Are You A Victim of Identity Theft?

How do you know that you are not a victim of identity theft? Have you checked your credit report?

In Malaysia you can get a Self Check Report from Credit Tip-Off System (CTOS), CTOS is a credit reporting agency in Malaysia established since 1990 under the ambit of the Credit Reporting Agencies Act 2010.

CTOS gathers information pertinent and relevant to their credit reporting business mainly from publications of legal proceedings in newspapers and government gazettes, the Companies Commission of Malaysia, the Insolvency Department of Malaysia, and subscriber contributions. It maintains information on legal proceedings against individuals and business entities in Malaysia. If there is a bankruptcy suit against an individual or a company, CTOS will collect and register this information into its database.

You can apply for a self-check report at CTOS through registration at their office or through online registration.

In your Self Check Report It is divided into 5 sections:

Section A: Identity Verification Guide

Section B: Internal List/Group Exposure

Section C: Directorships and Business Interests 

Section D: Summons, writs, bankruptcy proceedings, foreclosure, etc

Section E: Trade References

What to watch out for:

Check Section C to see if your name is listed as a director in a company. If you do not own a business it means your identity has been stolen and used by somebody else to run a business in your name. As a director of a company, you are responsible for the affairs of the company and liable for its misconduct.

When you are listed as a director in section C, your name most likely will appear in Section D as a bankrupt. The person who has stolen your identity is only interested to obtain loans from financial institutions. Once the perpetrator absconded with the money you are held responsible for his or her activity. Even if your name is not listed as director, a perpetrator still can “borrow” your name to obtain personal loans or car loans.

Usually, people will only discover their credit status to their surprise and horror when they apply for a loan or receive a bankruptcy proceeding against them.   

Go and obtain a copy of your credit report and straighten your record if it is inaccurate. 

Conclusion:

The credit report from CTOS is to find out if you are involved in any legal proceedings. If you are interested in your credit rating or creditworthiness you need to obtain another credit report from the Credit Bureau of Bank Negara Malaysia. The Central Credit Reference Information System (CCRIS)  is the computerized database maintained at the Credit Bureau.  A CCRIS report contains factual and historical information on the loan amount, interest, and charges outstanding on each loan (like 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 analyzing each loan by the loan balance and payment record of the loan.