The CTOS-FICO Consumer Credit Score will be developed based on FICO’s proven scoring modelling technology. The scoring model for CTOS is created by analyzing the information found in CTOS’s comprehensive credit information database.
“The FICO Score is used across the world in more than 25 countries and we are sure that Malaysian lenders will benefit from this partnership,” said Eric Chin, chief executive officer of CTOS. “We believe that by working with FICO, the predictive analytics and decision management software company, we will further cement our position as the number one credit bureau in Malaysia.”
He added that FICO was chosen because of its proven track record and it was a brand and company that Malaysian lenders were familiar with. “FICO has been working with the Malaysian financial services industry for more than twenty years. We knew that FICO’s vast experience in developing, rolling out and driving market adoption of bureau scores in different markets would be a boon to developing the market in Malaysia.”
FICO® Scores play a critical role in billions of decisions each year for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. Lenders can use FICO Scores to more confidently tailor their credit product offerings to the risk profile of individual consumers. In this way lenders can safely increase their market share, reduce their risk exposure, and improve their profits.
“FICO has been used by many organizations across the world to aid not only individual lenders but also their customers,” said Dan McConaghy, president for FICO in Asia Pacific. “We expect that we will have the same transformative effect in Malaysia, especially as we are working with the largest private credit reporting agency in the country.”
Source: FICO Press Release
CTOS is a member of BIIA