How to settle CTOS blacklist after 10 years?

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asked on Apr 18, 2010 at 06:16
by   jane
edited on May 24, 2016 at 07:47

It's me again. Hope you still have the time to clear this dilemma of mine.

Really thanking for your advice given so far.. But at this stage I'm still blur on what should I do next to get my name clear from CTOS list.

I understand that even CIMB has no claim to demand for me now, but my name is STILL blacklisted by formerly Southern Bank in CTOS. How can get my name discharged? Is it by settling it with CIMB by just paying RM2830 or practise my consumer right under Limitation Act by going to Bank Negara Malaysia (BNM)? I don't think by going to CTOS office without discharge letter can help clear my name from blacklisted list.

In your opinion, if CIMB is not willing to compromise, will other banks still refer to the legal judgement in year 2001 as my credibility of not eligible for any loans even the amount sued is only RM2830?

Now I really learnt my lesson well to be more careful on my own future credit ratings.

Please advise me on whom I should talk to now to discharge my name. CTOS, CIMB? Bank Negara Malaysia? Or engage lawyer to practise my rights under the Limitation Act! Thanks again.

P.S. Does someone or anybody know the right procedures about this?
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3 Answers

answered on Apr 19, 2010 at 05:46
by   notalawyer
CTOS is a private company.  There are other private companies with their own lists.
There is no law governing black-listing companies.  They can do what they like.

Even if you pay everything CIMB wants, you might still be blacklisted.
CIMB does not own CTOS.  CTOS might not listen to them.  Why should they delete your info? 
They make money by selling info.

Even if you manage to "clear" your info from CTOS official list, there could be a secret list only accessible by banks.
Even if you manage to "clear" your info from CTOS official list, your info could still be kept by other companies.

You said you have "learnt your lesson".  Are you sure you have learnt your lesson?
By trying to get more loans from banks, you clearly have not learnt your lesson.

Finally being blacklisted does not mean you will not qualify for a bank loan.
If you can show the bank that you have a lot of fixed deposits, they will definitely give you a loan.
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answered on Apr 20, 2010 at 04:00
by   jane
edited May 24, 2016 at 08:04
Thanks to notalawyer and everyone for the opinion and advice.

Obviously I need loan to buy property. I only have EPF as down-payment but no RM200k++ in my savings to buy with cash.

I know that banks still have other references i.e. CCRIS, Financial Information Services (FIS) but wonder whether they still judge my credibility based on my credit card CTOS record by Southern Bank for RM2830 way back year 2001, that was during my mid 20s of financial immaturity.

Even if I settle my 10 year-old debt with CIMB, I'm not sure if banks can approve my new loans regardless of low margin applied OR stability of one's employment. So, I'm in the middle of crossroad here should I settle my CTOS blacklist or just try my luck if banks will approve basing on property loan is more secured than credit card.

What do you think because I think bankruptcy also has a lawful way to be discharged after years of "disappearing." Am I right on this?
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answered on Apr 20, 2010 at 05:40
by   messedup
edited May 24, 2016 at 08:06

CTOS does not remove your name from the blacklist, but it will insert a remark into their system to note that you have settled the debt. I remember reading this in the newspaper some time ago.
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