Summary of Rights
CRA Act 2010
The Credit Reporting Agencies 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 bills or if you have been made bankrupt. The Act gives you specific rights, most of which are summarised as below.
Please note: This is only a generalised summary. Should there be any difference, conflict or contradiction between this summary and any provision of the Act, the provision of the Act shall prevail.
Prior to collecting your personal information, the credit reporting agency should inform you by way of a notice which states;
i. that credit information is being processed by or on behalf of the credit reporting agency together with its description;
ii. the purpose for which the information is being processed;
iii. the source of such information;
iv. how you can contact the credit reporting agency should you have any inquiries or complaints;
v. you have the right to access such information and to request the credit reporting agency to correct your credit information; and
vi. to whom the credit information will be disclosed.
Your credit information cannot be collected and used for any purpose other than what is provided for under the Act.
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 is not limited to any history of failure or diligence regarding payment of your bills (reputational collateral). Your credit information cannot be used or disclosed by any credit reporting agency for purposes other than what is permitted under the Act. An example of such activity includes but is not limited to disclosing your credit information for direct marketing purposes. In the event that you have information regarding the occurrence of such practice, a complaint may be forwarded to the Registrar.
Your consent must be obtained before a credit reporting agency can disclose/reveal your credit information.
A credit reporting agency must get your consent before they can submit your credit report to their subscribers.
Your credit report can only contain information according to the Act.
A credit reporting agency cannot include other types of credit information in their report outside of the scope of the Act, regardless of whether you have given consent or not, especially if;
i. the source of the said credit information is not included in the report;
ii. the credit information is regarding any pending proceedings in court more than two years after the proceedings began that has yet to be settled;
iii. the credit information is regarding any default in repayment of credit two years after the date of final settlement of the amount in default.
Your right to request from a credit provider information regarding reasons of unfavorable credit action.
If a credit provider has taken an unfavorable credit action against you; 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
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 with custody of your credit information.
Your right to dispute incorrect credit information
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 contains incorrect information, you then have the right to challenge such credit report according to the procedures provided under the Act.
Office of the Registrar for Credit Reporting Agencies:
Enquiries line: 03-88906560/6561
Web address: www.treasury.gov.my
Postal address: Level 1, Treasury 2, Ministry of Finance Complex, No. 7, Persiaran Perdana, Precinct 2, 62590, Putrajaya