What is CTOS?

CTOS is one of the Malaysia’s leading credit reporting agency (CRA). It is regulated by the Ministry of Finance’s Registrar of Credit Reporting Agencies.

It collects information about people’s and organisations’ creditworthiness. Moreover, it creates comprehensive credit risk management solutions and services. Financial institutions, telecommunications and insurance companies, SMEs, commercial corporations, law firms, and other Malaysian organisations all use CTOS’ services.

What is the difference between CTOS and CCRIS?

CCRIS, which is controlled by Bank Negara Malaysia (BNM), only has a report with a duration of 12 months. On the other hand, CTOS is owned and managed by a Malaysian company. Furthermore, it has been collecting data on individuals and businesses for over 20 years from various government sources.

What are the sources of CTOS?

The sources of CTOS include E-court listing and legal notices in newspapers. Other than that, they are from Companies Commission of Malaysia (CCM) or Suruhanjaya Syarikat Malaysia (SSM). Besides, the sources also include CCRIS (Bank Negara Malaysia), Government publications, Malaysian Department of Insolvency (MDI) and the Registrar of Societies.

In addition, some creditors, litigators, trade referees provide contact information. In some cases, subjects also voluntarily provide their own information.

How does CTOS handle our data for credit report?

CTOS enters the data into an electronic database. It also allows credit grantors and lenders to check loan applications, trade and company credits, and make decisions more efficiently. In fact, for only RM25, you can obtain your CTOS Score credit report.  

What information does a CTOS Report contain?

1. Personal Information

It is important to have the subject’s Identity Number, Full Name, Company or Business Registration Number. For instance, it is possible to identify and verify the subject. This area helps prevention of identity theft and fraud.

2. Corporate Interests and Directors on the board

Keep track of a person’s directorships and shareholdings in Malaysian firms and businesses.

Banks use this data to verify the person’s income, which is especially important for company shareholders and business owners.

3. Records of Bank Payments

CTOS retrieves the data from Bank Negara Malaysia. CCRIS records show the subject’s payment behaviour for each credit facility. It also shows the credit applications accepted and pending in the previous 12 months. According to CCRIS records, CCRIS Derivatives provides the earliest credit facility and the total amount outstanding from secured and unsecured facilities.

4. Legal Issues

Make a note of the legal details and a subject’s past, history, and business experience. This is because banks seek for bankruptcy information, legal activities, and case statuses.

5. Trade Reference

CTOS receives the payment experience information by non-financial institutions such as CTOS’ subscriber or business partner is referred to as a trade reference.

6. Subject’s Comments

CTOS provides this service that allows parties to present their stories in a case. However, comments are neutral and limited to the specific case at hand.

How often does CTOS update database or credit report?

CTOS updates its database on a daily basis based on information provided by legal entities, subscribers, and public sources. It also welcomes requests to change its records, provided that sufficient proof and documents are provided.

It also takes 3 to 4 days for credit report information update, and every month for your CTOS report.

How to fix or clear CTOS?

You must notify CTOS if you find any inaccuracies that should have aged off your report. Call CTOS at (03-2722 8833) or fill out and email the web form to sarus@ctos.com.my. For that, you will need to supply documents as well as an explanation of the problem or the proper information.

Documents you need to provide:

• MyKad (both front and back copies, compulsory for verification purposes)
• Documentary evidence from your bank, such as a settlement letter (if applicable)
• SSM, court or litigation documentation (if applicable)

CTOS will not charge you to update your record, and you will receive a free CTOS report as a result. If you update your credit information, CTOS will be able to give banks or financial institutions with the most accurate and up-to-date information if you apply for credit.

How long are the records kept?

CTOS stores the record for 24 months as a historical archive of your background and credit history. After two years of full repayment or case settlement, it will not be disclosed in your CTOS report.

Can CTOS blacklist or give access to our personal data?

CTOS does not have the authority to blacklist someone. The company only delivers credit information to its subscribers. After that, lenders or credit grantors make the final judgments on credit applications. CTOS does not offer any advice or recommendations that might impact these choices.

The CRA Act of 2010 gives CTOS the legal authority to collect and process credit-related information. However, access to this data is strictly limited and regulated. Thus, we can trust CTOS and do not need to worry about our personal data being misused.

What is a “CTOS Issue”?

CTOS just gives credit information. Therefore, lenders make the final decision on whether to approve or deny a credit application. Banks and financial institutions each have their own lending policies and credit risk tolerance thresholds.

If you get a “CTOS Issue”, the problem is most likely not with CTOS failing to update your records, but rather with the bank’s internal credit approval rules. The longer the period between your previous default and your loan application, the more likely it is for an approval. A good rule of thumb is to wait at least 1 to 2 years between appointments.

You may ask the bank if they can provide further clarification to the rejection of your application, you may also do a CTOS self-check to ensure your credit report is accurate and updated.

How to sign up for CTOS account?

You can sign up for a CTOS account online at www.ctoscredit.com.my .

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