Dont pick on us: Ctos
G VikneswaryPublished: Jun 28, 2007 11:06 AM | Updated: Jan 29, 2008 10:21 AM
A credit information provider has asked a deputy minister to stop accusing the company of blacklisting individuals as credit risks as it did not do this and was merely an 'electronic archive'.
A credit information provider has asked a deputy minister to stop accusing the company of blacklisting individuals as credit risks as it did not do this and was merely an 'electronic archive'.
"Credit Tip Off Services (Ctos) always get the blame even though there are still some other sources which can be responsible, such as CCRIS ( another credit reference agency)," said Ctos Chief Executive Officer, Chung Tze Keong today.
Chung was responding to accusations by Deputy Minister in the Prime Minister's Department M Kayveas that Ctos was 'holding the public to ransom' with the 780,000 names in its database.
"No one can take others' credit information and put it on their computer and charge others access fees to allow them to check this credit information," Kayveas told reporters at the Parliament lobby today.
Chung, met at his office by reporters and also a DAP delegation, said that all information kept by the company had already been in the public domain.
"Ctos does not blacklist but is an electronic archive that facilities the quick and accurate retrieval of information on a company or individual that has appeared in the public domain," said Chung.
"The information is only 'first information' to aid businesses in their process and help them verify information and assist them to know more about their prospective and existing customers," he added.
Information collation
This, according to Chung, was unlike a blacklisting agency which typically removes the rights or prohibits a subject from doing something. "Ctos does neither," he said.
He added it was up to individual users to 'determine their capacity and risk tolerance levels' and this will be reflected in policies with regards to extending credit.
Chung said the public had confused with Ctos' information-collating process function with a decision-making one.
"Ctos only does information collation. It contains many databases that can help businessmen do more and better business," he said.
DAP paid a visit to the Ctos office in Jalan Tun Razak to get feedback from them on the statement made by Kayveas.
Chung said he was willing meet Kayveas over the thorny issue stressing that there was no licensing requirement to access information in the public domain.
"Credit Tip Off Services (Ctos) always get the blame even though there are still some other sources which can be responsible, such as CCRIS ( another credit reference agency)," said Ctos Chief Executive Officer, Chung Tze Keong today.
Chung was responding to accusations by Deputy Minister in the Prime Minister's Department M Kayveas that Ctos was 'holding the public to ransom' with the 780,000 names in its database. "No one can take others' credit information and put it on their computer and charge others access fees to allow them to check this credit information," Kayveas told reporters at the Parliament lobby today.
Chung, met at his office by reporters and also a DAP delegation, said that all information kept by the company had already been in the public domain.
"Ctos does not blacklist but is an electronic archive that facilities the quick and accurate retrieval of information on a company or individual that has appeared in the public domain," said Chung.
"The information is only 'first information' to aid businesses in their process and help them verify information and assist them to know more about their prospective and existing customers," he added.
Information collation
This, according to Chung, was unlike a blacklisting agency which typically removes the rights or prohibits a subject from doing something. "Ctos does neither," he said.
He added it was up to individual users to 'determine their capacity and risk tolerance levels' and this will be reflected in policies with regards to extending credit.
Chung said the public had confused with Ctos' information-collating process function with a decision-making one.
"Ctos only does information collation. It contains many databases that can help businessmen do more and better business," he said.
DAP paid a visit to the Ctos office in Jalan Tun Razak to get feedback from them on the statement made by Kayveas.
Chung said he was willing meet Kayveas over the thorny issue stressing that there was no licensing requirement to access information in the public domain.
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