Credit reporting agencies fulfil a role

  • Letters
  • Thursday, 29 Oct 2015

THE Finance Ministry would like to thank Thomas Foo for his views relating to his experience with a credit reporting agency in Malaysia, “Seeing red over credit report” (The Star, Aug 27). The Registrar Office also acknowledges Foo’s views.

As a background, credit reporting agencies (CRA) have been operating in Malaysia for over 20 years. However, the credit reporting industry was only regulated in 2014. With the enforcement of the Credit Reporting Agencies Act 2010 (Act) on Jan 15, 2014, all CRAs have to be registered under the regulatory oversight of the Registrar Office of Credit Reporting Agencies, Finance Ministry.

With the enforcement of the Act, among others, a registered CRA must give a written notice (consent is not required) to a customer informing on the collection of credit information of the said customer. The customer’s consent is required prior to disclosure of the credit report to the subscriber of the CRA.

Under the Act, CRAs are prohibited from disclosing information that is more than two years after:

(i) the date of the bankruptcy discharge;

(ii) the date of commencement of the proceedings unless current status is updated; and

(iii) the date of final settlement of the amount in default.

Customers have the right to correct their credit information or credit report as provided under the Act. Customers are also permitted to indicate the reason for default in their credit report.

A credit report provides the credit history of potential borrowers for credit application consideration.

Hence, a credit report may allow easier access to credit for customers and reduce the borrowing cost. The CRA facilitates to reduce the asymmetric information between the credit providers and potential borrowers. The decision to grant the credit lies solely with the respective credit provider.

For further information, the Registrar Office invites Foo and the public to visit our website at Our officers can be contacted at 03-8890 6560 / 6559 or you can email us your feedback at



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