin.
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.
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.
Checking a credit report helps consumers understand what banks see and how evaluations are made to either approve or reject credit extensions.
The programme is accessible from Touch 'n Go e-wallet app and the free MyCTOS report with CCRIS promotion is available to all users until Jan 31, 2022.