^ That explains it.

The thing about CCRIS is that it is regulated by BNM, and hence, more reliable and up-to-date.

On the other hand, CTOS is a private company, and may not have the the updated records.

IIRC, the way they collect data is from the bankruptcy column in newspapers, and from companies lodging report against their customers.

Data may not clean promptly, and that to clear one's name may prove difficult.

Am wondering; why is the Government allowing a private company to provide services that BNM has already done ?

Sifu , recently i just apply for personal loan but rejected by banks . i checked my ccris report and i noticed i have late payment on Aug 2013 which shown 2 in report . But i have fully settled my car loan and cc now . Is there any possibility i apply personal loan again after 4-5 months or i must wait for 6 months ? and if all the personal loans rejected by banks will it show in my ccris report ? kinda confused here and need some advise !!

This post has been edited by MSKF: Jul 23 2014, 11:00 PM

To clarify;

[1] The amount that you applied, is it more than 3O% of your salary ?
[2] You have settled all your loans, i.e in the CCRIS, there is no outstanding loans anymore?

My salary is 3K . after deductions is around 2.8k , the amount i need to loan is 8K only .
Yes . no more outstanding for car and cc .

Do i still need wait for 6 months after can apply personal loan again ? can't wait that long as i need urgently in Nov .
Please advise !!!


One more thing why my ctos report still have the legal status in section d after i have pay off everything ?? Does this affected my personal loan applications ? Normally banks will refer to ccris or ctos ? or refer to both ?


This post has been edited by MSKF: Jul 24 2014, 12:53 AM

Each bank differs when it comes to giving out loans.

I am of the opinion that the amount you requested is more than twhat the bank deemed fit.
Usually the loan given is less than 3O% of your salary,
especially in light of the Bank Negara's ruling to tighten the requirement in giving loans.

That, and the fact that you have a blemished record of '2', for missing out on your payment.
As the record shows the past 12months of repayment, I guess you may want to re-apply
in Sep'14, being 12months after the last blemished records.

Again, each bank differs, so am not sure whether only CCRIS record is taken into account,
or both CCRIS and CTOS records.

Usually, Bank Islam, Ambank, Standard Chartered and HSBC are notoriously tough to get personal loan from.

perhaps you may want to try RHB Easy and/or OCBC for better chance.

If not more than 30% of my salary , what if i apply pl around 5k-6k ? the chances will more high to get approved ?
Since i have no choice but to wait until Sep or Oct 14 but i afraid bank will rejected again .

Any sifu here know if apply personal loan bank will check ccris and ctos or just ccris only ?

Both..

That is the problem. The bank some times don't care. The just pay ctos for the info to do risk assessment. If there is a black list they will avoid.

But CTOS is notoriously known for not updating the financial records.
In most cases, the outstanding debts have been settled, but records is still showing in CTOS.

Simply because CTOS is not obliged to update their records!
There is no regulatory body to oversee, and that it does not the capacity to go thru
every record to ensure it is updated.

And the best part is; banks do not usually tell the reason for rejecting loan applications.
It'll be very sad if it is due to CTOS records, especially if the record does not reflect the latest updated record.

And usually the applicants are not aware that there blemished records in their CTOS.


A side question;
CTOS does not notify the account holder of any claims against them, right?

CTOS gets its info from the public domain. Eg newspapers. Banks do not notify CTOS about anything. For example, the bankruptcy advertisement, court cases ..So, how are they going to update? Before CTOS, in banks, every morning an officer would read those small advertisements in the newspapers n see if any of their clients are involved. CTOS is merely collating these info n selling it to banks to make the life of bankers easier. Of course, some politicians went on to distort the issue. Worst still, some bankers took the easy way to pressure their overdue customers to pay up by using CTOS name, which is far from the truth. Any member of the public have access to this kind of info. Only that it does not interest us. So, CTOS is under no legal obligation to update.

This post has been edited by Oracles99: Jul 29 2014, 11:42 PM

All sifu here , what if i reapply credit card first ?would it be easier to get approved than personal loan ? Since i hve settled all debt ( car loan n cc ) . No more debts ! Can i apply credit card now or hve to wait till oct or nov ?

I smell a good business opportunity here.

Does anyone want to join with me to build a better CTOS? You can be financier, idea man, software master, webmaster, etc.

PM me if interested.

^ Indeed a very good business!
You are not accountable to what data you furnished,
and that the onus to ensure the data is updated, is the person itself !

If you have CTOS black "mark", like legal action or bankrupcy which you had cleared already, provide the supporting docs to CTOS to request them to update accordingly, CTOS will update the latest status in the remark column.

You can register online CTOS to get your self CTOS report, so that you will know what has been captured by CTOS on you.

I would say bank normally check CTOS and CCRIS, I have good record in CCRIS but due to CTOS old record which has been cleared and remarked. I only able to get 60-70% of house loan even though I have stable and quite good income.

This should be bank risk assessment take place. Hope this help. GOOD LUCK

There is some institution provide CTOS update service. For eg. http://loanstreet.com.my/customized-services/ctos-update

Last week i have apply CTbank CC but my application failed...
previosly I have problem with my CC and personal loan, but on last jun I already made full settlement and only house loan and car loan not yet finish..may i know why my application failed..should I wait another 6 month?

Bank normally don't let you know the reasons for reject. you have to know your own credit status, like print your own CCRIS and CTOS. For CCRIS, if your house loan and car loan payment not frequent late payment, should be ok, for CTOS, you can register to print your own CTOS report, if CTOS is blank, then is ok, if CTOS shown some legal case pending, this will be one of the reason bank reject the application, different bank have their own credit assessment, your income and commitment will be one of the factor during their assessment.

You may try others bank, or you can put a FD of said 10-20k in that bank as collateral for CC application. bank normally will consider unless you have really bad ccris report. CCRIS report shown last 12 months of your payment habits.

just my 2 cents

i already print out cris at BNM show 0 for my house and 1 for my car.

may be my car show 1 that why my cc apps rejected

If not many "1" should be still fine.

Did you check your CTOS? do you have any legal action taken by bank for outstanding? like CC issue? if there is any legal action capture by CTOS even you had clear the debt outstanding already, you require to send supporting documents like release letter to CTOS for updating your record accordingly, CTOS will not delete the records in your report (if any), they will only update in "Remark" column. Base on new CCRA act, this records will only be delete after 24 months after you had settled the outstanding.

Anywhere, how long already your car loan and house loan? more than 12 months?