The Association of Banks in Malaysia (ABM) wishes to advise that banks will request consent from their customers for checks made with credit reference agencies.
It is reasonable that banks have access to information which would allow them to undertake proper due diligence on the customer. Banks do not rely on information from only one source. Banks have their own comprehensive credit evaluation process to ascertain the creditworthiness of their respective customers such as the customer’s track record and repayment capability. The information provided by the credit reference agencies will help banks in their evaluation process and will speed up approvals. Banks need to use all available data to help make good decisions.
Issued by :-
The Association of Banks in Malaysia
July 23, 2007
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