BLACKLISTED CCRIS/CTOS APPLICANTS
What is CCRIS?
The Central Credit Reference Information (CCRIS) actually provides credit reports and is managed by the Credit Bureau of Bank Negara Malaysia. So essentially, CCRIS has the authority to collect credit information from financial service providers in Malaysia such as banks, insurance brokers and even private companies that are providing utility services such as the Malaysian telcos. Amongst the information that will be on the credit report produced from CCRIS are any outstanding loans available, summons, or whether the person has been or will be declared bankrupt.
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All of the information and data above is then being compiled into a credit report which financial institutions like banks will have the access to. The data that will be on the credit report then will be broken down into a span of 12 months. It will contain credit that is related information of an individual such as below:
1. Outstanding credit
2. Special attention accounts, which are credit facilities that are under close supervision of financial institutions
3. Applications for credit in the previous 12 months that have been approved or are still pending.
What is CTOS?
CTOS is another private company which happens to provide credit reporting and it is also widely being used by financial institutions in order to determine an applicant’s creditworthiness aside from using CCRIS. Usually, financial institutions will use more than one credit report in the process to determine an applicant’s credit health and CTOS is also known to be widely used in Malaysia.
If you have been wondering where CTOS obtains all the information from, they all will collect credit related information from various public sources such as:
1. National Registration Department
2. Malaysia Insolvency Department
3. Companies Commission Malaysia (CCM)
4. Publications of legal proceedings and notices in newspapers and government gazettes.
When you are trying to apply for a credit card, or even a loan from banks, before they decide to approve or reject your application it will directly have to go through a credit approval process to look into your credit history. The bank that you applied to will then look at your credit reports before they make a decision. If your credit reports are happened to be in good shape, banks will usually have no qualms other than to approve your application. However if they have spotted even one missed payments on your credit report, it is very likely that you won’t get your approval.
Banks will also have a look at an individual’s credit report in order to calculate and determine their debt service ratio before deciding either to reject or approve the application. This is because banks will be taking on a high risk by approving your application; therefore they will have to look into CCRIS and CTOS and use it as one of their tool and determining factor. So the only solution is that you get your loan from the licensed money lender for easier approval process and immediate money disbursement.