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How accurate is CTOS report?

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asked on Jan 15, 2017 at 18:01
by   kaixin
edited on Jan 16, 2017 at 05:09
 
Back over 10 years ago, I have 7 credit cards, total balance amounting RM70,000+ (average RM10,000 each) and no payment since then. I'm currently 47 years old.

1) Recently got my CTOS report, only one bank record is there but outstanding is zero, will other banks records appear in future?
2) Other than the above all is either 'No' or 'No information', should I go to Bank Negara Malaysia (BNM) to get the CCRIS?
3) Every year (normally year end of before Chinese New Year), there are few calls from debt collectors or pretending to be bank staff, I ignore them all, I should continue ignoring them right?
4) There's once 3 years back, debt collector came to my house and try to harass me, reported to police, police came and went to police station (Balai Polis) and make report. Will this void the limitation act?
5) Most probably what the banks will do in the future? Yet there's no record of me in BNM?

Thank you in advance for your kind reply.
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5 Answers
answered on Jan 16, 2017 at 04:25
by   jeff005
Based on your situation, CTOS may not be 100% accurate due to certain issues with their extraction of data.

Personal opinions to your Q's.
1. Possible to appear in the future
2. You should go to BNM to extract your latest CCRIS
3. You have to ignore them. The 6 years Limitation Act, you can apply to set aside any Bank Lawsuits.
4. This will not void it. The report is about intimidation and harassment right?
5. How do you know there is no record of you when you do not have the latest CCRIS?

Let me ponder on this issue of "How Accurate is CTOS report". Will write on it in the next reply.
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answered on Jan 16, 2017 at 13:20
by   kaixin
Definitely will get CCRIS.

4. Yup, reported as harassment

5. I meant it is not in CTOS since they extract the data from BNM.
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answered on Jan 16, 2017 at 14:12
by   jeff005
5. I meant it is not in CTOS since they extract the data from BNM.
No
CTOS get it from public records
eg.. E-filing
Previously newspaper advert..
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answered on Jan 19, 2017 at 04:48
by   jeff005
@kaixin

Have you gotten a copy of your CCRIS report?

In reply to your Q on "How accurate is CTOS report"
Personal views based on observation and feedback by some forumers referring to the same issue.

I have received complaints from ppl whose CTOS did not indicate that they have lawsuits before and that they were having new loans. Then suddenly a bkcy notice arrives on their doorsteps.

I have often requested ppl to check both their CTOS and CCRIS, but some do not. They only check with CTOS based on their ability to have obtained current loans esp credit cards.

I have seen a few cases whereby their CTOS was "clear", able have have new credit cards, yet received bkcy notices. Whereby when they go get their CURRENT CCRIS from BNM, YES, there have had lawsuits before which was reflected in the CCRIS as just "Judgement Order".

Then why and how could this happen?
This is just my personal views.

E-Filing was introduced in around mid 2012.
As a result, it makes extraction of data pertaining to debts litigation by banks easy.
Prior to before E-filing, records of bkcy notices is mainly by way of advertisements on newspaper, or go by search at the courts which is tedious and yet not so accurate. More so when it is the first lawsuit filed by the banks on the debtor.

Nowadays, it is so easy to check thru e-filing by the general public to see the status of the lawsuit.

It is different on BNM CCRIS, it would be reflected in the statement as to whether there are further actions taken on that particular debt of which the bank have to inform BNM.

As in your case, it is a very old debt, any Court order or bankruptcy proceeding will be documented in the CCRIS but due to Data Extract Procedures way before year 2012 and before, the results shown in CTOS may not be 100% accurate (for very old debts with Judgement awarded).

It is better for a defaulter of bank loans to check both CCRIS and CTOS at the same time.

After the introduction of E-Filing, CTOS can be fairly accurate. There are still "Data Input errors" by human beings. Hope this may possibly explain what had happened to very old debts of more than 10 years ago. It could have happened to my own case too, but i have never gotten a CCRIS or CTOS.
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answered on Jan 19, 2017 at 05:01
by   jeff005
edited Jan 19, 2017 at 06:22
by   jeff005
@ kaixin

Recently got my CTOS report, only one bank record is there but outstanding is zero,
Do try reading it properly again
It may represent a zero or "oh".
Or
It may just says "no further action" to that account.
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