What is CCRIS ?
CCRIS stands for the Central Credit Reference Information System. It is a credit reporting system owned and operated by Bank Negara Malaysia. Its primary purpose is to collect credit information from various financial institutions, including banks, insurance companies and government agencies.
Each month, CCRIS institutions are required to update data related to borrowers, including individuals, companies and government entities. The collected data is compiled into a credit report that displays the borrower’s financing and repayment history over the past 12 months.
The information reported includes the borrower’s personal details, financing applications, credit limits, outstanding balances, payment patterns, and any legal status related to the accounts. It covers all active credit facilities, including individual, joint, and business-related accounts, as well as applications in process or approved within the past year.
What is CTOS ?
CTOS is a private company that operates as a credit reporting agency under the Credit Reporting Agencies Act 2010. It is one of the most well-known and widely used agencies by financial institutions in Malaysia to assess a person’s creditworthiness.
Unlike CCRIS, which receives data directly from financial institutions, CTOS gathers information from various public sources. These include the National Registration Department, the Malaysian Department of Insolvency, and the Companies Commission of Malaysia (SSM).
CTOS reports may contain a variety of information, including bankruptcy records, legal actions, case statuses, business ownership, and directorships. In addition to the basic report, CTOS also offers the MyCTOS Score Report, which includes individual credit scores and records from the CCRIS database.
Key Differences Between CCRIS and CTOS
Although both provide credit reports, there are fundamental differences in how they operate and where they source their information. CCRIS is managed by Bank Negara Malaysia and only uses data from participating financial institutions. CTOS, on the other hand, is privately operated and collects information from public sources and user contributions.
However, CTOS can access CCRIS data if authorised by the individual. As such, reports like the MyCTOS Score Report combine information from both sources.
Importance of CCRIS and CTOS in Financing Applications
Both CCRIS and CTOS are widely used by financial institutions to assess an applicant’s creditworthiness before approving any form of financing. Information from these reports helps evaluate the financial risk of a borrower.
If your record indicates that you are a responsible borrower, your applications are more likely to be approved, and you may receive better financing terms. However, if you have a poor payment history or too many unresolved credit applications, your request may be rejected or approved with stricter conditions.
It is also important to note that CCRIS is just one of many sources utilised by financial institutions. Therefore, both CCRIS and CTOS reports can directly impact your financing outcomes.
Make Better Informed Financial Decisions
Understanding what CCRIS and CTOS are helps you know your current financial standing and builds confidence in financial planning. A good credit report increases your chances of securing financing with more favourable terms.
If you are considering Shariah-compliant personal financing, OSK Syariah Capital offers solutions that suit your needs, including:
- Fully Shariah-compliant financing
- A simple and transparent application process
- Fast approvals within a short time frame
- Fixed profit rates with no upfront payment
Plan your finances with confidence and apply with OSK Syariah Capital today.
Frequently Asked Questions (FAQs)
1. Will I be blacklisted if my name appears in CCRIS or CTOS?
No. CCRIS and CTOS do not blacklist individuals. These reports only contain fact-based credit information such as loan amounts, payment patterns, and legal statuses. Financial institutions use them to assess your eligibility, but appearing in the system does not mean you are blacklisted.
2. How can I get my credit report for free?
For CCRIS reports, you can register online via eCCRIS or the kiosks at AKPK (Credit Counselling and Debt Management Agency). For CTOS reports, you can sign up on the official CTOS website and receive one free MyCTOS Basic Report per year. The CTOS mobile app is also available for quick access.
3. What are the best steps to improve my credit score?
Some of the best steps include paying bills and instalments on time, keeping credit usage below 30% of your limit, and avoiding excessive new credit applications. Ensuring the accuracy of your credit report also helps maintain a healthy credit score.
