Q1. What is a consumer credit bureau? A. A consumer credit bureau is a repository of factual information on the credit application and repayment records of consumers only. A credit bureau provides this information to its members (credit providers), under authorised conditions, to help them to determine whether or not the person applying for credit is likely to repay. In doing this, a credit bureau helps lenders to make better lending decisions quickly and objectively. It also guards against fraud. Credit bureaus are a common feature of developed countries around the world, and this concept is not unique to Singapore.
Q2. When did Credit Bureau (Singapore) begin operations? A. Credit Bureau (Singapore) was launched in September 2002 and has been accessible to the public since 9 October 2002.
Q3. Who are the members of Credit Bureau (Singapore)? A. Only banks and financial institutions gazetted by MAS in Singapore providing credit facilities to consumers can be members of Credit Bureau (Singapore). A full listing of the Bureau's members can be found at the Members page.
Q4. How does the Credit Bureau (Singapore) benefit me? A. Credit Bureau (Singapore)´s data is aimed at helping credit providers to make faster and more objective Lending Decisions. This will also contribute to a more competitive credit marketplace among the credit providers. With the Bureau in place, responsible customers can expect faster and more competitive services from the credit providers.