Credit Report Singapore: How To Obtain One

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 chances of getting lower interest rates for a loan. To obtain a low interest personal loan, it’s key to ensure there are no errors in your report. 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:

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.