Tuesday 21 April 2020

Few days before 18 March 2020 which marks the beginning of MCO (Movement Control Order), I actually heard about the rumors of a Full Lock Down from the conversation between two customers while brewing coffee for them. It was an accidental eavesdrop as they were talking so loudly over the counter. I actually did not believe that we would go into such state of emergency as it would affect our already weak economy so much not to mention citizens of Malaysia from the lower income group. Moreover, I thought our country had it all under control.

Little did I know we are going to face a Covid-19 cluster explosion from the gathering of the Tabaligh Event. The declaration of MCO indeed shocked the nation but it did not end there. Entering into the 2nd and 3rd phase of MCO gave yet another great blow to many from the middle and low income as many of us have commitments of car loan, house loan repayment, and not to mention the responsibility to place food on the dining table for the family.

The act of kindness from the government and good Samaritans who assisted much in keeping tummies full and warm was much applauded and appreciated for but what bothers some of us the most are;


HOW ARE WE GOING TO AFFORD LOAN REPAYMENTS?

"1 1/2 months of unpaid employment stressful insanity is going to kill us off first before the Covid-19 does."

That's right. Not all of us has the privilege of just spending leisure time at home with the family, learning to bake, to cook, to D.I.Y without having to fear the loan repayment datelines. Thankfully, although not the best we could get but a 6-months moratorium on bank loans and restructuring of credit card payments could at least give us a breather.

Still, how clear are we on our financial position? Many of us do not bother to map out our financial liability in a clear table because we are either unaware of the benefit or that we are unsure on how we can do that. Hence, the quickest and easiest way to understand our financial position right now is to get a credit report.


During this COVID-19 pandemic, the top priorities are our health and safety. However, consumers may also be concerned about how current economic conditions might affect their financial situation.”
said Dennis Martin, Group CEO of CTOS. 

BUT, how and where can this report possibly be generated?

Well, it doesn't require much effort and best of all, it could be FREE if you act quickly enough on it. 😏 CTOS, Malaysia's Largest Credit Reporting Agency has vowed to provide up to 100,000 FREE CTOS Score credit reports (link at the end of the post) to the nation until 30 APRIL 2020! With the CTOS Score credit report, we will get a better understanding of our financial position and act on it accordingly.

With that in mind, we are giving up to 100,000 FREE CTOS Score credit reports worth RM 2.5 million with the goal of helping Malaysians to have a better understanding of their financial position.”



Whether we have the capability to opt-out of the 6-months moratorium or our situation requires us to opt-in for the repayment deferment. With a clearer understanding of our financial position, it could also advice if we would need to contact our creditors to discuss on a long term solution. As much as it is beneficial to us now, keeping up to date with our CTOS Score credit reports regularly after the MCO is very much recommended so that we will always have our financial information at the grasp of our palm.  



With this, I advice anyone interested to quickly act before end of 31st May 2020 and..

request a free copy of their MyCTOS Score report
by visiting www.ctoscredit.com.my/ctos-cares
Promo Code: FREEMCO20

Further support is available for those who are looking to minimize potential negative impacts of the pandemic on their credit on the CTOS website, which provides ongoing information about how credit reports and scores work to enable better understanding.


CTOS SecureID




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