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.

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.

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 ...

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!

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.

bOOn,

I got the settlement/release letter from Bank. Submit the copy of it to all banks that I apply (and that includes the local banks!) and all was turn down!

Ask for friend's assistance to check CCRIS, and confirm, that is the only record that is still on CCRIS. It shows full settlement has been made but the 'way' it it presented is showing me in a bad light.

Nevertheless, I am applying for the record myself. Have to see it with my own eyes.

As for 'David Copperfield', I heard from not one but few sources that this act can be perform. It has been done by people with connections, who faces lawsuit by banks and still wanted to make more loans from other banks.

As for your statement "However it's near impossible because of strong reconciliation and auditing in banks...", this is my comment; Malaysia Boleh ma!

sheahann,

I think you are refering to CTOS. I don't know about my CTOS report (don't want to know at this moment), but sooner or later if I find out they give a bad credit report on me, I will sue them upside down.