QUOTE(LittleBro @ Jul 13 2008, 04:07 AM)
Credit rating agencies to help bank to evaluate their client.
CCRIS (Central Credit Reference Information System) - defaulted payment for a few months(lawyer letters or some kind of red letters), that includes telephone bill. You can get loan from some bank. Major banks will ask you to settle the outstanding amount before approving your application.
CTOS (Credit Tip Off Service Sdn. Bhd) - You are totally blacklisted, presumably you are near bankrupt. Unlikely bank will approve your loan application but it is still possible.
You can get CCRIS and CTOS by just becoming guarantor for someone else. Nothing to worry about since it is just an evaluation of your credit health.
QUOTE(LittleBro @ Jul 15 2008, 12:46 AM)
80% of the adults are under their monitor. Doesn't care whether you are good or bad. CTOS don't they get their information from newspapers(why would banks pay CTOS when they can easily do that by reading the newspapers). They get their information first hand, credit card companies for example.
Relax... Having CTOS, no problem. House with your name, loan under any usable family members name.http://www.ctos.com.my/
Your information is misleading.
CCRIS is a system created by BNM.
Every financial institution is required to submit their customer's credit conduct to this centralised system. Telco is excluded but they are plans to include all those government loans, korperasi, IPTA loans etc...but all these while just talks and rumours.
What is meant by credit conduct is mainly split into 3 major categories:Applications
- How many applications is being applied for the past 1 year.
- How much "line" is being applied.Thus banks or underwriters would know how "desperate" this person is seeking for credit facilities. And out of these apps, how many is approved and rejected.Outstanding Status
- It would show how many credit facilities one had i.e. housing loans, credit cards, OD, hire purchase etc...
- Each line would show each facilities with it's outstanding, limits and payment behavior, legal status if any.
- Under the payment behavior string, 1 would meant miss 1 payment, 2 would meant miss 2 payment.
- If it's a card with outstanding close to limit granted might not give a good impression.
- If it's like Hybz mentioned, he's always late by 2 days...the payment string might shows all 1. But since it's a consistent pattern, there's nothing to worry about. But word of advise, phone the bank up and change the billing cycle.
- Legal status would shows what legal action had been taken.This portion is mainly for officers to judge how good is your repayment, how much "burden" once has, etc...the main evaluation criteria lies in reviewing this section.Special Attention Status
- This would show mainly accounts that had been written off.
- Or under AKPK management.Meaning to say if one appears under this section, sorry to say that it really leaves a bad impression.
So it's advisable to visit BNM twice or at least once a year to view your own CCRIS report.
This is to detect whether someone had misused your identity to fraud for apps also.http://creditbureau.bnm.gov.my/index.php?ch=7&pg=10&ac=12
CTOS is an independent company which collects all legal notices published.
So happy4ever is right that they are collecting from newspaper.
Note the word "published". So they either took it from newspaper or notice board outside the court.
They never approach "first hand" to credit companies like you mentioned!
CTOS is different from CCRIS as it only reports what was published. Even inclusive of normal civil suits which doesn't really involve financial institution.
That is why CTOS is still widely used besides CCRIS as CCRIS like I mentioned above only store reports from "financial institution". Whereas if one company or one person decided to sue you for defamation, or other legal matters and are being brought up to court, it would be captured under CTOS after the legal preceding is done and legal notice is issued. CCRIS would never capture those instances.
There's another company out there quite similar to CTOS, which is known as BRIS. Just that it's more focused on corporate side.http://www.ctos.com.my/CTOSHOME/home.htmhttp://bris.com.my/html/about.html
BTW, there's no such thing as black list.
Banks or financial institution based on all the above reports to make their judgment.
One can be listed in CTOS but if it's not related or the severity is not major, there would still be no problem.
CCRIS, however everyone with credit facilities would be listed. As long as the payment behavior is consistently good than there's no problem!