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CTOS to appeal against high court decision granting resort owner RM200,000 | Scoop
CTOS will be appealing against a recent high court decision that granted RM20,000 to a resort owner due to inaccurate credit rating. – Scoop pic, March 12, 2024
News

CTOS to appeal against high court decision granting resort owner RM200,000

Credit reporting agency claims ‘no material losses’ in case involving inaccurate credit rating

Scoop Reporters
Updated
10:05 AM MYT

 

KUALA LUMPUR – CTOS Data Systems Sdn Bhd will file an appeal against a recent high court decision that granted a businesswoman, Suriati Mohd Yusof, damages amounting to RM200,000 due to inaccurate credit rating.  

CTOS Digital Bhd, the holding company of CTOS, disclosed in a filing with Bursa Malaysia Securities Bhd that it received advice recommending grounds for an appeal. 

Consequently, the company has submitted a notice of appeal to the Court of Appeal. 

“There were no material losses anticipated as a result of this matter and no provisions shall be required,” it said in the Bursa filing. 

The high court’s decision yesterday ruled that CTOS lacked the authority to establish its own credit score.  

Judge Datuk Akhtar Tahir said that the Credit Reporting Agencies Act 2010 does not grant the company the ability to formulate a credit score for its clientele or establish independent criteria or percentages for this purpose. 

The judge emphasised that the agency’s designated role is solely to serve as a repository of credit information for its subscribers.  

“By formulating a credit score, it has gone beyond its statutory functions,” the judge said yesterday, as quoted by the NST. 

CTOS, a private agency, compiles credit reports by gathering data from various sources such as banks, financial institutions, and legal firms. 

These reports serve as crucial tools for banks and financial institutions to assess the creditworthiness and repayment capabilities of individuals or companies applying for loans and other financial products. 

Upon collecting and analysing the information, the agency calculates a credit score – assigning a value within the range of 300 to 850 points, with a higher score indicating a more favourable credit standing. 

The legal case originated from a suit filed by a resort owner in Pulau Perhentian against CTOS. The plaintiff alleged that an inaccurate credit rating, generated by CTOS caused damage to her reputation, personal losses, and setbacks in her business. 

The resort owner discovered that CTOS had produced a negative report containing inaccurate data, leading to the rejection of her car loan application in May 2019. 

She asserted that the erroneous information provided by the defendant resulted in a low credit score, eroding the confidence of financial institutions. – March 12, 2024 

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