If you have issues with being 'blacklisted' by the bank and are looking for ways to clear CTOS and CCRIS, you are in the right place. If you are facing this problem, don't worry, there is still a way to resolve it. We will explain in this article, make sure you read until the end to know how to clear CTOS and CCRIS.
One way to clear CCRIS and negative CTOS records is by consolidating debt. Debt consolidation is a method to gather various existing debts into a new personal loan. For those with a high debt load, this action serves as a way to settle outstanding debts and simultaneously clear your negative CTOS and CCRIS records.
Many believe that with a bad CCRIS and CTOS record, they are unable to apply for financing as they are considered being ‘blacklisted’. So, some of you may want to settle this but unsure of how to clear name from CTOS and CCRIS record. Well, if your credit record is unfavourable, it would also be harder for your loan to be approved especially by commercial banks.
So, what does it mean by a bad or unfavourable credit record? For example, you have existing loans overdue for 3 months and above, listed under ‘Special Attention Account’ (SAA) and legal action has been taken by banks due to non-payment of loans.
Not sure how to improve your credit score? Here are 8 ways to help you clear your CCRIS record. Hope you will find this infographic useful!
Combine all of your existing debts with debt consolidation so that you can focus on paying one installment. Set your monthly installment to auto debit. This will help you stay disciplined, pay on time and never miss a payment again.
You need to focus on settling your overdue loan amounts first and make it a priority. This will also help to improve your credit record. Try to make it a habit and reduce unnecessary spending such as spending on your wants. For example, buying expensive coffee, the latest gadgets, branded clothing, and more. Instead its always good to look for cheaper alternatives like making your own coffee or buying preowned items.
Nothing can ever stop you from earning extra income by doing a side hustle. You could earn extra income especially after working hours or during the weekend or whenever you have the time. Make good use of this extra income to help settle your debts.
You can choose to apply for refinancing. For example, to settle your expensive credit card debt, compare and search for a low interest rate personal loan. In return, this will help you to reduce your overall monthly commitment.
If you are a civil servant, you can apply for a koperasi personal loan that accepts borrowers with a negative CCRIS or CTOS record. Koperasi personal loan is a great alternative to help you ‘overlap’ or settle your existing debt.
If you are an employee in the private sector, you can apply for a personal loan to settle small outstanding debts. You should look for a reputable lender that accepts applicants with a CCRIS record, such as licensed money lenders.
In any case, if you feel burdened to pay up your monthly loan repayments, it is advisable to discuss with your respective bank about the option of rescheduling your loan repayment, rather than missing out on them.
Lastly, if you have successfully followed the steps above, don’t forget to be financially disciplined and consistently pay on time. Remember to also check and track your CCRIS record from time to time. Learn how to ‘read’ your CCRIS record in this article on what is CCRIS and CTOS report.
This article is prepared by Direct Lending, an online personal lending platform that provides bank and koperasi personal loan. We can help you find, compare and apply personal loan that best suits your financial needs. If you have a bad CCRIS, CTOS record or listed under the SAA and AKPK programme, you can still apply for a koperasi personal loan here at Direct Lending. Check your eligibility for free, no upfront payment or processing fees.
(This article is initially published on 24th March 2021 and is updated on 8th February 2024)
An ex-banker, digital marketer, and masters graduate from University of Coventry. Mandy enjoys filling in the gaps of financial literacy by transforming ‘dry’ financial topics into ‘digestible’ articles. She did a lot of ballet growing up and is always on the hunt for the best deals online.