I read with interest on the issue of Ctos raised recently. What I wish to know is how come Ctos has all this while been given clearance by Bank Negara to operate as a credit reference agency for local banks and even possibly government institutions?

On top of that, why is that it has taken 17 years to discover that Ctos was not complying with the Companies Act? I am pretty sure the authorities knew of Ctos' existence but did not do anything to stop them or pursue investigations. Ctos could have made millions all these years in their business by 'listing' people and putting them through suffering.

Who gave permission to Ctos to list individuals for their whole lives? The system allowing such companies to operate is sickening and worst of all, it happened under the nose of the past and present governments.

All banks in Malaysia should also be shameful and owe their customers an apology. We, their clients, should take them to task for using Ctos' services. The banks top management should also be questioned on how they themselves are involved in such a business. Don't the banks conduct background checks on Ctos before using their services?

We hear many times of people have been turned down of their loan applications all due to being listed not by Bank Negara's credit check facility but by Ctos. And this, I believe, has contributed to the rise of many people resorting to 'Ah Longs' - or loan sharks - for loans.

We should not allow any ordinary company to operate a business financial data service without the approval of Bank Negara or the Ministry of Finance. Unless they have been given such an approval after a full background check, the laws must come down hard on these companies.

Hurrah to Deputy Minister in the Prime Minister's Department M Kavveas for bringing the matter up and I certainly hope he did it with good intentions and not because he or any of his companions were listed by Ctos.