CTOS says it gives credit score data, doesn’t blacklist anybody

KUALA LUMPUR: CTOS Information Methods Sdn Bhd has denied that it blacklists anybody, saying it merely consolidates and gives credit score data of customers’ fee habits obtained from public and proprietary knowledge sources and its subscribers to lenders and credit score grantors.

Its chief government officer Eric Chin mentioned that as such, it’s not passing any judgement however is precisely exhibiting how customers have managed their credit score.

“Selections on credit score purposes are made solely by the lenders and credit score grantors themselves, in accordance to their danger urge for food, enterprise insurance policies and techniques,” he mentioned in an announcement right this moment.

The assertion was in response to a comment attributed to Yayasan My First Residence chairman Tan Sri Vincent Tan throughout the launch of the inspiration, that about half of “those that had been allotted a low-cost inexpensive home had been unable to get financing as a result of poor credit score rankings and being blacklisted by credit score companies like CTOS and different lenders for not paying their dues to bank card corporations, rent buy and different set up fee plans that they had signed up for.”

Within the information article, Tan was additional quoted as saying these defaulters are sometimes blacklisted and labeled as non-creditworthy even when the quantity excellent and owed by them is comparatively small.

Chin mentioned because the main credit score reporting company in Malaysia, CTOS is dedicated to play its half in serving to people and companies get hold of credit score.

He mentioned it’s dedicated to partaking in dialogues or discussions with all key stakeholders, together with the regulators and the media, with the goal of accelerating consciousness on the significance of credit score reporting companies and their optimistic contribution to the nationwide financial system.

CTOS has performed over 350 monetary schooling roadshows and webinars throughout the nation in partnership with, amongst others, Financial institution Negara Malaysia, the Finance Ministry, Staff Provident Fund and Credit score Counseling and Debt Administration company. – Bernama


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