This issue has been brought up many times and some seems to think it is ok to distribute information if it is a fact. The question is, whether personal data should be regulated and controlled so that it will not be abused. CTOS is a private data collection centre and does not seems to adhere to this policy. The recently enacted Data Protection ACT seems to have addressed this issue. However, there is no enforcement to be seen at all. Maybe, you can start something.

CTOS screws everone up and their Business in providing Public information leaves a lot to be questioned. They do not wipe any information away eventhough you have already come clean. They screw up your life big time with no chance of redeeming your credit records unlike a criminal.

I assume you guys did not go through the Finacial crisis in the lat 80's and late 90's where the Bubble Burst. Inyterest rates went up to 12.5% and HP was at 13%. Pay cut was initiated at 25% and I was working for 4 days a week. Property prices dipped and Banks was calling back or asking loaners to topped up their loans. KLCI was down to 350 points. Unit trust fund dipped to RM0.15cents/share. Minimum credit card repayment was 10% or more. Interest for credit cards was at 24% per annum. Those times were terrfying for us who was at the peak of our career and suddenly sadlled with darkness. Every month our pay was squeezed dry to pay loans and credit cards. We dig deep into our savings and finally succumb to it. There were just too many holes to cover with too little hats. A lot of the people defaulted on their cc and loans. Thats where a lot of people ended up in CTOS and now still paying for it, unable to obtain loan and start from a clean slate. malysia is one of the only countries in the world where our personal data can be viewed by a mere few ringgit per search. The data protection act was enacted two years ago and CTOS is still in operation. CTOS is a private own company and collecting data and selling it without our consent. Bank makes you sign documents which allows them to use Credit Search to consider your loans. You can choose not to agree but I am quite sure your loan will not be approved. Company like CTOS needs to regulated Big Time and it is about time they comply.

The Banks in Singapore can still recoup their loan via an International Collection Agency. It is not uncommon and yes, nobody gets away scott free, just make sure you have enough money to pay back in one go plus interest.

Rubbish. CTOS cases will still be referred even though you have settled with them. It will stick with you forever. CTOS needs to be shut down. Period.

Even though it is listed as settled, the record of your previous dispute is permanent. A lot of banks officer does not even read the small prints that it is settled. if you are lucky they will ask you for the release letter, if not your loan will be rejected outright as long as it appears in CTOS, does not matter whether you have settled or not. True Story.
CTOS is a private entity and by publishing records for public use they should be responsible for ensuring the Public is not victimised for records which are either outdated or unclear. However, that is not the case and Banks still use them as a yardstick for approving loans although BNM does not recognises their services. Their operation is not even in compliance with the new Data Protection ACT.

They are from the Public domain and they are being sold to banks for a price. How does that work out you may ask. And why are these information kept indefinitely by them and why are they not updated. Who gave them the authority to sell it since it should be free, Who regulates them. As far as I know BNM doesn't. They are a business entity which sells information and this information are use by Financial Institution for character profiling. Shouldn't something like this be regulated. And if they are not regulated by any Government ACT they should be shut down because the information provided by them could be flawed and causes damage to the Public.