Subscription For MCDS Malaysian Financial Credit Information Service (MFCIS)

Parties To This Agreement

This Agreement is made between MCDS Network & Service SDN BHD (1054196-M), a credit reporting and information agency (hereinafter referred to as MCDS) incorporated under the Companies ACT 1965 and having a business address at No 39-03-01, Lorong Batu Nilam, Bandar Bukit Tinggi, 41200 Klang, Selangor, Malaysia and the Subscribing party named and particularized as in Subscriber Particulars above (hereinafter referred to as Subscriber).

Purposes Of Usage

The Services shall only be used for legitimate purpose and have a legitimate interest to do so, as hereby warrant by the Subscriber. Specifically, the Subscriber warrants it shall only use the Services for any one or more if the following stated purpose:

Opening an Account.
Credit evaluation, monitoring and review and debt recovery process.
Guarantor evaluation, monitoring and review and debt recovery process.
Employment evaluation, monitoring and review and debt recovery process.
Property evaluation, monitoring and review and debt recovery process.
Pre-screening a prospective client/ supplier/ customer/ contractor.
Legal documentation consequent to a facility granted or contract.

The Subscriber further warrants it will only use the Service provided by MCDS (MFCIS) if at the material time of usage, it has a legitimate interests vis-a-vis the above stated purposes to do so.

Use of MCDS Service

The Subscriber hereby agrees and accepts to the terms and conditions in this Agreement.
MCDS (MFCIS) reserves the absolute right to amend, add or remove any Content & Information Providers (CIP) it choose to work with at any time to facilitate services rendered to the Subscriber.
Report on the Subject of enquiry (hereinafter referred to as Subject) made by Subscriber based on information collated, procured domain its Subscribers, and any selected CIP who maybe individuals or businesses, corporations, statutory bodies, etc. shall be provided by MCDS (MFCIS) to the Subscriber.
With regards to the information to be disclosed and procedural requirements when the same comes into force,MCDS (MFCIS) shall be compliant to the provisions of the Credit Reporting Agencies Act 2010 (hereinafter referred to as CRA Act).
The Subscriber hereby agrees:
- And accepts any non-liability or limitation clauses inherent in the services provided by the CIP.
- MCDS (MFCIS) shall not be liable for any negligence, mistake, acts or omissions, of any CIP.
There are certain specific instances under the CRA Act where a credit reporting agency may not disclose the Subject’s credit report unless the Subject has given its consent to the credit reporting agency to do so, as hereby made aware to the Subscriber. For these instances or services so affected, the failure of the Subject to provide such consent to MCDS (MFCIS) shall not be deemed by the Subscriber to be an event of default, non-performance or breach go this Agreement on the part of MCDS (MFCIS).
The Subscriber shall help acquire the consent of the Subject by instructing and directing the Subject to provide its consent to MCDS (MFCIS) to disclose his/her/its/his report to Subscriber, where applicable.
The Subscriber herby agrees that MCDS (MFCIS) still reserves the right to withhold or not provide any report requested by the Subscriber without giving any reason/s, notwithstanding the Subject’s consent being given and received by MCDS (MFCIS).
The Subscriber shall not be charged in respect of that request made, in any event where MCDS (MFCIS) is unable, cannot or prohibited from giving a MCDS (MFCIS) Enquiry Report requested.
All Subscriber request shall be made via software and application/s approved by MCDS (MFCIS). The Subscriber is entitled to use the currently approved MFCIS software developed by MCDS under its MCDS Business Intelligence & Support System (MBISS) framework. The Subscriber shall only use the software so allotted to it by MCDS and MCDS (MFCIS) shall only deliver reports through the same allotted application to the Subscriber.
The Subscriber shall be provided with a unique XML USER-ID by MCDS (MFCIS), to enable Subscriber access to MCDS (MFCIS) Services via approved MFCIS software developed by MCDS under its MCDS Business Intelligence & Support System (MBISS) framework

MCDS (MFCIS) shall provide a unique XML user ID to enable the Subscriber access MCDS (MFCIS) services via approved applications mentioned in section 10 above.

The Subscriber is responsible for the control and distribution of the user ID and initial password to authorized users. The Subscriber shall also inform MCDS of any amendments, cancellation, termination, addition or removal of any user names created. The Subscriber herby agrees and warrants the user ID are distributed for the employees of the Subscriber only under no circumstances it shall be distributed for agent, holding, subsidiary or associated company’s employees or any other third party.
Access to the MCDS (MFCIS) shall be terminate automatically in the event:
- The Agreement between the Subscriber and MCDS Network & Services SDN BHD is terminated for whatever reason or
- This Agreement is terminated by either party for whatever reason or
- if MCDS Network & Services SDN BHD is no longer an approved business partner of MCDS (MFCIS) or where the MCDS (MFCIS) no longer meets the standards and/or requirements of MCDS (MFCIS). In such instance, MCDS (MFCIS) shall give the Subscriber written notice.

Accordingly, all user IDs issued shall not be useable upon any of the above event.

Service Integrity

The Subscriber shall permit MCDS to take all appropriate measures to restore the Services and MCDS shall always be afforded the opportunity to correct any deficiency in the Services when in breach of its obligations under the Agreement. In addition, MCDS may, take such other measures as may be necessary and at its discretion and option substitute or add to the Services, in each case, to correct a service deficiency.
MCDS shall have the sole and absolute right without any compensation or notice to the Subscriber to suspend temporarily or permanently or disallow access or use of the Services. The Services may not be uninterrupted or error free, and when provided, will conform to MCDS’ then, current and applicable services description as set out in this Agreement.
MCDS shall not be liable for any delays or non-delivery of the Services caused by any third party channels should the Service involves third party channels for delivery of the Service. These third party channels include the telecommunication providers as well as any Internet Service Providers or any other third party.

Obligation Of Subscriber

The Subscriber hereby agrees to comply with the following:
1. The credit reporting agency shall inform the customer of the purpose for which the credit reporting agency is collecting the credit information and the purposes for which the credit information will be further processed, where the credit reporting agency collects credit information directly or indirectly from a customer for disclosure to a Subscriber.
2. Where the Subscriber collects credit information directly or indirectly from a Subject who may an individual, a corporation, a business, a society, a statutory body, etc for disclosure to and access by MFCIS and its subscribers, the Subscriber shall inform these Subjects of the purposes for which the subscriber is collecting the credit information and the purpose for which the credit information will be further processed.
3. The Subscriber shall not disclose credit information to the MCDS (MFCIS) without talking such steps as are, in the circumstances, reasonable to ensure that the credit information is complete, relevant, accurate, up-to-date and not misleading. Vice versa, the credit reporting agency shall not disclose credit information to the Subscriber without taking such step as are, in the circumstances, reasonable to ensure that the credit information is complete, relevant, accurate, up-to-date and not misleading.
4. The Subscriber shall also as soon as reasonably practicable, update any credit information previously disclose to the MCDS (MFCIS) and ensure that the credit information remains complete, relevant, accurate, up-to-date and not misleading. Vice versa, the credit reporting agency shall as soon as reasonably practicable, update any credit information previously disclosed to the Subscriber and ensure that the credit information remains complete, relevant, accurate, up-to-date and not misleading.
5. The Subscriber undertakes that it shall take all necessary steps to maintain the utmost confidentiality and security of credit information obtained or communicated, records kept and documents prepared, whether obtained from the credit reporting agency or otherwise, and any other matter undertaken in connection with this Agreement, whether before the effective date of the Agreement, during the period of the Agreement or after the expiry or termination of this Agreement.
6. The Subscriber undertakes that it shall take such steps that are necessary to ensure that is employees, agents or any other person that may have access to the confidential credit information, to not disclose or use the same other than in accordance with the Agreement.
7. To investigate and resolve complaints and correction requests of credit information, the Subscriber shall cooperate with MCDS (MFCIS) in its efforts.
8. The Subscriber shall safeguard the credit information held by it against improper or unauthorized access, use, amendments, modification or disclosure and take appropriate measures, including the following:
  1. To establish controls, including:
    1. User identification; and
    2. The use of user IDs and passwords, digital signatures, credential tokens or other mechanisms;
  2. To develop written policies, procedures and controls to be followed by its employees, agents and contractors;
  3. To maintain logs of all amendments, accesses and audit trails to the credit information provided to it by the credit-reporting agency; and
  4. To take appropriate action in relation to identified breaches of the policies, procedures and controls;
  5. To regularly check compliance and monitor usage with the policies, procedures and controls;
  6. To provide information and training to ensure compliance with the policies, procedures and controls;

Termination & Suspension of Agreement

The Agreement shall be effective for a term of one (1) year from the date of this Agreement and shall thereafter be automatically renew yearly until terminated by either party.
Notwithstanding the above, this Agreement shall also terminate automatically should the agreement between the Subscriber and MCDS Network & Services (M) SDN BHD terminate or cease for whatever reasons.
Either party may terminate this Agreement by giving a one (1) month written notice to the other.
This Agreement is binding upon all the Successors-in-title of the Subscriber.
The Subscriber may not assign this Agreement to any other party.
MCDS (MFCIS) reserves the right to suspend, withhold or terminate the Subscriber use of the service immediately if MCDS (MFCIS) reasonably believe that the Subscriber are not complying with any of the obligation, committing any act or omission detrimental to MCDS (MFCIS) or not permitted under this Agreement.

Any grants to the Subscriber by MCDS (MFCIS), which includes any indulgence of time or of any kind, shall not nullify or prejudice any rights of MCDS (MFCIS) set out in this Agreement.

MCDS Enhanced Database (MED) Terms and Conditions

Where the Subscriber wishes to participate in the MCDS Enhanced Database (hereinafter referred to as “MED”) program in which the Subscriber wants the legal actions it has taken to be listed in the MCDS Database, the Subscriber hereby agrees to the terms and conditions set by MCDS (MFCIS) as following:
1. All cases must bear the correct identification particulars i.e. NRIC numbers, both old and new if possible, but at least one must be given. In the case of foreigners, passport numbers should be provided.
2. All case submissions must be accompanied by the relevant court documents eg judgement, writ, summons, etc. The court documents must bear the seal of the court.
3. The case and any judgement obtained is true and have not been struck off or set aside by the courts at the time of submission.
4. The documents and facts submitted must represent the latest status of court action at the time of submission, true and current state of affairs.
5. The Subscriber is required to give MCDS (MFCIS) an update on the case at the soonest possible time with the relevant documents, should the case be eventually withdrawn, settled, struck off, set aside or come to some other conclusion.
6. A contact person must be provided, so that in the event the debtor wants to settle the debt or make references, he/she may go to the right person and quote a correct reference. Having said this, all records admitted must bear a reference.
7. MCDS (MFCIS) reserves the right not to admit any records submitted for MED listing.
8. Unless saved and except for reason of ‘mistake’ or ‘fraud’, all records admitted to MED shall remain in the MCDS database.
9. The Subscriber will indemnify MCDS (MFCIS) for any loss or damage suffered as a result, in the event of any suit or legal action arising out of a case/cases admitted by the Subscriber being fictitious or where there is misrepresentation.
10. A charge of 3% of the amount listed in the suit (subject to a maximum chargeable fee of RM3,000) or RM100 whichever is higher upon the case being updated with a case conclusion or settlement remark, shall be paid by the Subscriber to MCDS Network & Services (M) SDN BHD. The payment shall be made to MCDS’ bank account within 30 days of the invoice date of the charge. This payment is chargeable notwithstanding if the update of the case occurs after termination of this Agreement.
11. MCDS (MFCIS) reserves the right to amend, specify and impose new terms for admission to MED.

Trade Referee Listing Terms and Conditions

Where the Subscriber elects to give such information the Subscriber shall be listed as a trade referee in the MCDS Enquiry reports.
The Subscriber shall NOT provide trade references on any subject for any third party including its subsidiaries or any related companies, agents, including its holding companies, etc, whether for profit or non-profit, or any other third party.
Subscriber shall only provide its trade references on a subject or the business to which the subject is or was connected to.
The Subscriber may share (i.e. provide and receive) trade experience information to/from other subscribers.
The Subscriber shall furnish the reference directly to the party who has requested for it, where the Subscriber decides to provide its reference.
MCDS (MFCIS) reserves the right to decline the Subscribers listing as a trade referee without providing any reason.

General

The Subscriber hereby warrants and concurs that it shall use the Service and any information and content obtained from MCDS (MFCIS) for its normal course of business use only.

Any portion of the Services, use of the Services, or access to the Service shall not be duplicated, reproduced, copied, sold, or resell, or exploited for any commercial purposes by the Subscriber.

Notwithstanding anything herein contained, MCDS (MFCIS) does not warrant and undertake that any data or information obtained from MCDS (MFCIS) is permissible or admissible or can be adduced as evidence in any Court of law.

MCDS (MFCIS) reserves the rights to amend, alter, add to or repeal any services it offers to the Subscribers without consent of the Subscriber.
MCDS (MFCIS) shall not be liable for any delays or non-delivery of the Services, in performing an obligation under this Agreement to the extent the delay or failure is because of an event beyond the party’s reasonable control
The laws of Malaysia shall govern this Agreement. If any term of this agreement is unenforceable and unlawful, it will be severed from this agreement and the rest of this agreement remains in force.