We are hearing a lot of things been about Ctos but many of them didn't realise the crux of the issue, namely:

How did a private company has access to information on all of us to create its financial database?

The company claimed that they got information from Companies Commission of Malaysia, Insolvency Department, media and court filings but this does not explain how they can have information on people outside these sources?

Why should a person who has settled his outstanding debts furnish Ctos with documentary proof for his entry to be updated when it is not a regulatory body?

Since Ctos has no means to update any new facts on the status of an individual, his or her background and repayment methods, why should Ctos be allowed to have the access to information on us and operate as such?

Financial institutions uses Ctos as a benchmark to scrutinise the applicant's loan application for houses/motor vehicles/companies/factories, credit cards, and many other financial instruments. In some cases, the bank increases the lending rates without informing the applicant after they get the information from Ctos database.

I would like to relate a real incident. I stood as the second guarantor for a person who borrowed a personal loan of RM5,000 from a local bank. The person absconded and the bank didn't bother to locate the person even after I managed to find out his workplace and informed the bank about it.

Finally, I managed to discuss with the bank and paid off my 50 percent portion of the loan as the other 50 percent was charged to the first guarantor of the said loan. When I bought a car later, my financial status was queried based on the Ctos database. I explained that I have settled with the said bank and I don't owe anybody any money.

The same thing happened when we started to finance our house and also my application for a credit card. Again the same issue surfaced on the settled loan.

Why a company which somehow gets hold of financial data of Malaysian and has no mechanism to update its records, should be allow to operate since it is providing updated information?

The government must step in and take relevant steps to impose a regulatory mechanism on this industry to avoid unnecessary burden on citizens.