THERE is no issue of breach of privacy by CTOS Sdn Bhd (CTOS) because the information obtained by the credit information company is based on public information and resources, said Deputy Finance Minister Datuk Ahmad Maslan.
“There should be no issue of breach of confidentiality of customers’ personal information.
“The information gathered by the agency is one of the ways used by financial institutions to facilitate and speed up loan applications,” he told Mohamed Hanipa Maidin (PAS-Sepang) during Question Time.
Hanipa had asked whether the methods used by CTOS involved breach of personal privacy and whether CTOS would be shut down because there were complaints that some quarters were profiting from the information given by CTOS.
Ahmad said the Government had no power to stop CTOS from operating as it was a registered body under the Companies Commission of Malaysia as a credit rating agency.
“The establishment of private credit rating agencies like CTOS is to provide full coverage and content of information from various public resources such as newspapers, government gazettes and SSM data,” he added.