Credit Check Authorization Form - Malaysia

Credit Check Authorization Form for Malaysia

Credit Check Authorization Form Template for Malaysia

A Credit Check Authorization Form is a legal document used in Malaysia that enables organizations to obtain and review an individual's credit information from authorized credit reporting agencies. The document complies with Malaysian Personal Data Protection Act 2010 and Credit Reporting Agencies Act 2010, ensuring proper consent is obtained for accessing, collecting, and processing credit-related information. It includes detailed personal information of the authorizing individual, specific permissions granted, and the scope and duration of the authorization, while incorporating necessary data protection provisions required under Malaysian law.

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What is a Credit Check Authorization Form?

The Credit Check Authorization Form is a crucial document in Malaysian business operations, particularly in situations involving financial assessment and risk management. It is required whenever an organization needs to evaluate an individual's creditworthiness, whether for lending, employment, rental agreements, or other business purposes. The form must comply with the Personal Data Protection Act 2010 and Credit Reporting Agencies Act 2010, ensuring proper consent is obtained for accessing credit information. This document typically includes the applicant's personal details, authorization scope, purpose of the credit check, and relevant declarations. It serves as a legal safeguard for both the requesting organization and the credit reporting agencies while protecting the individual's data privacy rights under Malaysian law.

What sections should be included in a Credit Check Authorization Form?

1. Individual Information: Details of the person authorizing the credit check, including full legal name, identification number (NRIC/passport), current address, and contact information

2. Authorization Statement: Clear statement of consent authorizing the specified organization(s) to conduct credit checks and obtain credit reports

3. Scope of Authorization: Specific details about what information can be accessed, which credit reporting agencies can be contacted, and what type of checks can be performed

4. Purpose Declaration: Statement of the specific purpose(s) for which the credit check is being conducted

5. Duration of Authorization: Period for which the authorization remains valid

6. Data Protection Notice: Statement about how the information will be used, stored, and protected in compliance with PDPA 2010

7. Declaration of Truth: Statement confirming that all information provided is true and accurate

8. Signature Block: Space for signature, date, and witness details

What sections are optional to include in a Credit Check Authorization Form?

1. Additional Authorized Parties: Section to list additional organizations authorized to receive the credit information, used when multiple parties need access

2. Employment Details: Section for current employment information, used when the credit check is for employment-related purposes

3. Previous Addresses: Section for listing previous addresses, used when required for more thorough background checks

4. Supplementary Cardholder Information: Used when the credit check relates to credit card applications with supplementary cards

5. Guarantor Information: Section for guarantor details, used when a guarantor is involved in the credit application

What schedules should be included in a Credit Check Authorization Form?

1. List of Authorized Credit Reporting Agencies: Schedule listing all credit reporting agencies that may be contacted

2. Types of Credit Information: Detailed list of the types of credit information that may be accessed and collected

3. Privacy Policy Summary: Summary of the organization's privacy policy relevant to credit checks and data handling

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Free to use

Relevant legal definitions

Clauses

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Banking

Financial Services

Real Estate

Telecommunications

Insurance

Retail (Credit Services)

Automotive (Vehicle Financing)

Employment Services

Property Management

Consumer Finance

Relevant Teams

Legal

Compliance

Risk Management

Human Resources

Credit Assessment

Customer Service

Operations

Finance

Data Protection

Administrative

Relevant Roles

Credit Analyst

Risk Manager

Compliance Officer

Human Resources Manager

Financial Services Officer

Loan Officer

Credit Assessment Manager

Banking Operations Manager

Customer Service Manager

Account Manager

Property Manager

Recruitment Manager

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Authorisation Form

A Malaysian legal document granting specific powers or permissions from an authorizer to an authorized representative, compliant with Malaysian contract law.

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What is a Credit Check Authorization Form?

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What schedules should be included in a Credit Check Authorization Form?

Authors

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