What you should know about Credit Bureau in Singapore

[Dennis Ng]

many people don't realise the importance of "maintaining" good credit track record. What I mean is if you have any loan, be it Housing Loan, Car Loan or Credit Card outstanding, it's important to pay any instalment when due promptly. Any delay in payment would be reflected in your "credit report" with Credit Bureau.

Once you have "messed up" your credit record at Credit Bureau, when you need to buy a house, car or get business loan in future, this might affect your chance of getting loan approval.

If you need any advice, you can email us at info@HousingLoanSG.com and we'll be glad to provide you analysis on a no-obligation basis.

The follwing are info about Credit Bureau in Singapore which you should know.

Cheers!

Dennis Ng

BACKGROUND

Credit Bureau (Singapore) Pte Ltd (CBS) is Singapore's consumer credit bureau. It is a joint venture between The Association of Banks in Singapore (ABS) and DBIC Holdings Pte Ltd. The setting up of a consumer credit bureau in Singapore is in line with the Monetary Authority of Singapore?s vision to enhance the Republic's risk management capability.

Since 2002, the Banking Act has allowed Credit Bureau (Singapore) members, which include banks, credit card companies and other financial institutions, to disclose credit-related information to and obtain such information from Credit Bureau (Singapore) for the purpose of checking on their existing and prospective customers? creditworthiness. These member banks and credit card companies must first be recognised by MAS.

Credit Bureau (Singapore)?s goal is to help credit providers make better lending decisions quickly and more objectively. To do this, Credit Bureau (Singapore) aggregates credit-related information amongst participating members and presents a more complete risk profile of a customer to credit providers. This helps credit providers to determine the likelihood of the customer repaying, thus enhancing their risk assessment capabilities.




HOW DO I OBTAIN MY OWN CREDIT REPORT?



You can obtain your credit report at any one of SingPost?s 62 branches island-wide, or at the Credit Bureau ( Singapore) office.

As information in the credit report is private and confidential, please bring your photo ID (NRIC, FIN Card or Passport), and fill in an application form. Submit the duly signed and completed application form to the officer, and show your photo ID (NRIC, FIN Card or Passport) to verify your identity. Once your application is confirmed, your credit report will be processed and ready for collection in a few minutes if you obtain it at the Credit Bureau (Singapore) office. If your request is made at a SingPost branch the report will be processed and mailed to you within 5 working days.

Please note that an administrative fee of S$5.00 plus GST will be payable upon requesting of the report. Payments by cash, Cashcard and Nets only.

If you make the request for your report at the Credit Bureau (Singapore) office, the S$5.00 plus GST fee will be waived if a Member of the Credit Bureau has enquired on your report within the past 30 days (from date of your request).

Credit Bureau ( Singapore) is exploring options to make credit reports even more accessible to consumers.

Request for your Personal Credit Report

The Credit Bureau Office is located at

4 Shenton Way
#17-02 SGX Centre 2
Singapore 068807

You may authorise a representative to collect your personal credit report. Original copies of both the applicant and authorised representative's photo ID (NRIC, FIN Card or Passport) are required along with a duly signed and completed application form.

Personal Credit Report Content Issues

For queries and assistance on your Personal Credit Report Contents, you may contact the Consumer Services Office:

9am - 6pm (Mon - Fri)
Hotline: 6565 6363
Fax: 6318 7966
Email: consumer_services@creditbureau.com.sg

Collection of Personal Credit Report via SingPost

With effect from Jan 2005 you are now able to request for a copy of your own personal credit report at any of SingPost?s 62 post offices island-wide.

As the information in the credit report is private and confidential, the application must be made in person.

To request for your credit report at SingPost?s post offices, please:

? Bring your NRIC / FIN Card / Passport to the SingPost post office;
? Fill in an Application form;
? Submit the duly signed and completed application form to the customer service _.officer, and show your photo ID (NRIC, FIN Card or Passport) to verify your _.identity;
? Make payment for an administrative fee of S$5.00 plus GST;
? Confirm if you wish to collect the credit report after 5 working days at the same _.SingPost branch or at another branch, or have it sent to you via normal or _.registered post. Please note that price per report differs depending on mode of _.collection.