Summary of Rights

The Credit Reporting Act 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 loans or if you have been made a bankrupt. The Act, gives you specific rights, most of which are summarized as below. You can obtain the full text of the Act from any publications such as Percetakan Nasional Malaysia Berhad (PNMB) or International Law Book Services (ILBS).

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

1. that credit information is being processed by or on behalf of the credit reporting agency together with its description;
2. the purpose for which the information is being processed;
3. the source of such information;
4. of how you can contact the credit reporting agency in case you have any inquiries or complaints;
5. you have the right to access to such information and also have the right to request the credit reporting agency to correct your credit information; and
6. to whom the credit information will be disclosed.

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

This means that a credit reporting agency, may only collect and use your credit information to prepare a credit report to assess your credit worthiness, which includes but not limited, to any history of failure or diligence regarding payment of your loans (reputational collateral). Your credit information cannot be used or disclosed by any credit reporting agency for purposes other then what is permitted under the Act. An example of such activity includes but not limited to, is disclosing your credit information for direct marketing purposes. In the event that you have information regarding the occurrence of such practice then a complaint may be forwarded to the 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 your credit report to their subscribers.

Your credit report can only contain information according to the Act.

This means that a credit reporting agency cannot include such credit information in their report regardless whether you have given consent or not;

1. if the source of such credit information is not included in the report;
2. if such credit information is regarding any pending proceedings in court more than two years after the proceedings began that has yet to be settled;
3. 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.
4. Any information relating to a financial action in court against someone who is more than two years after the date of commencement of the proceeding, unless the current status of the legal action has been determined and included in the credit report.
5. Any information relating to any default in repayment of credit two years after the date of final settlement of the amount in default, including the settlement amount payable pursuant to a scheme of arrangement with creditors.

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 be informed of the identity of the credit reporting agency. You have the right to access the said credit report.

Your right to access credit information or credit report

This means that you have the right to have access to your credit information or credit report from a credit reporting agency which holds or have processed your credit report. However the credit reporting agency must verify your identity and confirm that such information is indeed in their database before complying. Upon your request and upon payment of any fee which may be prescribed by the agency in custody of your credit information, you may verify the accuracy of the credit information or credit report.

Your right to dispute incorrect credit information

This means that if your credit report which was disclosed to the credit provider in response to the application for credit made by you, and such credit report contain incorrect information, you then have the right to correct such credit report according to the procedures provided under the Act.

Your right to complain to the Registrar

You have the right to complain to the Registrar towards any credit reporting agency if you believe that your rights under the Act has been violated or if you believe that any offense has occurred. Any complaint must be made as provided in the format and sent to the following postal address or email address listed below.

Contact information of Credit Reporting Agency

Office of the Registrar for Credit Reporting Agency: