QUOTE(leozai @ Apr 5 2012, 02:06 PM)
hi guys, wanna ask~~ just settle up my credit card debt last week~~ but b4 dat, i didn't pay even a sen for about a year~~ think sure kena Criss/Ctos d, clear da debt last week, may i know will my criss/ctos clear after this?
if yes, it take how long? i need to prepare for car loan~~
How come you didn't pay a single sen for a whole year and the bank didn't chase you at all?
AFAIK CCRIS is a monthly updated system, with records that last a year. Every month, whatever liabilities under your name will be listed out, with your net position totalled up. For every item on the list, there will be a mark. "0" means you are on time. "1" means one month late, "2" means two months late, so on. I think the max is "3" or "4". Usually, if you have a lot of "3" and "4", you can forget about taking any loans.
However, once you've cleared the debt, the following month the item will show "0". However, since the list lasts for a year, the last 11 months showing "3" and "4" will still be shown. To be completely cleared, you need to maintain "0" or maximum "1" for up to a year before you can reapply for any loan.
As for CTOS, this involves cases where your creditors have engaged legal action to recover the amount from you. As long as you haven't cleared the debt, the case will be open. Once you clear it, your creditors are under obligation to report to CTOS to close the case. To make it faster, bring the documents to CTOS to prove that you have paid, so they can update your system.
Although it is true that with CTOS there will be a mark on your record, but if you maintain a clean CCRIS for a good amount of time and no longer any new cases of CCRIS and CTOS, banks will reconsider giving you new facilities. After all, they're all desperate for new sales but must operate within the confines of the law.