CTOS

2024 - 3 - 11

CTOS Exposed: Court Rules No Power for Credit Scores!

Credit Rating - CTOS - Data Accuracy - Financial Sector - High Court Ruling - Investor Confidence - Legal Boundaries

Breaking News: High Court strips CTOS of credit score formulation power. Shocking ruling revealed!

In a recent groundbreaking ruling by the High Court, CTOS Data Systems Sdn Bhd (CTOS) has been stripped of its authority to formulate credit scores. The court declared that the credit rating agency lacks the power to autonomously establish credit ratings. This decision comes as a significant blow to CTOS, known for its credit score services widely used by financial institutions and individuals across Malaysia.

The ruling emphasized that CTOS can only function as a repository of credit information rather than a creator of credit scores. This revelation has sparked concerns among consumers who heavily rely on CTOS for assessing their creditworthiness. Many are now questioning the accuracy and reliability of the credit scores provided by CTOS.

The case highlights the importance of clarity in the roles and responsibilities of credit rating agencies like CTOS. As the decision sends shockwaves through the financial industry, stakeholders are reevaluating their reliance on CTOS for credit evaluation purposes.

CTOS's future operations and the impact of this ruling on the credit assessment landscape remain uncertain. The aftermath of this landmark court ruling will undoubtedly shape the future of credit scoring practices in Malaysia, raising critical questions about regulatory oversight and consumer protection in the credit industry.

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Image courtesy of "The Malaysian Reserve"

High Court said CTOS have no power to formulate credit... (The Malaysian Reserve)

NST Online reported High Court Judge Datuk Akhtar Tahir ruled the credit rating agency was only empowered to be a repository of the credit information to which ...

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Image courtesy of "New Straits Times Online"

Court rules CTOS has no power to formulate credit score, orders ... (New Straits Times Online)

KUALA LUMPUR: CTOS Data Systems Sdn Bhd (CTOS) does not have the power to formulate its own credit score, the High Court ruled recently.

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Image courtesy of "New Straits Times Online"

CTOS ordered to pay RM200,000 to businesswoman for inaccurate ... (New Straits Times Online)

KUALA LUMPUR: CTOS Data Systems Sdn Bhd (CTOS) does not have the power to formulate its own credit score, the High Court ruled recently.

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Image courtesy of "Free Malaysia Today"

Court orders CTOS to pay RM200,000 to woman for inaccurate rating (Free Malaysia Today)

PETALING JAYA: CTOS Data Systems Sdn Bhd (CTOS) has been ordered to pay a businesswoman RM200,000 for an inaccurate credit rating, following a ruling at the ...

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Image courtesy of "SoyaCincau.com"

High Court rules CTOS cannot create credit scores; orders to pay ... (SoyaCincau.com)

The High Court today ruled that CTOS Data Systems Sdn Bhd (CTOS) does not have the power to formulate its own credit score. According to Judge Datuk Akhtar ...

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Image courtesy of "The Edge Markets MY"

CTOS not legally empowered to formulate credit scores, High Court ... (The Edge Markets MY)

Credit reporting agencies, such as CTOS Data Systems Sdn Bhd (CDS), a wholly owned unit of CTOS Digital Bhd, are not legally empowered to formulate credit ...

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Image courtesy of "The Sun Daily"

Resort director wins suit against CTOS over inaccurate credit rating (The Sun Daily)

KUALA LUMPUR: CTOS Data Systems Sdn Bhd (CTOS) has been ordered by the High Court here to pay RM200,000 to a resort director over an inaccurate credit...

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Image courtesy of "New Straits Times Online"

CTOS to appeal judgement awarding RM200,000 damages to ... (New Straits Times Online)

KUALA LUMPUR: CTOS Data Systems Sdn Bhd will appeal a High Court ruling which awarded a businesswoman damages of RM200,000 for inaccurate credit rating.

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Image courtesy of "Free Malaysia Today"

CTOS files appeal against RM200,000 judgment for inaccurate rating (Free Malaysia Today)

PETALING JAYA: CTOS Data Systems Sdn Bhd (CTOS) has filed an appeal against a High Court verdict ordering the firm to pay a businesswoman RM200,000 for an ...

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Image courtesy of "The Edge Markets MY"

CTOS Digital shares plunge 16% to 20-month low after court decision (The Edge Markets MY)

Shares in CTOS Digital Bhd fell as much as 16% on Tuesday to their lowest in 20 months, after a High Court decision ruled that credit reporting agencies are ...

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Image courtesy of "New Straits Times Online"

Economist: CTOS should ensure accuracy of data (New Straits Times Online)

KUALA LUMPUR: While CTOS Data Systems Sdn Bhd does use its own formula to come up with credit ratings, the information it receives on creditworthiness comes ...

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Image courtesy of "The Star Online"

Short selling of CTOS shares suspended by Bursa (The Star Online)

KUALA LUMPUR: Bursa Malaysia Securities Bhd has suspended the short selling for CTOS Digital Bhd due to a significant decline in its share prices, ...

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Image courtesy of "Daily Express"

CTOS appeals RM200,000 judgment for inaccurate rating (Daily Express)

PETALING JAYA: CTOS Data Systems Sdn Bhd (CTOS) has filed an appeal against a High Court verdict ordering the firm to pay a businesswoman RM200,000 for an ...

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Image courtesy of "New Straits Times Online"

CTOS Digital says they have all relevant licenses needed to create ... (New Straits Times Online)

Its group chief executive Eric Hamburger said the agency has a license under the Credit Reporting Agency Act of 2010 (CRA), that is covered under the Act. "We ...

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Image courtesy of "The Edge Markets MY"

CTOS says it's business as usual, not court-barred from providing ... (The Edge Markets MY)

CTOS Digital Bhd said it will be business as usual for the group as the high court had not barred CTOS Data Systems Sdn Bhd from providing credit score ...

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Image courtesy of "EdgeProp.my"

High Court ruling on credit score formulation could invite more ... (EdgeProp.my)

Credit reporting agencies will likely need to overhaul their business models to comply fully with the [Credit Reporting Agencies] Act 2010, potenti...

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Image courtesy of "The Borneo Post"

CTOS downgraded after court claims it is not legally empowered to ... (The Borneo Post)

KUCHING (March 12): The research arm of Kenanga Investment Bank Bhd (Kenanga Research) has downgraded their call on CTOS Digital Bhd (CTOS) to underperform ...

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Image courtesy of "EdgeProp.my"

CTOS not legally empowered to formulate credit scores, High Court ... (EdgeProp.my)

By formulating a credit score the defendant has gone beyond its statutory functions and the plaintiff (Suriati) has suffered a loss as a result of ...

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Image courtesy of "Daily Express"

CTOS ordered to pay RM200,000 to woman for inaccurate rating (Daily Express)

PETALING JAYA: CTOS Data Systems Sdn Bhd (CTOS) has been ordered to pay a businesswoman RM200,000 for an inaccurate credit rating, following a ruling at the ...

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Image courtesy of "The Star Online"

It's business as usual for CTOS (The Star Online)

CTOS Digital Bhd follows a rigorous process of validating the information it provides in its credit reports, credit scores and other analytical products, ...

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Image courtesy of "New Straits Times Online"

Analysts see no immediate threat to CTOS Digital's business ... (New Straits Times Online)

RHB Investment Bank research said CTOS Digital management had clarified the matter with the Registrar Office of Credit Reporting Agencies (PPK) and Bank Negara ...

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