• SME News
New Legislation To Govern Credit Information Expected
KUALA LUMPUR, Jan 28 (Bernama) -- Legislation to govern credit information is expected to be tabled at the next Parliament sitting after discussions between credit reporting agencies and the government next month.
RAM Credit Information Sdn Bhd's general manager Dawn Lai Yee Chee said the discussions will decide on the roles and responsibilities of all local credit agencies in order to standardise the processes.
"All this while there isn't any regulation and with the new regulations out, this will ensure that information goes to the market on a proper regulated basis. This will promote a more robust and healthy credit industry," Lai said.
"People will also start to know that there are agencies out there that are regulated by the government and can provide more reliable and accurate information," she said.
She was speaking to reporters after the launch of RAM Credit Information's new corporate identity together with its two new stakeholders, RAM Holdings Bhd and Singapore-based DP Information Group, here Thursday.
Lai said with the economy expected to improve this year, this will support the objective to provide accurate credit information in order to boost confidence in the market.
She said that all parties dealing in providing credit information will be covered by the proposed legislation. RAM Holdings' executive director and group chief executive officer Tan Sri C. Rajandram said the meeting of all the credit reporting agencies was vital for the credit market.
"There were several cases where information provided were wrongly interpreted, therefore it has created problems," Rajandram said. "The credibility environment needs to be enhanced in the market and the legislation will be timely to create a reliable platform as information providers," he said.
According to him, the bond market is expected to pick up this year with positive business sentiment arising. On RAM Credit Information's new corporate identity, Rajandram said: "We recognise the void in the market and an unfulfilled demand for professional, reliable credit information and scores from small companies, SMEs (small and medium businesses), and individuals."
"In this respect, we are confident that we can lend our expertise, technology and reputation in meeting such needs," he said. -- BERNAMA
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