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CCRIS, CTOS, DCHEQS? To some, these may look like secret codes that James Bond uses. In reality, they are tools that banks and other interested parties use to check your credit history and ratings before offering you their services. How do they affect you? In this first part, SaveMoney.my will explain more on credit history and CCRIS


Credit History – What is it and how will it affect me?
CCRIS, CTOS, DCHEQS and FAM are tools that showcase your credit history, but what exactly is a credit history? It is basically a record of a person’s ability to repay debts as well as the person’s level of responsibility in repaying his or her debts.
A credit history can consist of information such as the number and types of credit cards and loans; amounts owed; the amount of available credit used; whether bills are paid on time; and the number of recent credit inquiries. It also contains information about whether the consumer has any bankruptcies and liens, among other things.
So does your credit history matter? Indeed it does. Just like how we scan for potential suitors (Steady job? Check. Impeccable dress sense? Double check!), banks will first analyze your credit history before saying “OK” to your loan and/or credit card applications.
For your information: CCRIS and DCHEQS are internal systems within Bank Negara; and CTOS, RAM, and FIS are private 3rd party companies which hold credit information and are frequently used by banks, insurers, suppliers, and other parties to determine your credit history / rating.


CCRIS
Central Credit Reference Information System, or CCRIS (pronounced as “see–kris”) is a computerised database maintained by the folks at the Credit Bureau in Bank Negara Malaysia since 1982 (under the Bank of Malaysia Act 1958).
How it works is that the Financial Institutions in Malaysia will send a monthly report of all their borrowers to the Credit Bureau. Next, the data received by the Central Bank will be processed by CCRIS in order to format a credit report. This report can be accessed by any financial institution upon request, but the financial institution is required to inform the applicant, in writing, that a credit check is being conducted under the applicant’s name and that the credit facility application will be reported to the Credit Bureau.
How does CCRIS affect you?
A CCRIS report contains factual and historical information on the loan amount, interest, and charges outstanding on each loan (e.g. housing loan, personal loan, hire purchase, credit card and overdraft). It also shows the amount of each monthly payment to be in arrears to the bank for one year (12 months). By having this CCRIS report, the financial institutions can assess your credit rating by analysing each loan by the loan balance and payment record of the loan.
Typically, financial institutions will reject an application if there are 2 months in arrears of loan payment for each loan the applicant has undertaken. However, some financial institutions will reject loans if there is a debt ratio of 50% or more. Ultimately, lending decisions depend on the risk evaluation by the financial institutions and their policies. Using the same credit report information, one lender may approve an application while another may not. The Credit Bureau does not express any opinion on the information provided in the credit report.
How do I get my CCRIS report?
Any individual or company can apply for their own report once in 3 months. The credit report can be obtained from Bank Negara at no cost. Simply go to the Customer Service Centre at any Bank Negara Branch, send a mail request or check out their website.
This isn’t all! Stay tuned for more of SaveMoney.my’s guide where we review the other methods!


we discussed credit history and CCRIS. Now, SaveMoney.my will explain CTOS and DCHEQS and how they may affect you.
Just a quick reminder: CCRIS and DCHEQS are internal systems within Bank Negara; and CTOS, RAM, and FIS are private 3rd party companies which hold credit information and are frequently used to determine your credit history / rating.


CTOS

Credit Tip-Off System (CTOS) is a company which privately runs a database maintaining information on legal proceedings against individuals and business entities in Malaysia. If there is a bankruptcy suit against an individual or a company, CTOS collects and registers this information into their database.
What is in a CTOS report?
Bankruptcy information contains information on individuals and companies.This includes information such as court file numbers, filing location, date of notice or court orders, the individual’s name and identity card number, and the date referred to in court proceedings (if it goes to trial).
Besides bankruptcy, information on other legal proceedings often contains details of the suit against the individuals or companies in which summons has been issued. Details such as court filing number, filing location, date of notice or court orders, individual’s name or company’s name, the amount of the suits (if any), individual’s identity card number or company’s registered number (if any) and the date mentioned in court proceedings are included in the report.
How does CTOS affect you?
The information presented in CTOS is only meant to act as “information leads”. CTOS does not rank, rate or give any opinion on the character, integrity, credit standing, worthiness or capability of individuals and companies. This judgement is wholly and exclusively reserved for the financial institutions who will examine the information provided by CTOS and decide if it is material to your application and subsequently its impact. As with CCRIS, risk attitudes and tolerance differ for each financial institution; what is acceptable to one organization may be unacceptable to another.
You can apply for a self-check report at CTOS through registration at their office or online.

DCHEQS
Dishonoured Cheque Information System (DCHEQS) is a computerised database system developed and maintained by BNM to collect, process, store, and generate information related to dishonoured cheques. This information (collected from financial institutions) is a profile of dishonoured cheque issuers including details such as name, address, identity card number, account number, cheque number, issuance date and amount.
What is in a DCHEQS report?
DCHEQS will keep a record in the database for a certain time period:
One year for account holders who produce less than three bad cheques within 12 months.
Three years for account holders who produce three or more bad cheques within 12 months.
How does a DCHEQS report affect you?
DCHEQS only stores information about the records of current account holders who issue dishonoured cheques, and does not provide an opinion thereof. It is not a black list issued by Bank Negara and they do not release the list of names. The dishonoured cheques issued may mean that there will be no more consideration for the re-opening of the existing current account. However, an application for the opening of a new current account depends on the bank’s internal policy and is subject to the bank’s discretion.
To obtain your DCHEQS report, simply go to the Customer Service Centre at any Bank Negara Branch or send a mailing request.
Stay tuned for the rest of SaveMoney.my’s helpful guide!