According to the High Court, CTOS as an agency has gone beyond its legal functions in creating the credit scores
The High Court today ruled that CTOS Data Systems Sdn Bhd does not have the power to formulate its own credit score. According to Judge Datuk Akhtar Tahir, there is no provision in the Credit Reporting Agencies Act 2010 to empower the company to formulate a credit score for its customer, nor create its own criteria or percentage to formulate a credit score.
It will then create a credit score based on the information, and calculate a score with a range between 300 and 850 points, with the higher value equal to a good credit score.This court ruling is for a suit by a resort owner in Pulau Perhentian. She sued CTOS for inaccurate credit rating, which allegedly resulted in loss of reputation, personal loses as well as business losses.
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