Firstly, we should understand that it is quite normal for most countries with well-developed banking and finance sectors to have some form of a credit checking bureau. This may be created by independent business (such as like Ctos here) or it may be set up by the industry itself in which case the information would be available only to members. Its existence is important to enable financial institutions and other interested parties to manage their business risks.

The credit records kept need not always be current though the service providers will normally say they will do their best to keep it current. This is in view of the fact that the primary sources of such information - such as the relevant government departments handling liquidation and bankruptcy cases - are not always prompt in gazetting these cases.

Financial institutions normally are interested in looking at the behavioural patterns of prospective customers over a reasonable period of time rather than just as at one point of time or immediately before a loan application is made. This is obvious as this is more reflective of the applicants' attitude towards his financial obligations.

The recent protest about Ctos in the mass media relates more to individual misgivings and perhaps some instances of genuine cases of stolen identity by others.

It is a very well known fact that many politicians have problems with their finances. Financial institutions have always been extra careful in assessing their credit requests. With the elections around the corner and political parties now insisting that those vying for seats must have clean financial records, this makes some of them hyper-sensitive to records maintained by financial institutions and Ctos.

In the past, many politicians have been put in embarrassing situations by such records at very crucial moments. They, for the most part of it, have only themselves to blame. It must be accepted that subject to compliance to the relevant laws, Ctos is doing a legitimate business as much as its services are required by financial institutions.