What Is A CTOS & CCRIS Report And What’s Their Difference?
- By CompareHero.my
- April 2, 2019
Everytime you’ve applied for a financial product, you may have heard the terms CCRIS or CTOS thrown around, more so when you apply for loans. And if you’ve never quite understood what those terms mean or don’t know the difference between the two, we’ve simplified it for you here and listed why they are so important to Malaysians.
Contents
What is CCRIS?
The Central Credit Reference Information (CCRIS) provides credit reports and is managed by the Credit Bureau of Bank Negara Malaysia. CCRIS collects credit-related information on all borrowers of participating financial institutions in Malaysia. These include individuals, businesses (sole proprietors and partnerships), companies, professional bodies, associations, societies and Government entities. Participating financial institutions encompass all licensed commercial banks, Islamic banks, investment banks, development financial institutions and several other financial institutions such as insurance companies, payment instrument issuers, rehabilitation companies, building societies, credit leasing companies and government agencies.
Participating financial institutions are required to report in on a regular basis, the following information:
- Profile of the borrower, such as name, identity card/business registration number, date of birth/registration, address, etc;
- Credit application details, such as amount applied, date of application, type of facility; and
- Credit account details, such as type of credit facilities, credit limit, outstanding balance, installment amount, conduct of account and legal action status, if any.
All of the information and data is then compiled into a credit report which financial institutions like banks will have access to. The data that will be on the credit report will be broken down into a span of 12 months.
The CCRIS credit report will contain the following information of the borrower:
- Outstanding Credit: All credit facilities obtained by the borrower, which are still outstanding, under the borrower’s own name/a joint name with another borrower(s)/a name of a sole proprietorship or partnership where the borrower is the owner of the partnership or the business/the name of a professional body where the borrower is the member of the body or the name of a corporation.
- Special Attention Account(s): All outstanding credit facilities under close supervision of the participating financial institutions.
- Application(s) for Credit: All applications approved in the previous 12 months and pending applications for the borrower.
It should also be noted that CCRIS does not only contain the negative credit information of an individual, but it will also show positive information like your credit approvals and positive repayment history. One misconception that most people may have is also that CCRIS will blacklist you if you have bad repayment pattern. However, CCRIS does not provide any opinion or blacklist any individuals, CCRIS provides factual data which will then be used by financial institutions. And credit facilities that have been fully settled are excluded from the credit report.
You can get your own CCRIS credit report from Bank Negara for free, but you will need go to Bank Negara or AKPK one time to get a 6-digit pin code from the CCRIS Kiosk. Then you can proceed to login in to eCCRIS to get your credit report.
What is CTOS?
CTOS is a private company, and one of Malaysia’s leading Credit Reporting Agency (CRA) under the Credit Reporting Agencies Act 2010. They too provide credit reporting and is also widely used by financial institutions to determine an applicant’s creditworthiness aside from CCRIS. Usually, financial institutions use more than one credit report to determine an applicant’s credit health and CTOS is also known to be widely used in Malaysia.
CTOS produces the MyCTOS Basic Report and MyCTOS Score Report. They obtain their information from various public sources such as:
- National Registration Department
- Registrar of Societies
- Malaysia Insolvency Department
- Companies Commission Malaysia (CCM)
- Publications of legal proceedings and notices in newspapers and government gazettes.
- Subcsribers’ contributions of litigation records
The types of credit related information which will be included in the credit report from CTOS will include bankruptcy, legal action and even case statuses. It will also detail an individual’s business exposure, business ownerships and directorships, if any.
Similar to CCRIS, CTOS does not provide comments, opinions or blacklist any individuals. Aside from that, you can also obtain your own credit report from CTOS through MyCTOS. First you will need to register to obtain your CTOS User ID, and once your ID has been activated you will be able to access your credit report from MyCTOS anytime over the internet and even through the CTOS app.
So What Is The Difference Between CCRIS and CTOS?
Both provide credit reports, however CCRIS is under Bank Negara Malaysia whilst CTOS is privately managed. Another key difference is how the information is compiled. As for CCRIS, the information is derived from financial institutions. While CTOS on the other hand gets credit related information from public sources such as those we discussed earlier. Ultimately, both provide credit reports although the main difference is how the credit information is obtained.
Why are CCRIS and CTOS important to you?
Used By Banks To Decide
When you apply for a credit card, or even a loan from banks, before they determine to approve or reject your application it will go through a credit approval process to look into your credit history. The bank you applied to will look at your credit reports before they make a decision. If your credit reports are in good shape, banks will usually have no qualms to approve your application. However if they see missed payments on your credit report, it is highly likely that banks will not approve your application.
Banks will also look at an individual’s credit report to calculate and determine their debt service ratio before rejecting or approving the application. This is because banks will be taking on a risk by approving your application, therefore they look into CCRIS and CTOS and use it as one of their tool and determining factor.
Shows Your Credit Pattern
Think of it like your browser history, but one which you cannot so easily amend or delete. Both CCRIS and CTOS will show your credit payment ability and all of your financial commitments. If you took a loan with PTPTN, you should also be paying diligently as any defaulted payments for your PTPTN loan will show up on your credit report. This will then affect your chances when you are applying for a loan or a credit card. So it is important for you to check your credit report is updated and is in the positive!
Now that you know more about both CCRIS and CTOS, it’s time for you to pay closer attention to your credit report so you don’t sabotage your future applications with financial institutions!
See also: Top Tips To Get Your Loan Application Approved
[tags]
Read More
Find Out What These Credit Reporting Agencies Say About Your Credit History
- By CompareHero.my
- April 1, 2019
If you have ever applied for loans, you might have heard about this term that gives quite a headache to some people – “credit history”. The bigger the loan that you’re applying for, the stricter banks are going to be when they analyze your credit history. But what exactly is credit history?
Contents
A History of Credit
Your credit history is a record of the credit accounts you hold along with details about those accounts including: the type of account, your responsibility on the account (e.g. whether you were a joint borrower), the credit limit or amount of the loan, the current balance, minimum payments made, whether you’ve made any late payments, and the current account status.
Credit history is what helps a bank determine if you are eligible for a credit card or a loan. A missed payment or two might be okay, but if your credit history leaves a trail of missed payments, your chances of getting an approved application will be a lot lower.
The importance of a Credit Report in your financial applications
Your credit history is compiled into a single document known as a credit report. The companies who maintain your credit report are known as Credit Reporting Agencies (or CRAs) or credit bureaus.
Malaysia has three main CRAs, governed under the Credit Reporting Agencies Act 2010 and registered to the Registrar Office of Credit Reporting Agencies. These CRAs are:
- Credit Bureau by Bank Negara Malaysia; that manages the Central Credit Reference Information System (CCRIS)
- CTOS Data Systems; that issues MyCTOS Score Report
- RAM Credit Information (RAMCI); that issues the RAMCI Personal Credit Report
Read The Ultimate Guide To Credit Score Here
What each report says…
CCRIS Report Issued by Bank Negara Malaysia
Cost: Free
The CCRIS report highlights your unpaid loans and any loans or credit card applications that you have made in the past year. These records are profiled across a network of financial servicing companies in Malaysia. As such, any unpaid utility bills, insurance premium payments, and banking records that you have may be brought to your attention via the CCRIS report.
CCRIS further includes any outstanding loans, summons or other forms of unpaid credits that you have accumulated in the past year. If you have any credit facilities that are being monitored closely by financial institutions, these special attention accounts will also be listed in this report. If you have applied for loans or credit cards in the past year, these applications will be listed too, whether pending or have been approved. Last but not least, CCRIS will show whether a person has been declared bankrupt.
Try not to have a negative perception of the CCRIS! Aside from these seemingly-negative information being displayed, CCRIS will make sure that any positive credit information is also displayed in the report. This includes everything from your credit approvals to your timely credit repayment history.
CTOS Report by CTOS Malaysia
Cost: Free for MyCTOS Basic Report, RM25 per report for MyCTOS Score Report and RM99/year for CTOS SecureID
While CCRIS derives its factual information mostly from financial networks, CTOS obtains theirs from public sources. These sources include the National Registration Department, Companies Commission Malaysia (CCM), the Malaysia Insolvency Department, as well as any publications of legal proceedings in which you have appeared.
The CTOS report will contain legal notices, your bankruptcy information, and some details on your business or your role in a business. In the case where there has been legal action taken against you, the case status may be updated in the CTOS credit report too. Since these information are available to the public indefinitely, any information contained within this report dates back much longer that of CCRIS.
CTOS has their own scoring system, which you can get when you apply for a MyCTOS Score Report and will include CCRIS report as well. And for further protection, the CTOS SecureID subscription will alert you the changes in your credit facilities.
Personal Credit Record Issued by RAM Credit Info (RAMCI)
Cost: RM10.60 per report for PCRB, RM15.90 per report for PCRP and starting from RM53.00 for a 1 year subscription of JagaMyID
The contents available to you in your personal credit report can vary depending on which credit report by RAMCI you sign up for. RAMCI allows individuals to choose between Personal Credit Report Basic (PCRB) and Personal Credit Record Plus (PCRP). Both credit reports contain the RAMCI credit information and information derived from ANGKASA Salary Deduction System (SPGA). RAMCI credit information is derived from its business partners and public sources, while the SPGA information is only available for public servants.
The unique offering from RAMCI is the development of their own credit system, known as the i-Score System. The i-Score rating is available for PCRP and My Credit Watch reports from RAMCI; it is a 3-digit scoring system that reflects the likelihood of you repaying your loans on time. The higher the score, the lower risk you pose for banks and financial agencies that you might take a loan from.
PCRP also contains your banking credit information on top of the i-Score reporting system, legal or bankruptcy proceedings and credit records from non-banking industries. An additional identity protection plan called JagaMyID even monitors your credit profile daily and sends you alerts for potentially suspicious credit activities – such as credit card applications or loan applications made in your name. This report will also contain information on individuals or parties that has made enquiries about you and your credit history, so you can ensure that you are only providing information to parties that you recognize.
Opt for More Than One Credit History Reporting System
Essentially, these three credit history reports contain different types of information – each with their own unique points. If you are applying for your own credit history report, it would be wise to apply from more than just a single source.
When you obtain at least two forms of credit history report, it will be easier for you to spot any inaccuracies or inconsistencies. Fixing any of the issues that appear can also help to make your credit history report more reliable for any financial institutions to screen through easier. If you are planning for financial commitments, applying for a financial product, or you just want to know your financial health, consider applying for credit history reports this year.
[tags]
Read More
CompareHero.my Launches New Vertical – Serving Malaysians the Hero They Need
- By CompareHero.my
- March 29, 2019
FOR IMMEDIATE RELEASE
CompareHero.my Launches New Vertical – Serving Malaysians the Hero They Need
“MamakHero” prototype homepage design
KUALA LUMPUR, APRIL 1, 2019 – CompareHero.my, Malaysia’s go-to website for finding, comparing, and applying financial products, has been seeing tremendous growth in the last quarter. Driven by its strong front in the credit cards and personal loan sector, CompareHero.my is rising to be the leader in the financial product comparison industry. To further bolster its reputation and seal itself as a household name, CompareHero.my will be launching a new vertical by the end of the second quarter.
The new vertical, aptly named “MamakHero”, will be following in the footsteps of CompareHero.my’s specialty of comparing products by comparing Malaysia’s favourite past-time: lepak-ing at the mamak. It will be done in partnership with M.A.M.A.K., the Malaysia Association of Makan And lepaK. Mamak eateries have long been synonymous with the local culture. The 24-hour establishments have been the place for Malaysians – not just for meals, but convenient locations for socializing as well.
“MamakHero” will be launched in three phases. The first, starting end of the second quarter, will see over 500 mamak eateries in CompareHero.my’s comparison databank, all within the Klang Valley. The second phase of the launch will see coverage of mamak eateries all over the Malaysian peninsular, and the third phase will include comparison for mamak eateries in East Malaysia.
Andy stresses that Mamak stalls have played an integral role in fostering togetherness among
fellow Malaysians. Hence, it is important to provide Malaysians with the right information they need
when that Roti Telur and Milo Kaw craving kicks in.
“It will be a long and arduous process,” explains Andy ‘Muniandi’ Abdool, president of M.A.M.A.K. “Mamak eateries are essentially the Malaysian culture and is very important to all of us, which is why we are going to create the ultimate database for all mamak eateries in Malaysia.”
Owing to the large number of eateries in the country, CompareHero.my will be upgrading their data infrastructure with quantum computing processors to handle the workload. Chief Data Analyst of CompareHero.my, Goh Pi Peng explains, “The upgrades will help us push this new vertical effectively and increase the efficiency of other verticals at the same time. We really want to get granular with the comparison. We want our users to know exactly which mamak eatery will have the best Teh Tarik froth, which will serve roti in the afternoon – all for the sake of ensuring that Malaysians will get the best lepak experience.”
“MamakHero” prototype results page design
CompareHero.my services will remain free, easy, and unbiased. They are constantly striving and innovating to serve Malaysians better.
Click the button below to start comparing today!
PS: Happy April Fools’ day!
Read More
Find The Right Credit Reporting Agency For You
- By CompareHero.my
Do you know your credit history? If you don’t, it’s time to play catch up. We compare three credit rating agencies and share its pro’s and con’s to help you decide the easiest and the best way to obtain your credit report. (more…)
Read More
WeChat Pay大马微信支付：您加入电子钱包的行列了吗?
- By CompareHero.my
- March 28, 2019
WeChat Pay MY 日前举办了在马来西亚的首个官方发布会，放眼大马这个富有潜力的市场。重视用户体验的微信支付，能否在众多的电子钱包中脱颖而出呢？让我们拭目以待。
在过去一年来，您应该已经在不少的商店看到 WeChat Pay 的 Logo。不少著名品牌，例如在大马的 TeaLive，星巴克（Starbucks）和 KK Mart 消费，都已经可以使用微信支付，为消费者带来更多的生活便捷。如果您有留意新闻的话，其实 WeChat Pay 移动支付平台（就是统称的电子钱包）在马来西亚早已经开通了好一段时间。日前马来西亚财政部长林冠英亲自出席有关官方发布会，并为其主持开幕典礼。踏入2019年，WeChat Pay MY 计划继续优化其移动支付服务，还有拓展其在大马的服务覆盖范围。
虽然如此，在大马已经推出这么多不同的电子钱包，WeChat Pay 想要靠什么来杀出重围呢？Jason Siew, WeChat Pay Malaysia 首席执行官(CEO) 告诉我们，答案很简单，就是把专注放在“用户体验”上。
WeChat Pay MY 在体验区中设立模拟商店，以展示不同商户可以如何应用移动支付技术，可见“用户体验”的确是它们的核心关键。体验区中有不少未来概念让人眼前一亮，例如：自动贩卖机也可以用微信的电子钱包来直接进行结账，不必再投硬币或钞票。另外，现场还有两项体验特别抢眼，那就是“智能车牌识别加油系统（Smart Fuel)”以及“嘛嘛线上点餐功能”。
现场设置了先进的概念迷你加油站，展示智能车牌识别加油系统。基本上，Smart Fuel 就是先用WeChat Pay app 来查询附近的油站，选择想购买的燃料量金额，付钱，全部在应用程式里完成。然后您就可以直接开车到该油站，而油站里的智能相机会自动识别您的车牌号码，启动油泵。
再来就是大家以后可以通过 WeChat Pay 在巴生谷周围的嘛嘛餐厅里进行线上点餐，并立即付款，服务员就会把食物送来。这样一来，再也无需麻烦服务员前来点餐或排队结账，省时方便，提高服务效率也节省商家的人力成本。
WeChat Pay 和其他电子钱包有什么不同点？
以上所提及的概念似乎是专属于 WeChat Pay， 但如果我们先不谈未来概念， 大马微信支付的应用程序本身（WeChat Pay app）设计上容易使用吗？我们这里就简单的比较一下WeChat Pay 跟两个同样广受欢迎的电子钱包 app：Boost 和 GrabPay。
从左至右: WeChat Pay, Boost, GrabPay
显而易见，这三个电子钱包 app 都同样使用QR 码来处理支付系统， 商家无论有或无终端（Terminal）都可以使用。但是如果我们比较每一个 app 本身的主要使用功能，差别就显而易见了。
WeChat Pay app 是 WeChat 著名聊天软件的内建系统。WeChat Pay 跟本身的聊天功能贯通，您可以在聊天中轻松的发送红包给亲朋戚友。但是它的内建电子钱包却相当隐秘不好找。要付钱时，您需要在主页的 drop-down menu 里头选择 “Scan”，然后用它来扫描 QR 码（我们当日在体验区中的模拟商店购买商品时，不需要输入付费的数目）。如果您想要查看电子钱包里还有多少钱，您需要先点击个人 Profile ，然后再点击 WeChat Pay。它的电子钱包功能视乎没有出现在容易看到的地方。
反之，Boost app 的主要功能就是一个电子钱包。所以，您一打开 app， 马上就能看到电子钱包，剩余款项、支付功能以及伙伴购物地点皆在一键之间可及。想使用支付功能也非常容易，因为您只需要点击 “Scan and Pay” 或 “Scan Me” （可以选择密码上锁），然后输入数目，点击确认就完成了。
GrabPay app 是 Grab 的内建系统，而 Grab 本身的主要功能是打车软件。虽然打车功能向来是 Grab 的业务核心，但是 Grab 还是战略性地把电子钱包放在了主页非常容易看到的地方，剩余款项和其他选项一目了然。要付钱时也相当轻松容易，只需点击“Pay”，扫描 QR 码， 然后输入付费的数目。
从表面上看来，GrabPay 和 Boost 不管在电子钱包或移动支付功能方面都有许多潜能有待发掘。它们都专注在电子钱包上，而且在主页上大力宣传和鼓励用户使用它们的电子付费系统，包括优惠促销活动，返现（只限Boost），或搜寻附近接受有关电子钱包的参与商家。
虽然 WeChat Pay 日前才在马来西亚（正式上的）发布，但感觉上它也不是省油的灯，实力不容小窥。就以 WeChat Pay 微信移动支付平台在中国的惊人表现来看，大马百花齐放的电子钱包市场接下来肯定是一场硬仗。
Click here for the english version of the article
[tags]
