One of the tools used by banks to evaluate the credit worthiness of a customer is to refer to the CCRIS report obtained (and maintained) by Bank Negara Malaysia (BNM). Beginning August 2001, CCRIS has become a crucial tool to the decision-making of the bank to approve the customer’s application. The report provides for real-time and on-line functions for banks to query for computerised customer credit reports as well as reporting relevant credit information to BNM.
CCRIS gives valuable details to the bank such as:
- Details of all existing personal credit facilities of a customer, such as type of facility, and ownership of the credit facilities
- Details on the total financial commitment, which includes the balance outstanding and the total limit for each of the credit facilities
- Conduct of each credit facility for the past 12 months, including legal status
- Other relevant information such as Date of Information Update, Frequency of Payment and Type of Collateral.
However, before you get worried about your credit information being abused, please note that the information can only be accessed by authorised persons in the bank, and is not available to the public in general. Your credit report:
- Can only be obtained by the bank IF a formal CREDIT application is made by you to that particular bank
- Cannot be viewed by other banks, at any time
- Does not show your deposit / investment accounts
- Does not show from which financial institution you borrowed from
- Does not show the tenure of the credit facility enjoyed by you
- Does not show the conduct of facilities for periods above one year
For a sample on how the report looks like, click on link for a Sample CCRIS Report
Explanation on some of the terms:
- OUTSTANDING CREDIT vs APPLICATION FOR CREDIT.
- The report is divided into two main areas i.e. the Outstanding Credit, where it displays all your existing credit facilities, and the Application For Credit, which shows all the loan application you made in the past 12 months, whether it was Approved, Pending or Rejected by the bank.
- STS
- Indicates the status of the credit facility. <O> means Oustanding i.e. on-going facility. Other terms include <P> Pending, <A> Approved, <R> Rejected, <S> Settled, <W> Write Off, <C> Rescheduled, <T> Restructured.
- CAPACITY
- Indicates the capacity the borrowing you took from the bank i.e. as a <Own> own applicant, <SOLE> sole proprietor, <PARTNER> partnership, <JOINT> joint application.
- LENDER TYPE
- Indicates the type of institution you borrowed from e.g. <OWN> the same bank where you applied for the new loan, <CB> Other commercial banks, <MB> Merchant banks,<FC> Finance companies, etc.
- MY/FGN
- Indicates whether you are a Malaysian applicant or foreign applicant.
- FACILITY
- Indicates the type of facility enjoyed with the various banks. Includes <OVRDRAFT> Overdraft, <HLFNPRSR> Housing Loan, <HRPCSCGD> Hire Purchase for scheduled goods, <LEASING> Leasing facilities, <STLNFNCE> Staff Loans, <OTLNFNCE> Other Loans including personal loans, <CRDTCARD> Credit Cards, etc.
- TOTAL O/STANDING BALANCE (RM)
- Indicates the outstanding loan amount of other credit facilities at date of new loan application.
- DATE BALANCE UPDATED
- The date where information on existing credit facilities is updated to BNM system.
- LIMIT (RM)
- The original loan amount approved, or if revolving credit facilities (such as credit cards or overdraft), the limit assigned for the credit facility.
- PRIN REPMT TERM
- Whether the repayment frequency is Monthly <MTH>, Quarterly <QTR>, Annually <ANN>, Revolving <REV>, or other frequencies.
- COL TYPE
- Indicates the collateral type used by the bank to secure your credit facility. Includes <00> Clean facilities (no collateral), <10> Properties, <23> Unit Trusts, <30> Motor Vehicles, <60> Plant and Machineries, <70> Financial Guarantees, etc.
- CONDUCT OF ACCOUNT FOR LAST 12 MONTHS
- Most IMPORTANT part of the report, where the track record of conduct for each credit facilities for the past 12 months are indicated (J=January, F=February…. D=December, based on year).
- If it is indicated as “0″ under <J> January, it means your instalment for January is up-to-date. If “1″, it means your instalment is 1 month in arrears (overdue) in January, “2″ means 2 months instalment overdue in January, “3″ means 3 months overdue and considered delinquent, etc.
- If there are too many “2″s and “3″s and/or above, your conduct of credit account may be considered as “poor”, according to each bank’s interpretation.
- LGL STS
- Indicates the legal action status of your account if it is in default. The bank can know the action taken such as <10> Summon/Writ files, <11> Judgement Order, <12> Bankruptcy, <17> Winding Up order, <18> Auction, <20> Receivership / Section 176, <12> Settled / Discharged, etc.
- DATE STATUS UPDATED
- Indicates the date of latest update on the legal action status. Useful as some status are not updated on time, especially when you have a discharge letter from the lawyers.
Please note that CCRIS is used by the bank as a TOOL for loan decision making as the existing track records indicates the POTENTIAL risks a bank may face in the future if they approve the new application. It is NOT THE ONLY tool used by banks to evaluate your credit worthiness, as there are many other risk-mitigation criteria the banks can adopt, such as (list not exhaustive):
- Reduced Margin of Financing
- Higher Financing Rates
- Good Potential for Higher Capital Appreciation for the Property
- Strong Debt Servicing Ratio (Repayment Capability)
- Additional Collaterals / Guarantee / Joint Applicant
- Good Conduct of Other Existing Credit Facilities with own bank (e.g. Credit Cards, other loans).
The “Central Credit Bureau” was established under Sectin 30(1)(mmm) of the Central Bank of Malaysia Act 1958, the provision reproduced as follows:
“The Bank may –
establish a credit bureau to collect, in such manner as the Bank may think fit, credit information on the customers of banking institutions and other financial institutions and to disclose the information so collected in such manner as may be deemed appropriate by the Bank to these institutions:
Provided that the credit information so collected shall be used solely for the purpose of operating the credit bureau and that any information disclosed by the Bank to such institutions shall be secret between the Bank and these institutions.“
Check out the website for the Credit Bureau by BNM (Click Above Icon)
Back to Successful Loan Application Process 
August 13, 2008 at 3:35 pm
hi. how could we (public) know/look into our own CCRIS record? reason: if we know that my CCRIS record is not good then we would surely avoid paying the (normally 10% downpayment) for S&P (or keep off totally the idea to buy property). in other words, quit it early before terjebak. tq
August 14, 2008 at 9:12 am
If I am not mistaken, this is still how you do it.
You can take a look at your CCRIS record and how well it is being conducted by going to Bank Negara Malaysia office, at the front counter, tell the person manning it that you want a print-out of your CCRIS report.
They will ask you for your NRIC, and with that, they are able to print it out for you.
I am not sure about the charges now, but a couple of years ago, it was free. When a Bank pulls out the report for their loan evaluation purposes, it cost them RM2-00 per inquiry, so for individuals, if there is a charge, should be about that range as well.
It is good advice to actually know how your CCRIS look like BEFORE putting down your downpayment for a house. Otherwise, if your loan is not approved, then you are in trouble!
But you should know how your payments records are, right?
September 8, 2008 at 6:07 pm
I have been joined AKPK about half year ago, but now when I need to opening a saving account for crediting my salary, the bank refuse to do so.. So now my company issued cheque for my monthly salary. What I can do for this matter?
Thanks
September 21, 2008 at 11:02 am
Adam, that’s a bit difficult to resolve, if I have to be honest. It really depends on the Banks policy, some Banks allow you to open, other don’t. It is a matter of finding which Bank allows you to open when you are signed up to AKPK.
Ask the folks at AKPK to help you resolve the problem. I am sure they have their “friendly” banks. Good luck
January 23, 2009 at 3:03 pm
could you plese tell me the purpose of CCRIS Supplementary Customer Report
June 4, 2009 at 9:47 pm
Sorry for the delay, Yogesh.
If your question is still not answered by now, the supplementary customer reports provide more details on certain certain credit facilities shown in CCRIS. For example, if in the main report shows one of your loans having a “LEGAL” status, then a supplementary report will show that is the details for that loan i.e. case pending, settled or restructured. It just provide more specific details on a certain entry, if requested by the bank.
January 29, 2009 at 12:52 pm
I am a guarantor to a friend for his personal loan. Unfortunately he didn’t pay up the loan he took according to the agreement.
My question is in this situation, does it affected my credit report with CCRIS and my application for loan in future?
February 1, 2009 at 3:34 pm
Unfortunately, if the personal loan is with a bank, your CCRIS will be affected, but it will be tagged as a “G” i.e. Guarantor. Depending on which bank, some banks take that into account, other don’t; depending on the Bank’s credit policy. If the amount is big, or the loan is now in the “LEGAL ACTION” stage, the bank will usually reject your loan application. The best advice is to check your CCRIS yourself at Bank Negara to see how your report looks like. Bring the report when you go talk to a bank for your loan application, and ask the officer of their opinion of the possibility of approval.
April 20, 2009 at 7:13 pm
hi Amir,
I’ve found a second hand house lately n wanted to buy it. But was really afraid of not getting a loan from the bank.
if there is, which bank do u think it is easiest to get a home loan?
I have bad credit reports with the ccris but it was quite a long time ago n was all cleared by 31st december 2007. Now when i print my ccris report, it only shows my credit card and personal loan status. Will the bank be looking at the same thing or do they have other internal reports that they refer to?
reason being is that i applied for a credit card n it was approved on january 2008, after a year i applied for another(from a few banks) n was all rejected. Fyi payments for my current card was regular n on time.
Please advice thanks.
Note : CCRIS report can be obtained from bank negara front counter at no charge.
Eric
June 4, 2009 at 9:11 pm
Hello Eric,
I guess the banks are looking at different things now, especially during an economic crisis. It may not be your CCRIS thats resulting in the rejection. It could be a number of factors such as:
1) Your total monthly commitment exceeds 33% or 50% against your monthly salary. Depending from one bank to another, Banks now tend not to provide credit above a certain threshold as they might want to capture “solid” customers during economic crisis.
2) Bad records are still available in the market. Maybe your CCRIS is clear, but how about CTOS? Have you checked if anything turned up from there? Ask the Bank if there is.
3) Too much credit cards application. Sometimes credit approvers reject you application if they see that you have applied (and pending approve) several credit cards from several/many banks at the same time / or within a short period of time. The concern is that if the other application for credit cards get approved by the other banks at the same time, your exposure to unsecured credit goes up. So the bank processing the card now rejects your application. For example, you submitted credit card application for limit of RM10,000 (if your salary is RM3,500 per month) to 5 banks (Bank A, B, C, D, E). In the CCRIS report obtained by the bank, it will show 5 application for credit submitted and pending approval, amounting to a total RM50,000 unsecured credit limit. If all your application gets approved, this will make you a high risk applicant. So the bank will reject it. Other banks will also look at the same report and reject is as well.
What I am saying is that, there are so many internal criteria for rejection, but CCRIS is the first line of defense. If CCRIS fails, the remaining criteria will not matter. But what I suspect is that it is because of the economic situation, credit is tighter. Also do not apply the cards from different banks all at the same time; spread out your application period. This will give the bank an impression that you are not too desparate for credit (even if you really are).
But overall, you should ask the bank whether it is rejected because of CCRIS or CTOS because they are two different things. Most probably, if you have a bad loan history, it will be CTOS if you have settled the loan more than 12 months. This is because CCRIS maintain records only for the past 12 months; anything other than that will not show in CCRIS.
October 21, 2009 at 9:12 pm
Excellent review!
I am facing the exact same situation with my credit card apps. I made a mistake of applying through an agent because I badly wanted a credit card facility. He advised me to apply several cards from different banks and keep whichever one that comes first and cancel the ones I receive later.
After having 4 of my half dozen applications rejected I was worried if it has anything to do with my credit history (bad history with Diners Club which was settled 4 years ago). I checked with CTOS and it appears that they have no report against me so I wondered if it could be in CCRIS. But then I read this review and it makes a whole lot of sense now!
I will apply one card at a time and be patient.
Thanks Amir. You provide brilliant insights!
May 25, 2009 at 3:17 pm
just two question, can I clear my name from blacklisting-reported by CCRIS and how to do it?
June 4, 2009 at 9:23 pm
Hello Sync,
CCRIS is a dynamic report. It does not blacklist on its own, but relies on the updates and reports sent by all the banks you are borrowing from. You have to clear your name from your bank, and not from CCRIS (which is under Bank Negara). The function of CCRIS is more like giving users (Banks) the summary of your account conduct as reported by the various banks.
Another point is that, if you are late in payment (lets say 6 months arrears in Feb 2008) but you have paid off the arrears in March 2008, the records will still show February = 6 months, March = 0 months, April = 0 months. As CCRIS is a report for 12 month period, the 6 months in arrears records will only disappear in February 2009 (12 months later). You just cannot erase or request to clear it before that, as it is a rolling report. It is supposed to show history, I guess you have to wait long enough (1 year) for it to clear on its own.
The only other place where you will be blacklisted is in the CTOS reports, which you have to talk to the bank that submitted that report to clear your name. CCRIS will not show records of summons, but bankruptcy and blacklisting reports may turn up in CCRIS supplemental reports if the bank updates it s records with Bank Negara.
May 31, 2009 at 12:28 am
How can I check our own CCRIS record without go to Bank negara? Can we check it online?
June 4, 2009 at 9:30 pm
Hello Zaiton,
Unfortunately, you cannot check it other than via personal vist to BNM. This is because of the identity issue as they need to verify you personally before allowing sensitive financial information to be released. Another alternative is to check with your banker for a print-out of the CCRIS report, but most likely, they will not provide you with a copy as well, again because of the sensitive information.
The best is if you are able to allocate 2 hours to go to Bank Negara, it should be more than enough time to get the report. I got my report within 20 minutes, of course it depends on the crowd on that day.
July 7, 2009 at 4:37 pm
saya nk tau la mcm mana nk chek nama BLACKLIST melalui on line? ada laman web x? ctos atau bank negara.
July 8, 2009 at 4:53 am
Hello Lee,
Online? I don’t think possible because of the confidentiality of banking information (secrecy of customer data). Only if bankrupt your name will be published in the legal notices in the newspapers as allowed by law, otherwise, its not possible to check such blacklist online. All checks on credit history and blacklist must be made by the individual, but may be done by Banks when allowed by the individual, for the purpose of credit reference. Even for Bank Negara CCRIS records you must go to Bank Negara personally for the CCRIS report request.
July 13, 2009 at 5:21 pm
Salam..
Saya telah di isytihar bangkrap pada 1998 dan baru2 ini saya telah membayar semua penyelesaian hutang (seperti yang di persetujui oleh bank ~ setelah rayuan di buat) berkenaan kepada Jabatan Insolvensi dan mahkamah telah membatalkan kebangkrapan saya pada 21hb Jun 09 yang lalu. Masalah saya sekarang, apakah saya layak untuk memohon pinjaman perumahan atau apa2 pinjaman sekiranya saya mampu? Bagaimanakah cara saya untuk mengeluarkan rekod bangkrap saya dari CCRIS. Saya mempunyai surat pembatalan dari Jab.Insolvensi yang mengatakan kebangkrapan saya telah di batalkan.
Saya amat berharap kalau ada yang dapat membantu saya menjawab kemusykilan ini.
October 1, 2009 at 5:17 pm
Sebenarnya, tujuan CCRIS ialah untuk memberi panduan kepada bank2 berkenaan “track record” pinjaman bagi tempoh 12 bulan terakhir. Sebarang rekod bankrap, walaubagaimanapun, akan tetap kekal dalam rekod kewangan bank sampai bila-bila, samada di bank, CCRIS ataupun CTOS. Amat sukar untuk mengeluarkan rekod tersebut, kerana ini adalah servis rujukan untuk bank, bukan pelanggan.
Untuk pinjaman seterusnya, rekod bankrap akan terus kekal dalam rekod, tetapi setiap permohonan perlulah disertakan dengan surat pembatalan bankrap untuk rekod permohonan pinjaman.
Apa yang perlu di lakukan ialah pastikan rekod dalam CTOS menyatakan tentang pembatalan proseding bankrap.
July 24, 2009 at 5:10 pm
Hi,
Your quote
“The best is if you are able to allocate 2 hours to go to Bank Negara, it should be more than enough time to get the report. I got my report within 20 minutes, of course it depends on the crowd on that day.”
2 hours? Possible for those live in KL area. You did mention the banker also can do. Is it they treat everybody or just certain cases?
August 7, 2009 at 2:59 pm
Hello Najib, it is possible to get your records pretty quickly. Just like getting things done at a government office, you get a ticket when you reach there, wait until your number comes up and at the counter, wait for the officer to generate the report. The report is generated quickly from the system, and as long as the Identification card matches the record, the process takes only minutes.
As usual, it is the waiting that takes time, and that depends on the crowd.
If you live outside KL, maybe you can check if there is a BNM office nearby and if such service is available. Otherwise, it will have to be via the mail. I attach the link for you should you need to apply via mail.
http://creditbureau.bnm.gov.my/index.php?ch=5&pg=7&ac=10&lang=en
As for Bankers, we are not allowed to obtain the report to give it to customers, because firstly, the Bank have to pay for such reports and therefore it is Bank’s property (for you, there is no fees to get the report). Secondly, the passing of such reports to customers is not part of the Bank’s job or approved services. Usually, we can inform verbally if there is a problem with the payments record in the CCRIS, but mostly, we would advise that you personally obtain your own report
August 3, 2009 at 3:32 pm
Dear Mr. Amir,
May I know if I want to black list a company / person who owe me / company money, What can I do to black-list him? What kind of documents is needed so that I can black-list him / company?
Thaks for info.
Regards..
CW Yew
August 7, 2009 at 2:45 pm
Hello CW Yew,
Unfortunately, I don’t think you can do that with the CTOS company. Blacklist only happens when you take legal action in court, and following a judgement in court, let say bankruptcy declaration, then CTOS or such companies will pick up the status for blacklisting. CTOS and such companies then sells information to banks for the credit checking on legal action. And their records are based on the legal action.
So if you want to blacklist a person who owes you or your company money, it will have to go through the legal system first. Then only will CTOS pick up such information and input it into their records.
August 17, 2009 at 1:07 pm
Dear Amir,
I’d personal loan through Bank Rakyat since 1997 for about $18,000. Also had couple of personal credit cards and didn’t remember how much I owed.
I left the country and never been back since then. But, do you know how long normally bank will keep in their books till they became bad debts?
Coz, perhaps I would like to come back to Malaysia one day, but I want to start fresh, I’ve made poor decision about money and now I’ve learned a lot from my past mistake. Greatly appreciate your advice and feedback.
Thank you,
Miss Saigon,
September 28, 2009 at 4:20 pm
Miss Saigon,
Frankly speaking, you’re in big trouble. I did the same mistake, as if bank will ‘forget’ about our loan..i was saved by my friend at very last minute before declared bankrupt.
Please meet & consult your financier – they are more than willing to assist us coz it is their KPI.
October 1, 2009 at 5:10 pm
It is true that Banks don’t forget loans. Overall, your records will always be kept somewhere somehow and eventually, the records will be found out. The main issue is whether the Bank had started bankruptcy proceedings agains you. I can’t answer that question because firstly, it depends on how much outstanding balance you have and whether the accumulated interest has qualified you for bankruptcy proceedings. If I am not mistaken, you have to have a total amount outstanding + interest due of more than RM30,000 for the Bank to be able to make you a bankrupt.
Secondly, if no bankruptcy proceeding is made, whether there is any legal action taken to recover the amount.
In both cases, it is best to check with BNM on you CCRIS status, as both scenarios will be reflected there.
And it is good advice to check with your previous banks or your financial consultant if you have one.
Good luck
October 12, 2009 at 10:48 am
Hi,
My boyfriend had an outstanding payment of RM46 to Diners Card that he was not aware of (auto renewal fee although he has never used that card and the agent told him if card is not used, will auto cancel).
However, this was flagged in CCRIS when he wanted to apply for a housing loan. Since then he has paid of RM10 after Diners agreed to waived RM36 from that amount.
The bank still rejects his application. Is there any avenue for him to get the loan?
He is very prompt with other credit card payments and his car loan.
October 12, 2009 at 2:18 pm
Hi Lin, I think your boyfriend has asked the same question to me today. Please see my reply to him. Personally, it is better to talk to the Bank to ask how the loan can be approved because they could have rejected it for some other reason than a small balance outstanding in the CCRIS. There could be many other reasons for rejection, including repayment capabilities or even location of a property (properties not located in a prime area).
Have you tried another bank? There is also other alternatives such as MBSB, Bank Rakyat, or smaller foreign banks such as bank of nova scotia, which is known to be aggressive in housing loan. Worth a try, if the traditional banks fail. How about banks such as Al Rajhi Bank or Kuwait Finance House? Their credit criteria may be different, have a go with them.
Good luck.
October 29, 2009 at 2:15 pm
Hi Amir,
Many thanks for your advice! And yes, my boyfriend did write in too! Haha..
October 12, 2009 at 11:33 am
Hi Amir,
I’m currently applying for a housing loan and through my CCRISS, I found out that I owe Diners CLub RM45 (annual fee). I’ve already cleared the outstanding balance.
But according to you, CCRISS works on a 12-month period.
Based on that, will I be applying for loan in vain??? Coz it will still show that I owe RM45 until the 12-month period is up right?
I have already paid the 10% downpayment for the house that I intend to buy, so what’s my best move now? Am I screwed?
Will greatly appreciate your help Amir!
October 12, 2009 at 2:11 pm
Hi Ddie, personally, I cannot comment on the credit policy of the bank you are dealing with. Yes, CCRIS will show the record for the last 12 months but I have to say that such a small amount due on a credit card should not be the reason for rejection if all other criteria for approval is met. If you have other credit facilities (housing loans or car loans) which is up to date in payments, that will serve as a good record for payment.
Honestly, if the Bank reject you because of a small outstanding amount on Diners, you should really talk to the bank because I think it is rejected for some other reason i.e. repayment capability or high debt servicing ratio. Talk to the bank and ask them what it requires for you to get the loan approved.
Good luck.
October 12, 2009 at 2:27 pm
Hi Amir,
Thanks for your insights and prompt reply.
Well, the agent told me that it is because I owed the amount for 7 months. My guess is that the bank felt that owing any amount for that period of time is considered long, and thus decided that I AM a risk that they’re not willing to take.
Well, anyway, i will give other banks a shot (including those you mentioned).
Thanks again ya!
- Ddie & Lin
October 25, 2009 at 8:49 am
Hi …. Can a bank view your outstanding balance, credit limit given by other banks , existing home loan , car loan ammount if you want to apply for a loan from other banks. Are they also able to view from which bank you owe credit to .For example Maybank credit card owing RM 5000. Thank you .
October 25, 2009 at 4:06 pm
Hi Miss Sunshine,
A Bank can only pull your CCRIS records if you apply a loan from them, and YES, in the CCRIS the Bank can view ALL your outstanding balance for each loan, credit limit, status, conduct of account, the loan type, collateralised or unsecured loan and also total amount of all your loans with other banks.
However, the Bank will not be able to know from which other bank the loan is taken from. As per your example, the Bank will see you have a credit card owing RM5,000 but the Bank WILL NOT be able to see which bank granted you the credit card.
November 8, 2009 at 11:01 pm
Hi, how do I clear my name off ccris? I have cleared my bank payments but they are still rejecting my application for loans. Please assist.
Thank you.
November 11, 2009 at 5:34 pm
Hi Leslie,
Not sure what you mean by “clear my bank payments”. If it means you have paid off all your loans for the past 12 months, it may not necessarily be a good thing for you. A Bank appreciates a GOOD CREDIT RECORD rather than NO CREDIT RECORD. They can’t assess you if you have nothing to show. They might think you have a bad credit history so thats why no other banks are giving you loans.
It makes sense to have some borrowing which is well conducted, such as credit cards. The trick is to get your first loan such as a credit card.
If you mean you have “regularised” your bank payments, then they should be able to explain why they reject you now. It will be based on the bank’s credit policy.
Good luck, Leslie.
November 23, 2009 at 5:59 pm
hi, i have a credit card outstanding with 2 banks,1 bank i am paying at least minimum pymt every month as in i am a staff.another bank i think i have nt been pay for almost 1 year..
do u think it already affect my ctos record?
i have not other outstanding with any other bank anymore,and i now just have total o/s about 15k with this 2 bank,do u think after i settle all 7k with the bank i dint make pymt for almost 1 year,
my name will be clear frm ctos?i still get chance to apply mortgage or car loan in future?
my mthly salary ard 3k per mth nw.
and when you talk about ask the bank clear my ctos record after i make full pymt,hw should i ask them actually?looking forward for your reply.
thx a lot!
November 23, 2009 at 6:33 pm
Hello Harriet,
Your records will start appearing in CTOS once legal action is taken or if there is a bankruptcy against you. It depends from Bank to Bank, because as a rule of thumb, the Bank decides on the legal action based on the amount. Bankruptcy proceeding requires a delinquent account of RM30,000 and above, so if it is lesser, most probably there is no bankruptcy proceedings. As for legal action, it is up to the Bank to initiate because if the amount is too little, the Bank might not initiate legal action. You have to check your mailbox for these; if there is a lot of legal letters sent to you, then some legal action is being taken against you and may be reflected in CTOS.
It is important to remember that CTOS is a one way street. Once your name goes into CTOS, it stays there and unlikely to be removed. When do settle, your record is still there but only your status will be updated to “CASE SETTLED”. When I mentioned asking the Bank to “clear” the CTOS records, it doesn’t mean DELETE but it means UPDATE the status of your record. And yes, you can write a letter to the Bank to pass to CTOS to update your record after full settlement.
Most likely, it is your CCRIS you have to worry about because it is on a rolling 12 months. So if you have a clean CTOS, and you manage to keep all payments up to date, then you should be able to get a loan in 12 months time. As long as there is no legal action status, you should be able to get into a mortgage or a car loan.