Govt Urged To Set Up Credit Scoring Agency To Regulate Eligibility Of Borrowers
KUALA LUMPUR, July 21 (Bernama) -- The government should establish a creditworthiness or credit scoring agency to regulate the eligibility of consumers taking loans, according to Member of Parliament (MP) Sim Tze Tzin (PH-Bayan Baru).
He said that with transparent creditworthiness, it can help reduce consumers' financial pressure as well as reduce borrowing money from unlicensed money lenders or syndicates.
'Although in Malaysia we have credit reporting companies such as CTOS, the average citizen does not understand credit scores and does not know his/her own credit scores.
"Hence, a transparent creditworthiness or credit score can determine good borrower discipline and be offered other financial facilities such as credit cards, personal loans and others," he said when debating the Consumer Credit Bill (RUUKP) 2025 during its second reading at the Dewan Rakyat here today.
Meanwhile, MP Rodiyah Sapiee (PH-Batang Sadong) proposed that the government establish a special 'Buy Now, Pay Later' (BNPL) data centre to ensure the effectiveness of the micro-instrument is maintained.
'All information related to BNPL is collected in a special data centre which is not combined or reported in conventional credit systems such as the Central Credit Reference Information System (CCRIS).
'This is because CCRIS is directly linked to large loan eligibility such as housing and vehicle loans, and if BNPL is included in this system, it could affect the opportunities of low-income consumers to obtain future financing,' he said.
He also said that this special data centre could be established under the Consumer Credit Commission to enable specific monitoring of BNPL's credit risk including consumer exposure limits and payment behaviour without disrupting key financial records.
-- BERNAMA
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
24 minutes ago
- The Star
Anwar extends condolences over plane crash in Russia's far east
Photo courtesy of Russian Investigative Committee via Facebook KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim has extended condolences to the families of those affected by the plane crash in Russia's Far East on Thursday (July 24). "I was saddened to learn of the plane crash in Russia's Far East. My thoughts are with the families who have lost their loved ones. "In times like this, we are reminded of how fragile life is, and how connected we all are, across distance and borders. It also reminds us that our shared humanity matters more than geopolitics," he said in a Facebook post, Thursday. Anwar added that Malaysia conveys its condolences to the Russian people and stands in quiet solidarity with all who mourn. Earlier reports stated that the AN-24 aircraft, which went down in Russia's Amur Region, caught fire during its descent. No survivors were observed during an aerial survey of the crash site. The aircraft was carrying 46 passengers including two children and six crew members. - Bernama
The Sun
24 minutes ago
- The Sun
Turun Anwar rally shows opposition lacks ideas, says Kamil Munim
KUALA LUMPUR: The upcoming 'Turun Anwar' rally reflects Perikatan Nasional's (PN) failure to present viable policy alternatives amid claims of economic mismanagement, according to Muhammad Kamil Abdul Munim, political secretary to the finance minister. He dismissed opposition criticisms as baseless, citing improving economic indicators. 'Growth, inflation, unemployment rates, investment volumes are being demonised because of hatred and greed,' Kamil stated in a post on X. He argued that PN's focus on protests rather than policy proposals highlights their political shortcomings. Kamil noted that while the government works on national development, the opposition has yet to propose a credible prime ministerial candidate. 'This is clear evidence of how they have failed to argue and propose alternatives to the various good policies that we have translated,' he said. Despite the criticism, Kamil affirmed the government's commitment to peaceful assembly, stating that Prime Minister Anwar Ibrahim has ensured no intimidation by authorities. However, he questioned the rally's purpose, saying, 'Demonstrating just to hate Anwar Ibrahim physically shows how weak, shallow and inept their politics are.' - Bernama
The Star
an hour ago
- The Star
Construction of second batch of LMS vessels on schedule, says Defence Minister
Defence Minister Datuk Seri Mohamed Khaled (centre) at the Istanbul Shipyard to survey the construction of the second batch of three Littoral Mission Ships (LMS) by Turkish defence firm Savunma Teknolojileri Muhendislik (STM). - Photo: Bernama ISTANBUL: The construction of the second batch of three Littoral Mission Ships (LMS) by Turkish defence firm Savunma Teknolojileri Muhendislik (STM) at the Istanbul Shipyard is proceeding according to schedule, says Datuk Seri Mohamed Khaled Nordin. The Defence Minister said the first LMS is expected to be launched next April, followed by the second in June 2026 and the third in August 2026. "The construction of the second batch of LMS marks the first procurement following the signing of the government-to-government (G2G) memorandum of understanding (MOU) for defence acquisitions during my official maiden visit to Turkiye in June last year. "The progress of this construction is definitely important because it serves as the benchmark for the new procurement approach by the government," he told reporters after surveying the ship construction at the Istanbul Shipyard here on Thursday (July 24). He was accompanied by Royal Malaysian Navy (RMN) chief Admiral Tan Sri Zulhelmy Ithnain and a delegation from the Defence Ministry. He said that after the vessels are launched into the water, they will enter a critical phase involving integrating various systems to be used on board, before Malaysia takes full delivery of the three ships by the end of 2027. He added that the procurement of the three LMS vessels will be followed by an Industrial Collaboration Programme (ICP), which has the potential to significantly impact the local defence industry, including through technology transfer that will be finalised by the end of this year. He said that Turkiye, before becoming a producer of defence products, also underwent a process of technology transfer from other countries before successfully developing its defence industry. "Malaysia has the same aspiration. Hopefully, the good bilateral relations and strategic collaboration between Malaysia and Turkiye can help propel the local defence industry, and at the same time, strengthen national sovereignty," he said. The second batch of LMS vessels for the Navy is based on the Ada-class corvette design developed by STM, which is equipped for multiple roles. Each of the ships will also be armed with ATMACA surface-to-surface missiles and air defence systems. Earlier, Mohamed Khaled attended the International Defence Industry Fair (IDEF) 2025, which is one of the world's prestigious defence exhibitions, organised by Turkiye's Ministry of National Defence (MOND) at the Istanbul Expo Centre. - Bernama
