The High Court today ruled that CTOS Data Systems Sdn Bhd ( CTOS ) does not have the power to formulate its own credit score . According to Judge Datuk Akhtar Tahir, there is no provision in the Credit Reporting Agencies Act 2010 ( CRAA ) to empower the company to formulate a credit score for its customer, nor create its own criteria or percentage to formulate a credit score . The agency is only allowed to be a repository of the credit information for its subscribers, he added later.
“By formulating a credit score, it has gone beyond its statutory functions.”CTOS is a private agency that collects information from various sources, such as banks, financial institutions and other sources such as legal firms to create a credit report. This credit report is then used by banks and financial institutions to asses an individual or a company’s creditworthiness and repayment capabilities for loans and other financial product
Source: Law Daily Report (lawdailyreport.net)
High Court CTOS Credit Score Credit Reporting Agencies Act CRAA Credit Report Banks Financial Institutions
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