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
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