History Of Establishment
HISTORY OF ESTABLISHMENT
- The Bill called the Credit Reporting Agencies Act 2010 (APK Act 2010) was passed by the Parliament in its First Meeting, Third Session, Twelfth Parliament and was proclaimed on 10 June 2010.
- This Act aims to make provisions regarding the registration, administration, management and supervision of all credit reporting agencies that involve the processing of credit information of public persons consisting of individuals, corporate establishments or unincorporated entities.
- This Act also aims to establish the Credit Reporting Agency Registrar Committee and other officers who will be responsible for managing and implementing its functions.
- To carry out the functions set out under APK Act 2010, the Secretary General of Treasury, on 11 July 2010 has agreed that Registrar Office of Credit Reporting Agencies Malaysia be established as a new division in Perbendaharaan Malaysia.
- PPK was established to ensure user protection as well as user credit data privacy rights by creating a single control framework for credit reporting agencies. Pursuant to the APK Act 2010, PPK is the main platform for the government to control the credit reporting industry so that issues such as inaccurate, out-of-date, incomplete credit information, individual identity errors, records stored for too long and user information and user rights can be handled more efficiently and systematically to advance the development of the credit reporting sector in Malaysia..
- Through the management and supervision of credit reporting agencies, the interest and confidence of the public will be preserved and in turn will provide confidence among people involved in commercial transactions involving the exchange of credit information.
