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Credit Report Singapore: How To Obtain One

Top view of a woman applying for her Credit Report Singapore on a tablet

Most adults in Singapore have heard of a credit report even if they have not personally obtained one. It is almost always the first document that any lender, from major banks to licensed money lenders, will refer to when they are considering a loan application.

What info does a credit report contain?

A credit report in Singapore is divided into ten sections.

Section 1: Data Provided and Summary

This is where you will find personal details such as your full name, NRIC, date of birth, and postal code.

It also lists basic financial credit information, including the date of your first credit record on file, the number of credit lines in your name, the number of defaults and bankruptcies, your secured credit limit and unsecured credit limit, etc

Section 2: Personal Details

This is where you’ll find other additional details such as gender, nationality, marital status, and address

Section 3: Additional Names and Addresses

You’ll be able to see all the addresses and names associated with or ever have been used by you for your NRIC, bank accounts, credit cards, cheques, etc.

Section 4: Account Status History

This section details the types of credit products you have (e.g. home loans, credit cards, personal loans), the grantor banks, dates of opening and closing the account, overdue balances as well as details of how prompt you’ve been at making full payment for each account for the last twelve cycles.

Section 5: Previous Enquiries

This section shows a record of all recent requests for your credit report in Singapore, either by yourself or banks and money lenders.

Section 6: Bureau Score

This section uses all the information from Sections 1 through 5 to come up with the individual’s credit score, risk grade, risk grade description, and the likelihood of default.

Section 7: Narratives

Any other important information about your account(s) will be illustrated here. For example, if you’d applied for a mortgage deferment due to the pandemic, the date and type of request would be narrated in this section.

Section 8: Adverse

Any adverse information regarding the individual would be written here.

Section 9: Aggregated Outstanding Balances

This section shows an overview of all your financial products’ secured balances, interest-bearing unsecured balances, non-interest-bearing unsecured balances, and exempted unsecured balances.

Section 10: Aggregated Monthly Instalment

​​The monthly instalments show the amounts for each credit facility for the previous month and the total amounts for the previous five months.

Who can obtain a credit report?

Any legal resident of Singapore, including foreigners, can apply for a copy of their credit report.

Apart from individuals, banks and financial institutions can obtain your credit report for credit assessment purposes. Some licensed money lenders will also look at your CBS credit report when assessing your loan application.

Privacy safeguards regarding credit reports

All data in a credit report is obtained from the Credit Bureau (Singapore), also known as CBS. The company practices the highest level of information safety and security and there has never been a breach of CBS data.

What if there are errors in your credit report?

Your credit report may contain errors and such mistakes can affect your personal loan interest rates. If you spot an error, contact the bureau immediately. You will have to provide evidence to dispute any data on the report.

Why should you consider getting your credit report?

Both individuals and business owners can benefit from knowing their credit status.

Accelerated loan approval

· Business owners: A credit report is almost essential for current and aspiring business owners. Whether you are setting up or expanding a business, you will need capital. A good credit report will qualify you for a legal loan in Singapore faster and help you make the best use of opportunities as they present themselves.

· Individuals: Whether it is a medical emergency, sudden vehicle breakdown, or legal fees, good credit gives you the money you need quickly. You also can avoid such situations by learning how to set personal financial goals.

Lower interest rates

A good credit score informs lenders that you are a reliable borrower. They will offer you lower interest rates and may even waive certain fees and penalties. Hence, the better your score, the less you will waste on additional expenses.

· Business owners: Lower business loan interest rates to set up or expand operations.

· Individuals: Lower personal loan interest rates to be used for a variety of purposes.

Higher credit limit

· Business owners: Lenders appreciate individuals and businesses with good credit because they regard them as safe investments. They will extend higher credit limits, which means that you have access to more funds if you want to expand, or if you need to weather a slow business period.

· Individuals: Expenses such as weddings, school fees, and renovation can be huge. A high credit limit gives you all if not most of the money you need instantly.

Where to get your credit report in Singapore

Credit reports in Singapore are issued by CBS or Credit Bureau (Singapore). CBS is a joint venture between the Association of Banks in Singapore (ABS) and financial services company Infocredit Holdings Pte Ltd.

Where does CBS get its information?

ABS members share their credit information with CBS. CBS then organises this diverse information by the individual and shares it in the form of a credit report when a valid request is made.

How to get your credit report

There are a few ways you can obtain your credit report:

Cost Eligibility
Free New credit facility applicants (within 30 calendar days from the date of approval or rejection letter)
Free First 2,500 customers to complete the free credit report by HSBC application form between 01 May 2022 and 30 April 2023, both dates inclusive
$6.42 (GST included) Anyone can purchase online via eNets or credit card

Bottom line

The CBS credit report only includes your records with major banks and other financial institutions in Singapore. To obtain your loans and repayment records with licensed money lenders in Singapore or check on your overall financial health, you can consider buying your credit report from the Moneylenders Credit Bureau.

A credit report may not be a huge part of your financial plans but it is a good-to-know when you find yourself in a situation where you need to apply for a personal or business loan. Reach out to us to find out more about any legal loan in Singapore that may be suitable for your needs.

Disclaimer

While we try to provide the most accurate information on this website, it may not reflect the most current developments. The information on this website may be changed without notice and is not guaranteed to be complete, correct, or up-to-date. All information provided is for informational purposes only and shall not be relied upon as professional advice. We shall not be liable for any loss or damage resulting from the use of this website.

Related Posts

Besides banks, a moneylending company is a specific financial service provider that will lend you money based on your income and credit history. If you are looking for a loan, then moneylending companies are good options to consider.

However, it is important to note that a moneylending company will have relatively high interest rates, but it will be able to provide you with the necessary funds based on your monthly income.

As with all other personal loan applications, a licensed money lender needs to go through a processing and approval time frame but the good news is you can apply for a loan online and it’s a relatively easy process. Besides personal loans, a moneylending company in Singapore also provides business loans. But do your due diligence and ensure you are signing up only with the best licensed money lenders.

Loan amount

The loan amount you can obtain from a moneylending company will depend on your monthly income and credit history, although the latter isn’t as important compared to if you were to apply for a bank loan. A moneylending company offers various loans with different purposes to consider and they come with their respective loan amounts.

The typical loan limit can amount to six times your monthly salary. Therefore, when you apply for a loan, make sure that the loan you choose is based on your financial situation and needs.

If you would like to check your credit report, you can get a copy from the Credit Bureau Singapore. You can also read our post for more information on obtaining your credit report.

Repayment period

The repayment period will depend on the type of loan that you have applied for. Short-term loans may have repayment periods of up to three months, while long-term loans may have repayment periods of up to 12 months.

It is important to note that if you’re seeking a relatively lower interest rate, you could look for a smaller loan with a longer repayment period.

Interest Rate

The interest rate charged by a moneylending company in Singapore will depend on the type of loan that you choose. It is important to note that there are personal loans and business loans, and both types of loans will have different interest rates. Also, interest rates for short-term loans will be higher than for long-term loans. Therefore, if you would like to save as much money as possible per month, consider applying for a long-term loan. For example, the interest rate of a long-term loan can be as low as 1% per month while that for a short-term loan is usually in the range of 3-4% per month.

Finally, remember that if you would like a low-interest rate on the loan, you must ensure that you have a good credit history and high income.

Do also ensure that you know the interest rate and repayment period for each type of loan. This will help you to decide on the best loan for your needs, as well as the most suitable moneylending company to get a loan from.

With these three things in min/d, you can now decide on a moneylending company in Singapore. Galaxy Credit offers one of the best personal loans with relatively low-interest rates and specialises in payday loans, study loans to further your studies, and debt consolidation services. Speak to our loan officers today and receive a free consultation on how to better manage your finances.

With the economic impact of COVID-19, it is common for affected individuals experiencing loss of income to start seeking financial assistance such as securing personal loans with the lowest rates. If you happen to need emergency funds but do not want to borrow from friends or family, you can consider taking up a personal loan.

Here are a few questions to consider before applying for one.

What are the requirements for a personal loan?

If you are looking to secure a personal loan from banks in Singapore, you have to take note of the requirements for eligibility.

Firstly, you have to be at least 21 years old with an annual income of at least S$20,000 a year. If you are a foreigner (with an employment pass of at least 12 months validity), you will need an income range of S$40,000 to S$60,000 a year. If you make much more than $30,000 a year, banks might extend lower interest fees to you.

The requirements to borrow from a licensed moneylender is pretty straightforward. All you need is the application form (which you can fill up online), plus other supporting documents that may include:

  • Proof of the borrower’s total income for the preceding 3 months prior to loan application
  • Utilities bills
  • Pay slips; or Income tax statements

And possible supporting documents for foreigners:

  • Original valid employment pass
  • Passport
  • Appointment letters from the borrower’s employer; and
  • Bank statements

How much can you borrow according to your income bracket?

If you are choosing to secure a personal loan from a licensed money lender instead, the maximum amount that you can borrow depends on your annual income. Based on the Ministry of Law’s guide to borrowing from money lenders, for Singapore citizens and PR, If your annual income is below S$10,000, then you can only borrow up to S$3,000. If you’re a foreigner, S$500.

If your annual income is between S$10,000 to S$20,000, the maximum amount you can borrow is S$3,000 for Singapore citizens/PR and foreigners residing in Singapore.

If your annual income is over S$20,000, then you can borrow up to 6 times your monthly income for both Singapore citizens/PR and foreigners residing in Singapore.

Here’s a summary of the annual income and maximum loan amount for each income bracket:

Annual Income For Singapore Citizens and Permanent Resident Foreigners residing in Singapore
< $10,000 $3000 $500
$10,001 – $20,000 $3000
> $20,000 6 times of monthly income

Understanding personal loan interest rates

Lenders make their decisions based on factors including credit records and other existing credit facilities. To get the lowest personal loan rates, you need to build a strong credit report. Borrowers with high credit scores tend to get personal loan interest rates that are low.

When borrowing personal loans from banks in Singapore, they will typically label their interest rates as x%, which stands for a customised interest rate that you would only see once your application is approved. The interest rate is usually dependent on your credit score, loan amount, and your loan tenure. What you should be looking at is the effective interest rates or EIR as it includes processing fees and your loan repayment schedule, which is a true reflection of the cost of the loan.

When borrowing personal loans from licensed money lenders in Singapore, the money lender has to go through the terms and conditions of your loan such as repayment schedule, late fees, and interest charges before you sign the contract. A loan contract stating all the terms and conditions is required by law. The difference between signing up with licensed money lenders as opposed to banks is the quick turnaround time to get your funds, which can be as fast as an hour.

How to maintain my credit score?

An infographic explaining how personal loan interest rates work in summarised points

Maintaining a good credit score is part and parcel of getting the lowest personal loan rates. Banks and other financial institutions can offer a lower interest rate for a loan if your credit score is high. Credit scores are indicators of creditworthiness or the indication of the likelihood of a borrower paying their debt on time.

A great way to maintain it is to pay all your credit card bills and loans on time and in full. Also, refrain from applying for multiple loans at the same time from various money lenders as this will lower your overall credit score and increase your debt threshold.

Once you have a good credit score, you can leverage this as a way to get low-interest rates for your future loans. You can find out more about your credit report and rating from the Credit Bureau Singapore or Singpost branches at a $6.42 inclusive of GST.

Looking for low personal loan interest rates in Singapore? Find out more about your legal loan options with Galaxy Credit today.

Cryptocurrency is all the rage these days, with terms like crypto millionaires and NFTs (non-fungible tokens) on everyone’s lips. Since most people like quick cash, investing in crypto is something we might have considered.

In this article, we explain what exactly Crypto is, its risks and benefits, and whether you should invest in it. If you are looking to make some quick cash to either pay loans or increase your net worth, crypto could be an option.

What is Cryptocurrency?

A cryptocurrency is a form of payment that can be exchanged online for goods and services. The most famous of them is Bitcoin, which was invented in 2009 by an anonymous person. It works via blockchain technology, which transmits data and records transactions. Also, cryptocurrencies are decentralised, which means they are outside the authority of governments and banks.

Many companies, including a few Singaporean ones such as Crypto.com and StraitsX, issue their own cryptocurrency, also called tokens, which can be used to buy goods or services that the said company provides. There are currently more than 10,000 different cryptocurrencies being traded publicly. All cryptocurrencies also have the same value in every country and there are no exchange rates.

How can you hold Cryptocurrencies?

There are three main ways to hold cryptocurrencies. All involve having a “wallet”, which is an account that holds your crypto.

Exchanges

Firstly, you can hold them on exchanges such as Binance or Coinbase. On such platforms, you will be issued a “hosted wallet”, so-called because these platforms hold the wallet.

Non-custodial wallet

A “non-custodial” wallet allows you to have full control over your crypto. The downside is that if you lose your password, the wallet is gone forever.

Hardware wallet

Unlike the previous two options, a “hardware wallet” is a physical device the size of a thumb drive that stores your crypto. The upside is that you cannot be hacked since this is offline, with the downside being an inconvenience.

How do you make money out of Cryptocurrencies?

Much like stocks, the value of your portfolio increases when the price of the crypto token/s you hold rises, and vice versa. In other words, you make money when you sell the crypto tokens at a profit.

Cryptocurrency risks

As with all investments, there are risks. Crypto is known to be more volatile than stocks or gold, which is why it would be good to keep a healthy capital at bay so that you may buy more when it drops and sell when it’s at a higher price.

No sure-win crypto token

Although there are many established tokens with reputable companies behind them, the market is very competitive, with many tokens getting unlisted every few months. If you happen to hold such tokens, you lose all their value.

Vulnerability to hacks and criminal activities

For example, if your crypto is stored on an exchange, hackers can hack into your account and transfer your assets to their accounts. You may or may not be able to recover your crypto tokens — some are traceable while others are untraceable.

Scams

These tokens are often either hyped-up to offer extremely good services, such as giving you a percentage of their earnings, or entice you to invest by a tactic called “pump and dump”. “Pump and dump” happens when a token suddenly rises many times in value, attracting you to buy at an already high price. Once enough people buy at a said high price, the manipulators will “dump” the price by selling all their tokens, leaving you at a great loss. You may end up needing to pay loans that you have borrowed to buy such tokens looking for quick cash.

Cryptocurrency benefits

Many see cryptocurrencies as the currency of the future. We may end up using coins like Ethereum or Bitcoin to pay our monthly bills, or to procure certain products or services. Hence, buying these coins may be considered a long-term investment.

Get cash quickly

There is indeed such a thing as making quick cash. In May 2020, Bitcoin’s price was about USD 9,500. In May 2022, it was hovering around the USD 31,000 mark, though, in July 2022, it went down to around USD 19,000. Many coins have grown exponentially over just a few days, such as DogeCoin, which often pumps dramatically due to a tweet from billionaire and Dogecoin fan Elon Musk.

Advancing technology

The technology behind crypto, blockchain, is also why many people believe in digital currency. This technology is touted to be able to revolutionise industries from shipping to gaming. Having many believers and potential, many investors believe that cryptocurrency is not a fad and will only become more important as time goes on.

High liquidity

Some cryptocurrencies have high liquidity. This means that you can sell or buy them very quickly at market price. For example, if you need money to pay loans, you can simply liquidate your tokens for fiat, which is a term for real-world money.

Should You Invest In Crypto?

It depends if it is within your means. It is important to remember to never invest more than what you could comfortably afford to lose.

Investing in crypto can be an option to diversify your portfolio, which is always a good thing. This is especially true if you believe in the technology behind the tokens that you buy, and also that crypto usage will become more widespread as time goes by. However, do take note that the MAS discourages the general public from engaging in cryptocurrency trading as it is “highly risky”.

Bent on snagging some tokens right now but lack the funds? You might want to consider borrowing a relatively small sum from Galaxy Credit, a 24-hour money lender in Singapore, anytime, any day. As it stands, nobody said you have to invest a tonne of money into cryptocurrency for potentially big wins!

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