Should Credit Tip Off Service Sdn Bhd (CTOS) Be Shut Down?
The Malaysian Malay Businessmen and Industrialists Association (Perdasama) thinks so and frankly they have very justifiable reasons for demanding that CTOS' services be stopped. The main complaint is that the company has been irresponsible in failing to update its database and thus causing difficulties to people. Bernama reports that the president of Perdasama, Datuk Moehamad Izat Emir said that "CTOS's job is to supply the names of those in debt. It does this the easy way, getting the names from newspaper announcements, or from court orders or bank notices." He added that people who have settled their debts still find themselves in the CTOS records, so thousands of people, especially Malays, have been blacklisted and victimised.
"If you put up the name, you must be responsible to take it out. If you know how to get the name when they have hutang (debt), why (is it that) after they have paid you do not remove their names," he asked.
***** That's a fair question which Moehamad Izat has asked and CTOS should answer truthfully. CTOS has shown that it is capable of playing dirty when its chief executive officer Chung Tze Keong in response to Deputy Minister in the Prime Minister's Department Datuk M. Kayveas's revelation that it has not been endorsed by the government, thereby implying that it was operating illegally, unethically disclosed publicly that Kayveas's legal firm, political party and service centre have used its services.
But then what else can you expect from a company like CTOS which makes huge sums of money squealing on fellow Malaysians and by trading and profiting on their miseries? The more misery and heartache, the better for these soulless greedmongers.
As implied by Moehamad Izat, the Association of Banks in Malaysia and the Finance Ministry should take the lead in banning the use of CTOS' service. Good riddance to avaricious, bad rubbish.
Image - Source
UPDATE: CTOS Breaches At Least Seven Acts.
Recent post: Which Crook(s) Hacked This Website?
Update (7/6/07):
1) Credit status issue: CTOS officials to be charged.
2) CTOS Directors, Secretaries Facing 85 Charges Under Companies Act.
Labels: Unmitigated Greed.
posted by The Malaysian. at 7/02/2007 06:09:00 PM
3 Comments:
I've linked your post under 'conflicting views.' Don't mind eh? :-)
http://allofhelen.blogspot.com/2007/07/ctos-friend-or-foe.html
Greetings The Malaysian,
Private credit rating agencies are nothing new in other countries. They perform a necessary economic function. The Banks and Financial Institutions have their own credit worthiness system, but its restricted to for bank use only. There are many organisations which need to establish the credit worthiness of a possible client.
The problem is CTOS has not been acting responsibility. There are some basic ethics related to this business, which seems CTOS has not adhered to :-
a) A person / organisation has a right to view what information the credit rating agency is holding on them
b) A person / organisation has a right to challenge the credit agency's information if its inaccurate.
c) The Credit rating agency has a responsibility to update the information to the latest available. E.g. If a person has discharged his bankruptcy or settled all his overdue debts, the record must say so.
I only have partial sympathy for the Bumiputera Businessmen and Industrialists Association. From my own experience with Bumi contractors and business, as a group they are among the worst debt repayers.
If they have a bad repayment history, their credit rating will reflect that, no point trying to deny it or apply political pressure.
The concept of personal and organisational accountability is unfortunately very thin in this country
CTOS is an old topic.. I might be a bit late in joinning the dicussion. I've just became CTOS victim today!
Arguing with the old uncle named Ken Chung (guess he is one of the two brother's -- the director?) to removed my name from the database, but he refuse to do so. He said since I am the director of my company, it has been a public info. They reserve the rights to keep my company's name and my personal info in their database!
I totally do not know why they want to keep my info there, even though I've proven no financial problem.
This company should be totally shut down.
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