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Parliament: Credit Co. Did Not Breach Privacy

FINANCIAL PRIVACY—MALAYSIA

October 3, 2013

The Malaysian Parliament has determined that credit information company CTOS Sdn Bhd (CTOS) did not breach consumers’ privacy in its business practices, reports The Star. The data gathered by CTOS came from publicly available resources, said Deputy Finance Minister Datuk Ahmad Maslan, adding, “The information gathered by the agency is one of the ways used by financial institutions to facilitate and speed up loan applications.” Maslan said the company will not be shut down, noting, “The establishment of private credit rating agencies like CTOS is to provide full coverage and content of information from various public resources such as newspapers, government gazettes and SSM data.”
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