Before applying for a loan, credit card, or any other financial product, it’s crucial to understand your credit score. A credit score is a numerical representation of your creditworthiness — the higher your score, the better your credit health. Lenders use this score to determine whether you qualify for credit or loan products and the terms offered to you, such as interest rates and credit limits.
Knowing your credit score doesn’t just empower you to make smarter financial decisions, it also has the ability to save money in the form of lower interest or profit rates. Understanding your credit score is the first step toward gaining control over your financial future.
If you have a good or high credit score, you are deemed to be an individual with high creditworthiness - that means that you are someone who will likely pay your bills or debts on time with a low likelihood of default. As such, banks and financial institutions are more likely to approve your credit card or loan applications - and with better terms, too!
If you have a poor or low credit score, this translates to someone who is not responsible for their debt. Poor credit scores are contributed by not paying bills on time, high utilisation rates on credit cards, and even applying for multiple credit or loan products within a short time span. As a consequence, someone with a low credit score may struggle to get loan applications approved, or if they are approved, it is likely that they are offered higher-than-usual rates.
How to Check Your CTOS Score?
Credit scores are contained within credit reports issued by credit reporting agencies. In Malaysia, CTOS is a leading credit reporting agency, and its credit report includes the CTOS Score, offering an easy-to-understand overview of your current credit health.
What is a CTOS Score? With a score ranging from 300 to 850, it is a simple, easy-to-understand snapshot of your credit health - and what it means for your financial journey.
Get Your CTOS Score Online
Checking your credit score with CTOS is easy and can be done in just three steps. First, click the "Discover My CTOS Score Now" button. Next, fill in your details. Lastly, purchase a MyCTOS Score Report. Your MyCTOS Score report will be sent to your verified email.
