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SUMMARY OF RIGHTS

Credit Reporting Agencies Act 2010 (Act 710)

The Credit Reporting Agencies Act 2010 ("Act") 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 summarized as below.

Warning: This is only a generalized summary. If there is a difference, conflict or contradiction between this summary and any provision of the Act, the provision of the Act shall prevail.

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

  • that credit information is being processed by or on behalf of the credit reporting agency together with its description;

  • the purpose for which the information is being processed;
  • the source of such information;

  • how you can contact the credit reporting agency in case you have any inquiries or complaints;

  • the choices and means the credit reporting agency offers you for limiting the processing of credit information, including credit information relating to other persons who can be identified from that credit information;

  • to whom the credit information will be disclosed;
  • whether it is obligatory or voluntary for you to supply the credit information;

  • where it is obligatory for you to supply the credit information, the consequences if you fail to supply the credit information; and

  • summary of your rights as contained in the Summary of Rights.

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

Pursuant to the Act, no credit reporting agency shall collect any of your credit information unless (i) the credit information is collected for a specific and lawful purpose directly related to an activity of the credit reporting agency and shall not be further processed in any manner incompatible with that purpose; (ii) the collection of the credit information is necessary for or directly related to the purpose; and (iii) the credit information is adequate but not excessive in relation to that purpose. This means that the credit reporting agency may collect and use your credit information for the purposes of preparing a credit report to assess your credit worthiness, which includes but 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 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 submit 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 the following credit information in their report unless otherwise permitted under applicable laws:

  • any information unless such information includes the name and address of the source of the credit information;

  • any information unless the identity of the customer can be identified;

  • any information in relation to a person's bankruptcy two years after the date of his discharge from the bankruptcy;

  • any information in relation to a pecuniary action in court against a person more than two years after the date of commencement of the proceedings, unless the current status of the court action has been ascertained and is included in the credit report; and

  • any information in relation to any default in repayment of credit two years after the date of final settlement of the amount in default, including settlement of the amounts payable pursuant to a scheme of arrangement with the credit provider.

Your right to request from a credit provider information regarding the 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 contains incorrect information, you then have the right to correct such report according to the procedures provided under the Act.

Your right to submit a complaint to the Registrar

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

Registrar Office of Credit Reporting Agencies

Enquiries line: +603-8890 6559 / +603-8890 6560
Fax: +603-8890 6423
Email: aduan.ppapk@treasury.gov.my
Web Address: https://ppapk.treasury.gov.my
Mailing Address:
Ministry of Finance Malaysia
Level 2, Treasury 2
No. 7, Persiaran Perdana, Precinct 2
Federal Government Administration Center
62592 WP PUTRAJAYA

Contact Information of One Credit:

Credit Reporting Agency: One Future Solutions Sdn. Bhd.
Company Registration No.: 202401000866 (1546717-W)
Enquiries line: +603-7492 5954
Email: helpdesk@onecredit.my
Web Address: https://onecredit.my
Mailing Address:
25-7, Menara EcoWorld, 2, Jalan Hang Tuah Bukit Bintang, City Centre, 55100 Kuala Lumpur, Wilayah Persekutuan Kuala Lumpur, Malaysia