Two years ago, I was in financial difficulties and defaulted payment for my car and credit card. So I send back my car to the bank and after auction, my debt was settled. Phew...

As for my credit card, I went to see the bank and made a deal with them to repay back my credit card on monthly installment. The period of repayment is 3 years.

This year, I had extra RM so instead of paying regularly, I settled out the remaining balance. That was in March 2008.

Recently I apply for loan from banks, and it was turn down. With a friend's help, I check my record in CCRIS and find out that although the record shows that my debt was settled, it still show me as someone who has bad record in repayment.

I was told that this record will last for a long time.

NOw, how to erase that record? Anyone have any idea how I could do this. To be frank, why I default my payment last time is because at that time I was running my own small business and was cheated big time by my partners. I did try my best to repay back every cent I own by taking up jobs with small salary just to pay for my loan. And no entertainment, no luxury, almost all my salary was spent to pay back.

Now when I settled it out, and earlier that expected, they still black list me. I think this is not fair as I am not the kind of guy who likes to run from responsibility. And further more, I never run when they call me to chase payment, I instead go to them and try to negotiate. But when I settled it out, they black list me.

So anyone, please give some advice on how to get around this. I can't even start new if I continue to be blacklisted like this.

Just go direct to bank negara to ask for advise, alternatively you can also seek help from AKPK (Agensi Kaunseling Dan Pengurusan Kredit) Tel :- 1-800-88-2575. Good luck and do tell us how it goes

check back do u still owned any bank or loan shark money? double confirm 1st

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This post has been edited by zx88: Jan 31 2010, 11:08 AM

You need to get this right :-

1. BNM don't blacklist people. They just collect infos from Banks and provide it to all financiers.
2. Are you sure it is CCRIS? No one can get CCRIS report apart from Bankers.

How to settle it :-

1. Go to nearest BNM, fill up the CCRIS request and get a printed copy FOC for your own clarification.
2. If it is reported in CCRIS, then it is your duty to get it removed from your own Banker. It is what they report to BNM at the first place.

DannyOP

Thanks. Will do that.

zx88

Confirm no more loan. And never loan from loan shark.

eric.tangps

1. BNM don't blacklist people. They just collect infos from Banks and provide it to all financiers.

I was told by my friend that the record shows me in a very bad light.

2. Are you sure it is CCRIS? No one can get CCRIS report apart from Bankers.

Yes, I am sure and the friend who told me this is working in one of the bank for 11 years now.

If it is reported in CCRIS, then it is your duty to get it removed from your own Banker. It is what they report to BNM at the first place.

Answer: That is the problem. What my friend told me is this the bank has forwarded a very bad report about me and the record of that report stays in the system.

Let me put this way, the record does shows that I had already settled out the loan. But at the same time, it also shows a report of what kind of paymaster I am, and with emphasize on that period of time where I cannot pay the loan.

I feel like in the same league of those ex cons, do 20 years behind bars for the crime and when you get out, the record stuck with you. Nobody is interested to know if you are really a change man, or whether you had pay the debt to the society by losing your freedom, or whether behind bars you have shown self improvement.

Instead they will harp on to the fact that you had committed a crime before and the possibility of you are going to repeat it is very high.

I guess that is why most ex cons will go back to their old life.

niexam...do you mind hsaring your past experience when u got cheated by your partners...what he/she/they did to you and how they did it? I am sure it will be a very very good reference to alot of young entrep here. Maybe someone can give you legal advice.

IF you put another way round, actually bank have to scan through thousand of borrowers daily.

The only this they have is the record. Once the record is build, they will refer it as the person whom approve the loan dont want to be in trouble for approving none return loan.

You are at fault for not return the loan.

Whatever happen, it's happen.
Just wrote to your bank request for advise for new loan. that's all.

Your risk profile is bad. Settling all loans doesn't make your risk profile any better.

You may also want to check with CTOS

Well, its a double edge sword... like you say, its a record sent to BNM on whats your credit rating like.. you can affectively change that rating by doing the opposite.. example:- if you manage to get a creditcard... try make your spending via it and pay full every month..
you can never remove you name (untill you die) but you can change your credit rating by doing so.
goodluck

This post has been edited by Sham903n: Nov 30 2008, 10:01 PM

liez,

Not that I dont want to share, but I just dont like to remind myself of that. It hurts and now I just want to get back to my feet again. One at a time.

I have a word of advice for new entrepreneurs, if they are willing to hear a failure like me;

1. try to do it urself first. Not till you r up to ur neck, only then you can look for partners.
2. Please, oh please never take ur long time buddy, or ur best friend for many years as partners. Money have strange powers and it is not worth it to break up relationship build for many years just because of money.
3. If you are looking for partners, please do check their background. Only if you r satisfied that they have a good name and had number of proven success, only then u proceed.

Good luck!

chamelion,

>>You are at fault for not return the loan.

Yes, it is my fault. Not that I deny that.

>>Whatever happen, it's happen.

I know and accept that. My concern now is that if there is a way I can 'clean' up my record.

CanonIxus,

>>Your risk profile is bad. Settling all loans doesn't make your risk profile any better.

Well, in this Boleh Land, I heard that for few thousand of ringgit, you can 'clear' your name with BNM. And with that, although one bank is suing you in court, you can practically apply another loan with other bank without much hassle. Since other bank depends on BNM on the past record, they won't know even if you are defaulting few millions ringgits of loan.

Ironic isnt it? A few thousand of ringgit can settle the record problem while others like me who choose to face the problem, negotiate very hard, work very hard to pay will be black listed for the rest of my life.

In this BolehLand, maybe it is more practical to run away from loan, then work very hard to get money to 'settle' problem with record with BNM.

At times, I do think it is not worth it to be honest.

Sham903n,

>>Well, its a double edge sword..

Being honest, yes, its a double edge sword.

>>example:- if you manage to get a creditcard...

I don't think I will be successful if I try.

>>you can never remove you name (untill you die) but you can change your credit rating by doing so

That is a very good suggestion, a smart one and furthermore does not go against any laws. But like I said, if only I could get one ...

1 & 2. It is wrong and illegal to check CCRIS of other people. So are you sure your friend can access it at the first place as Banks put it in under lock and key.

1. CCRIS is a year long record. If the facility is settled, there will be no report of that facility in CCRIS. If your account is updated and paid promptly for 1 year, your past record will not show it.

2. Instead of relying on your friend, check your own CCRIS FOC with BNM Office. No charges except needed your IC and Driving License. Can make a point to check it every year to know your own status.

With BNM CCRIS, you will know how many facilities you have, your amount owing, and which Bank so-called blacklisted you.

This post has been edited by eric.tangps: Dec 1 2008, 12:26 PM

eric.tangps,

>>1 & 2. It is wrong and illegal to check CCRIS of other people. So are you sure your friend can access it at the first place as Banks put it in under lock and key.

Answer: I don't know about that. Illegal and wrong even if I asked my friend to check on my own record?

That is weird.

As for under lock and key, from my past experience, in Malaysia even if you throw the key away also people can open lah.

Don't ask me how, I just call him up this morning and he confirm to me again its ccris. I dont work in a bank, he does, for more than 10 years.

>>1. CCRIS is a year long record. If the facility is settled, there will be no report of that facility in CCRIS. If your account is updated and paid promptly for 1 year, your past record will not show it.

I think you misunderstood something, the bank threatens to take legal action against me in early 2007. I went to the bank and negotiate monthly payment and both parties agree to a monthly payment for 3 years.

I paid monthly payment without missing a single payment for 1 year plus. I still had another 1 year plus more to go when I got extra money to pay in lump sum. So I went to the bank, request to settle out the account, and when they finally give me the figure, I paid the whole thing.

Does the prompt payment for the agreed monthly payment is shown in CCRIS? The answer is no.

My past record of 2006 and 2007 of the default payment is there, and record when the bank threatens to sue me is also there.

But the record that the bank and me agreed to a 3 year repayment is not there, and missing also is the payment I made promptly for 1 year plus. The only record there is I settle it out in early 2008. All the bad record is there except the good one, it is as if 1 year after bank threaten to sue me, only then I respond by paying in full.

So what about the "1 year prompt payment and record not shown" that you are talking about? They even have my 2006 payment record!

CCRIS only have 12 months "Payment History String" and it goes like this: 3 2 1 1 1 0 ....
3 meant 3 months missed payment, 2 meant 2 months etc...

What your friend told you is your account had been written off i.e. there's a subsection for that.
In that section, your record is there for another 12 months even after you've settled. Your "legal status" would still be recorded if the bank never update CCRIS, i.e. took out the legal status. However, in this section; it wouldn't list down your payment history like I portrayed above. It would only show that you have one facility "written off".

Like eric mentioned; it's best you go pay BNM a visit and get your own CCRIS report and they would educate you on what is there and how to go about it.

more one CCRIS: http://creditbureau.bnm.gov.my/

---

Added on December 1, 2008, 2:11 pmBtw, before I forgot; there is no such thing as black list.

However, it is due to these credit records that is available that banks do their own valuations.
Various banks have their own method of valuations. Usually when one can show sufficient proofs on debts being settled and new source of incomes, banks would re-evaluate.

btw, TS; since you mentioned that the said bank initiated a legal case on you; it's best you check CTOS also: http://www.ctos.com.my/
Send in your settlement letter to get CTOS to remove the records in their database.

This post has been edited by b00n: Dec 1 2008, 02:15 PM

my suggestion bro...

1st.... go to CTOS at megan avenue to get a printout of your record. u can authorize someone to do it but better go yourself. if i remember correctly, no charges.
2nd.... write to BNM and explain to them that you have had some difficulties during the past (specify the period if possible) helps a lot if they want to do some reference check. then explain that you have since settled your dues and as a result of your credit rating, banks are reluctant to extend loan to you. seek their co-operation and assistance in clearing your past credit rating. (they will or will not i'm not sure) then wait for their reply. better still submit your letter in person and get them to acknowledge receive. get the name of the person who attended to you for easy follow up. cases like yours have been highlighted not too long ago in the media, and i'm quite sure BNM will be able to assist.

as far as ccris is concerned, who says only banker can have it? i managed to get mine.... thru a banker la of course u just have to ask

i'm quite optimistic that BNM can help to sort your credit rating thingy. at the worst possible case scenario, you can write to the PM's department. (although i doubt you will have to stretch that far) cheer up dude.... i'm quite positive that you'll get your rating sorted out.

This post has been edited by speed7791: Dec 1 2008, 05:01 PM

if it is "bad debts", i do believe it is under a court case as well as debt recovering companies. so this is what u need to do


1) check with the respective banks on your status, and find out about the law firm particular
2) talk to the respective bank official for the settlement plan,
3) if bank agree, there will withdraw u from the legal suit (usually they will),
4) go to BNM (Credit Bureau) to clarify your credit status,
5) once u pay off all old debts, ur credit status/rating will back to normal BUT with "defaulted" status.

lastly, put in some FD (if u r financial stable) and later apply for a credit card. make sure u r a good paymaster this time.

within 3 years (usually), u can start applying for higher loan, i.e. car, house, etc.

good luck!

What he mention is good. Everyone also want to be rich, but rich is not an easy way. Now is not really a good time for you to start a business. Bank forward the list is to avoid the person repeat the same mistake in the future.

It is better that you now start work hard, keep money. Open an FD account. Make sure every month mature date you are able to add more saving into FD. Then you can start apply for credit card. Altough it might be hard but example, if you had FD in CIMB, and you apply for CIMB credit card, it won't be a problem. Then pay on time, no debt.

In couple of years, you can try start applying for loan for business.

Nothing you can do but check it out yourself.

1. Go to BNM and get the report to confirm it yourself.
The report will show what facility / Banks that you owe and possible who supposedly 'blacklist' you.
After which you can go to the source / Bank to find out and negotiate (if you still owe them).

Alas, that is all what you can do. Nothing more.

Good luck.

gac,

Already settled out all loans.

PeeNut,

Thanks for the advice. I can't even get a car loan to buy a viva, so have to stick to my motorbike rain or shine though my salary currently is very much enough to buy a bigger car.

Basically what I wanted to do is to apply for car loan and probably housing loan.

And no, I don't intent to apply for business loan at the moment.

speed7791,

Interesting suggestion. Would BNM entertain this cases? And have anyone succeeded in rectifying matters by sending explanation letters to BNM? However, will give it a try.

eric.tangps,

Have you heard of any 'david copperfield' who can make ur record dissapear?

Heard it has been done before.

Like I mentioned earlier, if you're sure that you have cleared everything with the bank and had received your "settlement letter" (you can insist on it if they didn't provide); than you can go and apply for your loan.
Just inform the sales guys you have previous bad record but all had been settled and also give him a copy of your settlement letter for him/her to bring in a stronger case for approval.

Like mention also, various banks had their own internal evaluation process. Some might let you off since you've settled your debts; some stricter one would still bar you (mostly oversea banks).

And btw, there is no such thing as a David Copperfield act in regards to CCRIS.
CCRIS is a central depository in BNM where all the banks submits their customers accounts to it. So even if you have contacts in BNM, it's not possible for that contact to delete off your record as the record is updated monthly by banks. So if seriously you want a David Copperfield act, it's for the said bank not to report your account which again meaning to say delete off your records in their own system. However it's near impossible because of strong reconciliation and auditing in banks.

All I can say is good luck!

CCRIS very kepoh 1 la ... that company should be taken down by micheal scofield .. LOL ..

last time mahathir macam got talk about CCRIS , why reveal ppl privacy and smth smth .. nowadays kepoh also can earn money weih