There are plenty of misconceptions when it comes to updating bankruptcy records in a credit report. As such, we’ll help clarify things for you.
Bankruptcy record – How long will it remain in your credit report
- How long does a bankruptcy record stay in a credit report?
• A bankruptcy record is removed after 2 years from the date of full settlement (a settlement / release letter is required)
• CTOS will update the information within 14 working days upon receiving the settlement / release letter - What documents are required to update the record?
• A settlement letter for legal cases, or
• A release letter from MDI for bankruptcy
Send your documents to sarus@ctos.com.my Sources:
Malaysian Department of Insolvency (MDI) FAQs | Summary of Rights, Credit Reporting Agencies Act 2010 | Credit Reporting Agencies Act 2010
