Summary of Rights Credit Reporting Agencies Act 2010 [ACT 710]

The Credit Reporting Agencies Act 2010 (“CRA 2010”) promotes fairness, accuracy and privacy in the practice of credit reporting. Credit reporting agencies collect and disclose information about you, such as a failure to pay your bills or if you have been made bankrupt. The CRA 2010, gives you specific rights, most of which are summarised as below. 

Warning: This summary of rights (“Summary of Rights”) is only a generalised summary of your rights under the CRA 2010. If there is a difference, conflict or contradiction between this summary and any provision of the CRA 2010, the provisions of the CRA 2010 shall prevail. 

You must be informed by the credit reporting agency by way of a notice which states; 

1. that your credit information is being processed by or on behalf of the credit reporting agency together with its description; 
2. the purposes for which the credit information is being processed; 
3. the source of the credit information; 
4. how you can contact the credit reporting agency in case you have any inquiries or complaints in respect of the credit information, and your rights to request access to, and to correct the credit information; 
5. to whom the credit reporting agency discloses or may disclose the credit information; 
6. choices and means offered by the credit reporting agency to limit the processing of the credit information, including credit information relating to other persons who can be identified from that credit information; 
7. whether it is obligatory or voluntary for you to supply the credit information; 
8. where it is obligatory for you to supply the credit information, the consequences if you fail to supply the credit information; and 
9. summary of your rights as contained in the Summary of Rights. 

Your credit information cannot be collected and used for any purpose other than what is provided under the CRA 2010. 

Pursuant to the CRA 2010, no credit reporting agency shall collect any of your credit information unless, 

1. the credit information is collected for a specific and lawful purpose directly related to an activity of the credit reporting agency and shall not be further processed in any manner incompatible with that purpose; 
2. the collection of the credit information is necessary for or directly related to the purpose; and 
3. the credit information is adequate but not excessive in relation to that purpose. 

This means that the credit reporting agency may collect and use your credit information for the purposes of preparing a credit report to assess your credit worthiness, which includes but not limited, to any history of failure or diligence regarding payment of your bills (reputational collateral). 

Your credit information cannot be used or disclosed by the credit reporting agency for purposes other than what is permitted under CRA 2010. 

An example of such activity includes, but not limited to, disclosing your credit information for direct marketing purposes. 

In the event that you have information regarding the occurrence of such practice, a complaint may be forwarded to the Registrar of Credit Reporting Agencies (“Registrar”).

Your consent must be obtained before a credit reporting agency can disclose/reveal your credit information. 

This means that a credit reporting agency must get your consent before they can disclose/submit your credit information or credit report to their subscribers; or such disclosure is necessary for the purpose of preventing or detecting crime or for the purpose of investigations; or the disclosure is required or authorised by or under any law, or by order of the court. 

Your credit report can only contain information according to the CRA 2010. 

This means that a credit reporting agency cannot include the following credit information in its report regardless whether you have given consent or not: 

1. Any information unless such information includes the name and address of the source of the credit information 
2. Any information unless the identity of the customer can be identified 
3. Any information in relation to a person’s bankruptcy two years after the date of his discharge from the bankruptcy 
4. Any information in relation to a pecuniary action in court against a person more than two years after the date of commencement of the proceedings, unless the current status of the court action has been ascertained and is included in the credit report; and 
5. If such credit information is regarding any default in repayment of credit two years after the date of final settlement of the amount in default, including settlement of the amounts payable pursuant to a scheme of arrangement with the credit provider. 

Your right to request from a credit provider information regarding reasons of unfavorable credit action. 

This means that if a credit provider has taken an unfavorable credit action against you for example; rejects your application for a loan, and that rejection was based on a credit report provided by a credit reporting agency, then you have the right to request disclosure of the identity of the credit reporting agency and be informed that the unfavourable credit action was based on the credit report provided by the credit reporting agency.

Your right to access credit information or credit report. 

This means that after you request access to your credit information, the credit reporting agency shall not later than 21 days from the date of receipt of your request, provide you with a confirmation of whether or not it has processed your credit information and if the credit reporting agent has processed the credit information, it shall allow you to have access to the credit information held or allow you to have access to the credit information held and any credit report furnished by the credit reporting agency to any subscriber or other person within the period of 12 months preceding the date of your request. 

Upon your request and payment of the prescribed fee, the credit reporting agent shall supply you with a copy of the credit information or credit report in an intelligible form. 

Your right to correct the incorrect credit information or credit report. 

This means that if the credit information or credit report supplied to you or held by us is inaccurate, not up-to-date, incomplete, irrelevant or misleading, you may make a correction request in writing to the credit reporting agency that it makes the necessary correction to the credit information or credit report. 

Your right to submit a complaint. 

This means that you may make a complaint in writing to the Registrar about an act, practice or request: specified in the complaint; that has been done or engaged in, or is being done or engaged in, by the relevant credit reporting agency specified in the complaint; that relates to your credit information; and that may be a contravention of the provisions of the CRA 2010, including any codes of practice. 

Lodging enquiries, complaints or feedback to the Registrar.

If you have any enquiries, complaints, suggestions, or feedback regarding credit reporting agencies, you may contact the Registrar of Credit Reporting Agencies under the Ministry of Finance Malaysia via the following channel:

https://ppapk.treasury.gov.my/index.php/ms/borang-aduan-maklumbalas

Alternatively, you may scan the QR code provided by the Ministry of Finance for more information.

CONTACT INFORMATION

MARC Data Sdn. Bhd. (Registration No. 202001041466 (1397787-X))

REGISTRAR OFFICE OF CREDIT REPORTING AGENCIES, MINISTRY OF FINANCE