the words that came out from a bank officer's mouth: "You're listed in CTOS" gave the false impression that CTOS blacklist ppl.
It's the same perception with CCRIS when they started implementing CCRIS back in year 2002. Officer's like to shortcut by saying "You're in CCRIS". Thus when one ask what is CCRIS, they were told that it's from BNM. So back than in '02 and '03; BNM got tons of complaints and gave warnings that bank cannot used that phrase. Also, they wanted banks/FIs to help educate by saying that "One of you loan facility listed in CCRIS is not showing good credit performance; go and check with BNM and the officers there would teach you on how to look at it".
Since it's a direction from BNM which FIs must heed, everyone seems to be more knowledgeable about CCRIS.
Whereas no suggestion was given on how to response on CTOS listings. Good officers would tell applicants that there's a CTOS listing and ask them to check with CTOS. Officers that are lazy would often overlooked the implication and the seriousness of this implication; thus giving the wrong perceptions and making CTOS public enemy no1.
Again, don't think BNM would want to dig one hand or leg into the current service provided by CTOS; i.e. collecting legal notices published and kept it as reference. Most probably because they know for themselves how hard it is to keep it updated, somemore legal notices are not only issued by FIs. It can be from an individual, companies or even the Government. Some commented on Jabatan Insolvensi; but not many knows that Jabatan Insolvensi only keep tracks of bankruptcy cases. Also, they charge RM10 per reference. CCRIS charge RM2 per record. CTOS goes by monthly subscriptions.
So imaging FIs processing thousands of applications per day. CCRIS is a must now so the thousand plus times RM2 + RM1(customer details - i.e. address, phone, employment etc) is unavoidable. However, before looking up CTOS and sent every applications for referencing via Jabatan Insolvensi; imaging how much the Government's going to profit from that and how much cost the FIs going to cook up. 1000 x RM10 per day x 22 working days
b00n @ Jul 17 2007, 12:03 AM