I've heard that no one or organization is allowed to keep other people's financial records for a certain number of years or something.  It prevents people who have failed once in their life to get back up, despite settling all their debts.  In short, its sort of like discrimination. 

In this defamation context however, I do think CTOS is not responsible for blacklisting, they merely provide the information.  This is why the above rule is in place, not to allow companies to provide such information so others can use it to blacklist.

CTOS is providing info based on data collected from the newspaper. The ads in the newspaper only serve as a medium of notice for individuals whom may have a legal case brought against him. This information are now being used as a form of historic events for a person\'s credibility to determine whether he is a good creditor or not. What a farce..no agency has any right to use public information and sell it to any interested parties without due diligence being conducted. To say that it is bounded by the Banking Act which deters them from obtaining settlement information means they should not even be collecting these information in the first place knowing that theres no avenue for them to update informaation which has already been settled. At the end of the day, the public at their own initiative have to inform CTOS for debts which has been settled or dischargement of their bankrupcy and that for a sum as well. Bank Negara already provides information pertaining to anyone\'s credibility, why should Private Banks rely on other forms of information other than those provided by the Government which are at least recent. Put a stop to CTOS which profits from information which are published free by the insolvency department. By providing dated and inaccurate information which are used by Finacial Institution this only serve to wreck the country's economy. If they cant be regulated than they shouldnt be in business. Banks who uses them to determine ones credibility should be penalised for negligence. Who is more foolish the fool or the fool who follows him. Banks should wake up from its kiasuism. All loans have risk, doesnt means that the persom with no CTOS listing has less risk than one who is listed. Banks says CTOS listing does not affects decision making but with listing it does prejudice decision making. Which is worse? Government need to act fast before everybody succumbs to this CTOS dilemma.