Learn why checking your CTOS score regularly is crucial for your financial well-being. Discover the benefits of a good credit score and the risks of neglecting your credit report.
When Did You Last Check Your CTOS Score? Here Are 5 Reasons Why You Should Do It Regularly You can get a MyCTOS Score Report for just RM27! Chances are, you may have heard that having a good credit score is important. But first, what is a credit score? In essence, it is a score that reflects how likely you are to repay your debts on time. Lenders, such as banks or financial institutions, use this score to assess the risk of extending credit to you.
In Malaysia, CTOS — a leading credit reporting agency — scores range from 300 (poor) to 850 (excellent). The higher your score, the greater your chances of securing credit approvals. The benefits of having a good credit score include: If you're wondering how often you should check your credit score, a good rule of thumb is once every three to six months Your credit report is never stagnant — while your CCRIS info is generally updated monthly, other information like bankruptcy, trade references, and directorships will be updated as and when there are changes. Here's why it's important to check your credit score regularly: 1. It helps you increase your chances of loan approval A good CTOS score is your golden ticket to easier loan approvals. Lenders look at your creditworthiness before approving applications for home loans, car financing, or credit cards. Knowing your score allows you to address issues beforehand, increasing your chances of success. 2. Spot warning signs of identity theft and fraud Identity theft is more common than you think. Regularly checking your CTOS report helps you detect unauthorised activities, such as loans or credit accounts opened in your name, and allows you to act quickly to minimise damage.
CREDIT SCORE FINANCIAL WELL-BEING IDENTITY THEFT LOAN APPROVAL CREDIT REPORT
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