Deputy Finance Minister Datuk Ahmad Maslan has reiterated today that government has no right to stop CTOS from operating it’s businesses. According to Admad, there are no breach of privacy by CTOS as all it’s information are obtained by publicly available sources such as SSM data and summon notices.
Government cannot prevent collecting of data by CTOS as these are publicly available information.
CTOS information has been used by various financial institution for assessing and speed up any loan applications. CTOS is registered under SSM as a credit rating agency is previously criticized by certain quarters over it’s operating procedure. Unlike CCRIS , financial records are kept forever in CTOS. This has lead to many complaints where some individuals cannot obtain any loans even they have cleared their debts. Some are calling for banning of CTOS.
