1. What is CTOS?
CTOS is a credit reporting agency (CRA). We collate information from various sources to aid decision making processes. These include the verification of information provided by customers and the process of discovery involved in knowing their customers better.
You can read more about CTOS here.
2. Are the activities of Credit Reporting Agencies regulated?
Yes. CRAs are regulated under the Credit Reporting Agencies (CRA) Act 2010.
3. Can I prevent Credit Reporting Agencies from keeping information about me?
No. CRAs are legally empowered by the CRA Act 2010 to collect and keep information about you.
4. Where does CTOS get its information?
CTOS may collect any information pertinent and relevant to their credit reporting business from any source. Information available in the public domain is one of its main sources of information, and include:
- Publications of legal proceedings in newspapers and government gazettes
- The Companies Commission of Malaysia
- The Insolvency Department of Malaysia
- Subscriber contributions
5. Can I access my own credit report?
Yes, just request for a CTOS Self Check Report to see what is in your report. If any information needs to be corrected or updated, you can then inform us.
6. Can I get my credit information over the phone?
No. We must verify your identity before we can provide you with your report.
7. How can I get my CTOS Self-Check Report?
The quickest and easiest way to get your Self-Check report is to obtain a User ID with CTOS. Once your User ID is activated, you can access your report at any time over the Internet or via the CTOS smartphone app. There are also other benefits to having a User ID with CTOS.
8. Does CTOS decide whether to approve my loans or credit applications?
No. CTOS only provides credit information to its subscribers. Decisions on loans/credit applications are made exclusively by the subscribers themselves in accordance to their risk appetities, business policies and strategies.
9. My credit application was rejected by a financial institution. Does that mean I am blacklisted?
Not at all. CTOS have no power to blacklist anyone. A rejected application means you did not meet the requirements of the lender. Loans are approved based on a set of considered factors. You may have not met one or more of them such as:
- Purpose of the loan
- Source and capacity of repayment - e.g. your disposable income and ability to repay the loan
- Your total borrowings and past credit history
- Collateral offered
- Your character
- The lender's lending policies and willingness to take risks
10. My credit application was turned down by a financial institution. Will all other financial institutions do the same?
Banks and financial institutions all have their own lending policies and different risk tolerance levels. What is unacceptable to one bank may be acceptable to another. However, wound-up, dissolved companies or un-discharged bankrupts are unlikely to get their applications approved regardless of which banks they approach.
11. Can I update my record to reflect a case settlement/conclusion?
If your Self-Check Report does not reflect that you have settled a default, you may forward us documentary proof of your settlement/conclusion. Documentary evidence includes letters of discharge or settlement, court orders to strike off the case, etc. We will insert relevant remarks indicating that cases have been settled as soon as verification of the documents is completed.
12. What can I do if I find inaccurate credit information in my CTOS credit report?
If you have a User ID with CTOS, you can simply log into the CTOS website and lodge your correction request. Send us scanned copies of the relevant documents supporting your claim. If you do not have a User ID, you may request for a correction by writing to CTOS and providing the relevant documents supporting your claim. If they are valid, the correction will be made within 21 days. If CTOS is unable to comply with the correction request, you will be notified within 21 days.
13. What are Subjects' Comments?
Subjects' comments allow you to leave comments, providing explanation regarding any records in your CTOS report. Once your comments are uploaded, it will be visible to those who request for your CTOS Report. You can provide your Subject's Comments at http://ctosid.ctos.com.my.
14. Who creates my credit history?
Your credit history is created by you and you alone. CRAs like CTOS, thus do not create your credit history but they will collate the credit history created by you.
15. Why is creating positive credit history important?
When you borrow and honour your loan obligations on time, you create positive credit history. This will be helpful when you apply for credit facilities in future. Conversely, when you borrow but default in your obligations, you create negative credit history. This may affect your future applications for credit facilities.
Borrowing or spending within your means is therefore an important first step towards a positive credit history. Breaching this fundamental rule often creates bad credit history.
16. I have negative credit history. What can I do?
The best thing you can do is to make good the default and ensure your credit report reflects that fact by informing CTOS that you have settled the debt.
17. Will banks and financial institutions consider my applications when I have rectified the default?
We have observed from many cases in the past that banks do indeed consider and approve loans applications to those with past default especially when the same has been made good. After all, banks also want to expand their business as well. But, as mentioned before, you have to also meet their other lending criteria and risk profile assessment.