KUALA LUMPUR, 26 February 2020 – CTOS, Malaysia’s largest credit reporting agency, recently reached 1 million subscribers signed up to carry out self-checks on their financial health.
“We have been championing financial health and literacy heavily over the past four years since the launch of CTOS Score, with numerous roadshows, campaigns and activities to get Malaysians to take control of their finances, and it is truly encouraging to see the positive response from consumers.”
Dennis Martin, Group CEO of CTOS
Out of the 1 million subscribers, 63% are male and 37% are female. Majority of them are from urban centres namely Kuala Lumpur, Selangor, Perak, Johor and Penang which make up 60% of total subscribers who carry out CTOS self-checks. Additionally, the average credit score of those who have signed up is 578. Banks would generally consider those with CTOS Score of 650 and above as prime customers, so there is currently more room for improvement.
“It is heartening to note that Millennials (in their 20s and 30s) are by far the largest group, contributing to over 60% of those running self-checks. Gen X (in their 40s and 50s) contribute over 21%, whilst Baby Boomers (the over 50s) make up only around 10%. Our 1 million subscribers show a greater percentage in the younger age bracket, which brings hope that today’s and future generations of Malaysians are taking financial health seriously,” explained Martin. “Furthermore, we see that the credit scores of our subscribers are on the increase as well year on year, showing a concerted public effort to improve towards the Malaysian banking prime score of 650”.
Since the start of November 2019, consumers have been taking part in the CTOS “Be Our 1 Millionth” campaign to celebrate the landmark in line with the Government’s call for Malaysians to improve their financial literacy.
By sustaining a good credit score through prompt payment of bills, maintaining a low balance on credit cards and other revolving credit, and obtaining new credit only when needed, consumers can take charge of their own creditworthiness and better manage their eligibility for credit.
Grand prize winner of the “Be Our 1 Millionth” contest, Lee Cheen Hung from Selangor, will be enjoying a trip to Rome with his wife.
“The CTOS contest was the first time I had checked up on my financial health but is something that is quite critical for me as I run my own business with my wife, a doctor’s clinic,” said Lee. “I did already believe that I had a healthy financial standing, but it is peace of mind for me to know that everything is in order. I would advise all people to make sure their finances are in order and know what their financial position is.”
Apart from Lee, a further six couples won trips around Asia. Any consumers looking to run a financial health check can access their MyCTOS report from www.ctoscredit.com.my.
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