​What is a credit bureau report and how to get one in Singapore 2023?

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Written By Loanbuddy Singapore
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​What is a credit bureau report and how to get one in Singapore 2023?

When was the last time you applied for a loan or used a credit card? If you remember, you must have heard about credit bureau report document that keeps a track record of your credit and debit transactions.

A credit report which is the summary of all transactions explains:

  • How much credit was acquired
  • How much credit you utilized out of the total credit taken
  • How much money you repaid on time or defaulted.

A credit report is a tool for banks and financial institutions to check your creditworthiness before lending any money.

The credit bureaus prepare every Singaporean’s credit report and issue it to Banks and FIs. The CBS receives significant details from all financial institutions which help in generating the credit score of a potential borrower and prepare credit reports thereof.

This article is a guide to understanding what a credit bureau report is, why it is important and how you get one.

What Is A Credit Bureau Report?

credit bureau report

Any Bank or FI, before considering your loan application, goes through your credit status to check what your credit score is and under which category your ratings fall. Thus, a Credit Bureau Report is a regulated ‘Credit Report Card’ which is used to evaluate whether you deserve a particular loan or not.

A Credit Bureau Report typically contains the following details:

  • Personal details such as name and profile but excluding address and contact details.
  • All details relating to a person’s previous credit checks.
  • Credit repayment graph including credit card bills and delayed payments.
  • Any defaults made along with dates of committing.
  • Bankruptcy records up to 5 years after the person was charged.
  • Records of all closed and terminated credit accounts (maximum up to 3 years after the closure of termination).
  • Total outstanding balances and credit limits.

The most important detail you can find of all is the credit score in your credit bureau report.

What Is the Role Of the Credit Bureau in Singapore?

The credit bureaus of Singapore are depots that maintain credit information and offer it to their members. Banks and financial institutions are the members that evaluate the lending risk for each borrower who applies for any kind of loan. This process helps the banks to protect their profit margins by making better and safer lending choices.

A bureau itself does not receive and reject any loan application. It works as a middleman between banks/financial institutions and borrowers.

Your credit report/info can only be accessed by you and the members of the credit bureau. The members are allowed to use it for credit assessment purposes only. There is a written CoC (code of conduct) which is governed by inflexible privacy regulations. The banks or financial institutions are always adhered to this CoC.

Why Is Your Credit Bureau Report Important?

The CBS credit report is an all-in-one report that gives financial institutions a crisp view of your credit profile, history, and credit repayment trends. It also helps the borrower to understand what areas are there for improvement.

In case you have an unsatisfactory credit score, the banks will either reject your application or will give you a less amount of loan. On the other hand, if your credit score is high, the chances of application approval go higher. The credit score ranges between 1000 to 2000 where 2000 denotes the least chance of default and vice versa.  

To check whether you are a credit risk, banks significantly use the credit score as a tool.

If you have an understanding of how the CBS credit report is read, you can make efforts to improve your credit score and thereby increase your chances of getting loans. Additionally, you can also safeguard yourself from fraud. There might be chances of someone using your details and credit score to acquire a loan. You can monitor your credit report in such cases and save yourself from deceit.

How can you get your credit Bureau Report In Singapore?

credit bureau report

CBS has given both options to obtain your credit bureau report- online and offline.

Simply follow these steps to get your credit bureau report online-

  • Visit the official website of CBS
  • Log in using your SingPass
  • Pay $6.42 to access your credit report
  • You will the get option to download your credit report in PDF format.

It is to be noted that:

  • Charges are inclusive of GST. To receive your credit report via multiple modes, you will have to pay an extra $2.
  • SingPost branches also give you an option of express 2-hour delivery. For this, you will be charged an amount of $17.12 as an administrative fee for the service.

To collect your credit report offline, you can visit the CBS office. You can also visit any SingPost branch or CrimsonLogic Service Bureaus to get a printed copy of your CBS credit report. In addition, you can also subscribe to a premium service called “My Credit Monitor” which assesses your credit bureau report regularly and sends you details about material changes taking place. This service is specifically designed to detect changes and identity theft and enables you to take necessary action before significant takes place.

How To Get a Credit Bureau Report Free of Cost of Singapore?

Whenever you apply for a home loan, car loan, business loan or simply a credit card, you are eligible to get your credit report for free. Most mainstream bankers issue credit reports at the time of application for a loan facility.

You can also get the report within 30 calendar days from the date of the letter of approval or rejection. The letter contains instructions to get the report. Generally, you will need to login into the credit bureau’s official website using your SingPass ID and password.

How To Read Your Credit Bureau Report?

The credit bureau report contains the following:

Summary:

It gives a quick overview of the report indicating below details:

  • Date of earliest known credit account
  • Previous enquiries in numbers
  • How many credit facilities you have availed to date
  • Number of defaulted accounts
  • Number of bankruptcy proceedings if any
  • The sum of credit limit (secured, unsecured and exempted)
  • Indication of the ‘Y’ flag if you come under the debt management programme by Credit Counseling Singapore.
  • Indication of the ‘Y’ flag in case of any ID theft.

Personal information:

This segment indicates your personal information and identification details additionally. This also includes the last 3 full address details provided by CBS members.

Account Status:

It contains your credit details and repayment trend for the last 12 months in the following manner.

  • First Row- How early you have paid your monthly bills in the last 12 months.
  • Second Row- Cash advances or balance transfers that took place on your credit card.
  • Third or Last Row- If any full payment was made by you to the credit account.

Previous Enquiries, Default and DRS Records, Bankruptcy proceedings:

The information on all enquiries made in the last 2 years is displayed in the previous enquiries section. Whenever you apply for a loan, the bank will get a copy of your credit report which will display here.

The default segment shows how many defaults were reported by CBS members. Whereas DRS shows debt taken by individuals for not more than $100k.

The bankruptcy proceedings section displays the order and notice of discharge. The details listed here are extracted from Insolvency Public Trust Office.

Credit Score:

This is the last section of any credit bureau report. As we’ve discussed, it is a four-digit number which shows the risk level of the borrower. The higher the score, the lesser chances of defaults.

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