CTOS gets continued endorsement by 22 banks
Despite the the wholesale efforts by the Umno-led government in faulting credit tip-off service provider CTOS, chairman of the Association of Banks (ABM) Abdul Hamidy Hafiz said its members comprising 22 commercial banks will continue to use CTOS database and services for credit check on their customers, Utusan Malaysia reported.
However, Abdul Hamidy added that banks will ask for written consent from loan applicants before checking their financial history with credit reference agencies. If consent is not given, loan applications may take longer to be processed.
I am still asking where's the beef for the country's No. 1, No.2 - and practically only Umno politicians - in attempting to strangle CTOS?
Comments
"However, Abdul Hamidy added that banks will ask for written consent from loan applicants before checking their financial history with credit reference agencies."
Is it already printed in small print in the loan/credit card application form that the applicant authorised the bank to check their credit?
What he say is nothing new? Can the applicant say no to that?
Wouldn't it be better that a copy of the credit search be given to the applicant and a least they know what is happening?
Posted by: AverageJoe![[TypeKey Profile Page]](http://www.jeffooi.my/nav-commenters.gif)
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July 24, 2007 10:27 AM
I agree with the above comment.
Posted by: freewave![[TypeKey Profile Page]](http://www.jeffooi.my/nav-commenters.gif)
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July 24, 2007 12:39 PM
Truth is, CTOS maybe quite effective to vet out dubious applications.
Some smart alecs out there may want to do away with CTOS, come up with a different credit control system/process by a new company.
Thus enabling easy loans to supporters of THE PARTY ahead of General Election. Maybe more ingenious way of distributing goodies?
Posted by: aku anak malaysia![[TypeKey Profile Page]](http://www.jeffooi.my/nav-commenters.gif)
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July 24, 2007 01:33 PM
That's right - how can the banks deny us the God-given right to bank loans! And how dare they check up on my credit history! This is completely against my human rights! I'll complain to the UNCHR!
Posted by: Andrew![[TypeKey Profile Page]](http://www.jeffooi.my/nav-commenters.gif)
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July 24, 2007 01:35 PM
"and practically only Umno politicians - in attempting to strangle CTOS"
dont forget the whole issue was brough up by the president of the one-man-party aka Mr Monkey business.
Posted by: eantautjk![[TypeKey Profile Page]](http://www.jeffooi.my/nav-commenters.gif)
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July 24, 2007 05:34 PM