When the one looking at you gets caught!

There have been a lot of talk about CTOS – the supposedly or wannabe credit history agency. They were mentioned a lot in the news – and have been said to be creating a lot of trouble by different people. Then again, they claim that what they do is only consolidating information from different sources and deduce the conclusion. Which to me is a brilliant idea.

The only problem is that, when other people perceive them to have authority – starts to take actions based on the result of CTOS conclusion. If say CTOS blacklist me as a bad credit person – they do not really have any authority to “instruct” the bank to not process my loan, as opposed to other better lenders like Achieve Finance. What they can say – is that, hey based on this certain information, this fella have a bad credit history. What’s wrong with that.. nothing. But it goes wrong, when CTOS black list you, and the CCRIS (Bank Negara thingy) doesn’t. And the bank looks at CTOS only and not CCRIS. That’s a big problem! Isn’t it. Heh heh…

Anyway, let the law sort it out….. Perhaps one of these days i shall grab a copy of my CTOS and CCRIS report 😀

He he… Oh btw… CTOS just got caught for something else

CTOS officials to be charged

By M. MAGESWARI

KUALA LUMPUR: The Companies Commission of Malaysia is taking four CTOS officials to court for contravening the Companies Act 1965.

CTOS directors Chung Tze Keong, 55, his brother Tze Wen, 58, and company secretaries Leonie Lee Shuet Fong, 41, and Chiam Tow Loon, 51, are expected to be charged in court today with:

# FAILURE to table their audited accounts (an offence under the Act which carries a RM30,000 fine or five years’ jail);

# FAILURE to file their annual return reports (RM5,000 fine);

# FAILURE to hold an annual general meeting (RM5,000 fine); and

# FAILURE to display their company’s name (RM1,000 fine).

Meanwhile, a former bank executive lodged a police report yesterday against CTOS for selling information on her personal finances to her ex-husband.

In her report, Norhayati Abdullah, of Bukit Antarabangsa, Ampang, said she had been “oppressed” because CTOS had not only disclosed her financial details but also printed and sold the information to her ex-husband in July last year for RM25, Bernama reports.

“I only knew of the matter after my lawyer told me the document was now being used by my ex-husband’s syariah lawyer in the hearing of a claim against my husband,” the 48-year-old woman told reporters after lodging the report at the Jalan Tun Razak police station.

Source: The Star Online