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Apr 12, 2008

CTOS is hurting the reputation of the public

CTOS is hurting the reputation of the public and should be deregistered

What I would like to highlight to you are cases which plight the local small businessmen, especially from SMEs, and also normal working people like myself. We have been indebted to business partners when the business was down immediate after the 1997 crisis, and the cases were brought to court. The proceedings were recorded without our knowledge to some private credit rating agencies, one of them is CTOS. The record, in turn was sold to financial institutions, what ensued was that the future loan applications were denied based on the ground that our credit worthiness was dented.

The debt was finally settled, and the creditor has allowed and issued a release letter stating that I was released for good. In order to clear the name and ensure future loan applications, I sent a letter (the release letter from the creditor) to CTOS, to inform that the debt has been cleared and therefore the name should be erased from the record. This is to ensure that a small businessman like me, and some of my partners, could “survive” again.

However, the request has been turned down, through a letter issued by CTOS, stating that the record will not be erased from the databank. The excuse is that the record will be referred again and again by future referrers, as this is a better way than without any record at all (it means without CTOS, there is never a credit record book). When pressed further, it is revealed that the record was taken from local newspaper, whenever there is a proceeding, and then sold to the private financial institutions.

Our concern is that, even with the debt settled, we are still burdened with our poor credit rating, and therefore, we are still not eligible for the loans, or the names are forever branded as poor rated debtors and are not entitled to apply for fresh loan. more...


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