CTOS and Alliance Bank have announced a continued partnership to provide further rewards and services to CTOS members, with the Alliance One Account. Consumers with qualifying CTOS scores will be invited to use this advisory service which will demonstrate how loan consolidation can help manage household finances better.<\/p>\n
\u201cWith the Alliance One Account, customers can now consolidate all their existing loans into one account with Alliance Bank to reduce their interest rates and monthly payments,\u201d said Suparman Kusuma, Executive Vice President, Head of Group Consumer Banking for Alliance Bank.<\/p>\n
Consumers can access their MyCTOS report from www.ctoscredit.com.my and qualifying members can access the Alliance One Account on the dashboard page.<\/p>\n
Over the past two months, 100,000 Malaysians have taken advantage of the CTOS \u201cWhat\u2019s Your CTOS Score\u201d campaign to check up on their financial health. The campaign, which was a first-of-its-kind education campaign aimed at transforming the mind-set and attitude of Malaysians towards responsible credit management, gave consumers the opportunity to obtain their comprehensive MyCTOS Score report for free.\u00a0<\/p>\n
In addition to the score, each comprehensive report provides details on identity verification, business exposure, credit repayment behaviour, legal actions, case statuses as well bankruptcy information for the past 24 months.<\/p>\n
\u201cWith the Government\u2019s call for Malaysians to improve their financial management skills, we are happy to announce that 80% of the free score report redemptions were made by consumers new to credit scoring,\u201d announced Eric Chin, CEO of CTOS Data Systems Sdn Bhd.\u00a0<\/p>\n
\u201cThis is a testament to our campaign to educate and empower more Malaysians to start taking control of their financial futures. 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 credit-worthiness and better manage their eligibility for credit.\u00a0<\/p>\n
Chin added, \u201cKnowing and understanding your CTOS Score is not only important for credit management, it is also a tool for individuals to protect against identity theft and fraudulent transactions. It is important for individuals to regularly update and maintain their credit reports even if they do not intend to obtain a loan. This way, individuals can keep abreast of their financial positions and always be armed with accurate information should they intend to seek financing in the future\u201d\u00a0<\/p>\n
As a snapshot of Malaysia\u2019s consumer credit situation, the campaign disclosed that around 37% of consumers have a good-to-excellent credit score, whilst 57% should start working on improving their credit standing. The findings also revealed that approximately 6% of consumers have little-to-no credit history. This can also cause issues, as a lack of credit history means that lenders have to make lending decisions on little to no information.<\/p>\n
\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"
CTOS and Alliance Bank have announced a continued partnership to provide further rewards and services to CTOS members, with the Alliance One Account. Consumers with qualifying CTOS scores will be invited to use this advisory service which will demonstrate how loan consolidation can help manage household finances better. \u201cWith the Alliance One Account, customers can […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-81","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/81","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/comments?post=81"}],"version-history":[{"count":1,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/81\/revisions"}],"predecessor-version":[{"id":5908,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/posts\/81\/revisions\/5908"}],"wp:attachment":[{"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/media?parent=81"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/categories?post=81"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/malaysian-business.com\/portal\/wp-json\/wp\/v2\/tags?post=81"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}