This is Part 4 of a Question and Answer session with Floyd Sijmons, chief executive officer of CompareHero, giving you unbiased views on credit cards, loans, even on insurance and home services (like broadband and telcos), along with other financial products in the Malaysian market.
If you have any finance-related questions to ask FLoyd, please email them to [email protected].
Q: CTOS and CCRIS stand for what exactly?
A: CTOS and CCRIS are two sources of credit reports in Malaysia. CCRIS, which stands for Central Credit Reference Information System, is run by the Credit Bureau of the Bank Negara Malaysia and has been in operation since 1982.
CTOS or the CTOS Data Systems Sdn Bhd also compiles and produces credit reports and has been in the business for over 20
years.
Q: What is a credit report?
A: You see, when you apply for a loan, your bank or lender can request for your credit report from the CCRIS or CTOS to help them evaluate your application.
Your CCRIS report contains information on all outstanding credit made under your name and also information that were submitted by financial institutions like banks and payment instrument
issuers.
Data that goes on the CTOS report comes from public records like legal notices in newspapers and searches at the Registrar of Societies as well as information submitted by the subjects.
Q: So, how does credit reporting happen in Malaysia?
A: Through private credit bureaus and public credit registry; as well as legislation that enables public credit registry.
There are currently four bureaus that provide credit reporting in Malaysia: Credit Bureau Malaysia, RAM, CTOS, and Financial Information
Services.
Q: If my loan application was rejected, what should I do?
A: Ask your bank or lender why. While CTOS and CCRIS reports are not blacklists, you may get a copy of your CTOS and CCRIS reports to make sure these are up-to-date and accurate so you would know the information your lender evaluates your application on is correct.
Q: How do I get a copy of my CTOS and CCRIS reports?
A: Request a free copy of your CCRIS report at the Bank Negara Malaysia Laman Informasi Nasihat dan Khidmat head office or at one of their regional offices. For your CTOS report, you can send a self-check request through a smartphone application or apply personally at a CTOS Service Centre.
Q: How does a CCRIS report look like?
A: Your CCRIS report will be divided in three major categories: outstanding loans, special attention, and accounts, and loan or credit facility applications made in the past year.
There are four different types of CCRIS credit reports you can obtain: summary credit report, detailed credit report, customer supplementary report, and motor vehicle report.
Q: How long are records kept on my CTOS and CCRIS reports?
A: The CCRIS report shows outstanding or active accounts and credit applications in the last 12 months. The CTOS report shows a much longer time period as the records are kept indefinitely.
Q: How many suppliers provide data to the different credit bureaus in Malaysia?
A: The different credit bureaus get their data from 27 commercial banks, 16 Islamic banks, 14 investment banks, 42 insurance companies, 12 takaful operators, 33 insurance brokers, 36 adjusters, 11 development financial institutions, five payment systems operators, and 3,500 companies.
Q: How long do I have to wait to get a new CCRIS report?
A: You have to wait three months to obtain a new credit report from the CCRIS.
Q: What can I do if there is inaccurate data on my credit report?
A: It’s better if you dispute any questionable data with the BNM Credit Bureau. Do the same for your CTOS report too.
This content is created by Floyd Sijmons for the readers of Borneo Post. Sijmons is the CEO of CompareHero, the most extensive Malaysian financial comparison platform today. He believes in the value of saving Malaysians time and money by giving them information they need to compare financial products in the market. For more, visit CompareHero at www.comparehero.my.