07/12/2022
What is CTOS?
CTOS SCORE FULL DEFINITION
A 3-digit number that represents your creditworthiness, based on credit history and capability to repay financial obligations.
The higher you score, the higher your chance of getting that loan. Just like taking a test.
Credit scores are a major indicator of oneโs financial health, but not many know their significance, or what they mean.
If youโre planning to buy a house or a car and want to increase your chances of getting a loan approved, you might want to check your credit score first. If your score is low, you might want to improve your credit standing.
The MyCTOS Report with CCRIS provides insight into oneโs CCRIS (Central Credit Reference Information System) records, outstanding loans and credit(s), pending and approved credit applications, and special attention accounts.
Data on late payments, credit limits, and other account balances are also made available.
Through the reports, users may also learn more on their directorship and business interests (SSM), bankruptcies, legal proceedings as well as trade referee listings (eTR).
The information outlined in a CTOS report is typically used by financial institutions and other lenders to evaluate if an applicant qualifies for a credit card or loan. Landlords and employers may even look to credit reports as well.
If someone has applied for a credit card or loan under your name, it will also show up on CTOS and you can take further action to clear your name.
The higher the credit scores, the higher chances of getting loan approvals. Low credit ratings can lead to rejected loan approvals (which further damages your credit standing), or in some cases, offer unattractive interests rates as well as lower credit limits.
