What are CTOS and CCRIS


Credit reports are very indicative of your financial health. Not everyone likes to be told that they have a bad credit standing because it means you have bad judgment.

Your Credit Report

What you should know?

There are differences between CTOS and CCRIS. They are 2 sources that are very important when it comes to financial health of an individual which produces the respective reports. First, the CCRIS or Central Credit Reference Information System is administered and operated by the Credit Bureau of Bank Negara Malaysia, the central bank of Malaysia. This has been around since 1982 which involves all the credit information of the borrowers from all the banks which are then stored in the database.

Periodically (usually monthly), most of the financial institutions will prepare a credit report to be submitted to Bank Negara Malaysia’s Credit Bureau for this purpose. What it include is information about your credits, interest charges and any other charges you have with the banks in the country. in other words, they contain information of all your loans like personal loans, credit card(s), hire purchase loans and any other loans you have with any banks.

This is most crucial when you apply for a loan with any banks in Malaysia. The CCRIS report will give a summary or a snapshot of your credit history to the bank officer processing your loan application. If you have been filed for bankruptcy, it will be reflected in your CCRIS report.

What about CTOS?

On the other hand, CTOS has been around for more than 20 years now. it stands for Credit Tip-Off System which is operated by CTOS Data Systems Sdn Bhd. What the company does is that it gathers information and generates credit reports. Unlike CCRIS, it is not operated by Bank Negara Malaysia and its sources of information is not entirely from the banks.
CTOS is an information system that gathers information about individuals or companies through various sources. This is usually in civil spheres like:

  1. Legal notices in print media like newspapers
  2. National Registration Department (NRD) or Jabatan Pendaftaran Negara (JPN)
  3. Searches on ROS, CCM, MDI and others

After that, it converts these information into a format to help evaluate loan applications. Unlike CCRIS, CTOS is not available for everyone from the general public. In fact, it is only available for use by those who subscribe to it.

Important information about CTOS

One thing for sure, CTOS is not a blacklist. It does not determine whether you are capable of getting the loan. It does not matter if you are an individual or a company. In fact, CTOS does not determine if your loan will be approved or have any authorization powers. So, if you apply for a loan form Bank A and it is rejected after viewing your CTOS, it does not mean it will be rejected by Bank B. But if you are a bankrupt, then it would be a different situation.

Another factor that you must know is that CTOS is very updated. In fact, if you have been involved in a court case, it will be electronically updated almost in real-time.

CCRIS reports will be keep the records for 12 months while it is very different for CTOS where the data is kept for an infinite time because of its ability to show the history of the individual. Hence, it is very important to carry out a self-check report by registering with CTOS. Here, it must be noted that every financial institution will have a different protocol when it comes to evaluating the credit health of an individual using CTOS.

You will not be required to pay anything to get your CTOS report. All you need to do is to register for a CTOS user ID which needs to be authenticated. After that, you can access your record through the mobile app or using a browser. The Credit Reporting Agency 2010 stipulates that your consent is required before the credit report is released to any party.

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