Contributed by CTOS

Smartphones, tablets and laptops have calendar reminder functions that you can use to your advantage.

Late or missed payments will have a negative impact on your credit health. For instance, if you miss your monthly credit card or loan repayments, it will show up in your CCRIS record and lower your credit score. This may impact your ability to get your next loan. Not only that, you will have to pay extra for the late payment fee. Here are three tips on how to avoid late payments and protect your credit: Set up auto debit Auto debit is a bill payment facility that automatically settles your bills by deducting your savings or current account on a fixed schedule. This way, there is no risk of you forgetting to pay your bills. Check with your bank for more information, such as service fees, which are usually very low. Also, take note that you must have sufficient funds in your bank account for this method to work. If you do not, you may incur additional fees.

Create payment reminders 

From smartphones and tablets to your office computer, all the gadgets you use generally have calendar reminder functions that you can use to your advantage. If you are more old-fashioned, a desktop calendar or even a diary may work for you so you do not forget about your credit obligations.

Check your credit report regularly

Your updated MyCTOS Score report has detailed information about all areas of your credit health, but what will help you most in making payments on time is your CCRIS record. Checking this part of your credit report will show you what payments you have missed in the past and for how long, so you can get current and stay current. An updated MyCTOS Score report will also show you your current credit score, so you can use that as a reference to improve the number by consistently making payments on time. Get your free MyCTOS Score report at https://rewards.starproperty.my/ctosscorecheck when you register with CTOS.

CTOS

Established in 1990, CTOS is a leading credit reporting agency under the ambit of the Credit Reporting Agencies Act 2010. Its three-digit CTOS Score will show your creditworthiness. It is an evaluation of an individual’s credit history and capability to repay financial obligations. The higher the score, the higher your chances of securing a loan.

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