Enhanced report to help consumers understand credit status
THE revamped credit report launched yesterday will make it easier for people to track their debt and credit limits.
The Credit Bureau Singapore (CBS) said the report now features a consumer's aggregate credit limits and aggregate outstanding balances, including secured and unsecured loans, across financial institutions. The previous version did not show these figures.
CBS executive director William Lim said in a statement: "With this information, consumers can make better borrowing decisions for future applications of credit facilities."
The CBS added that more value-added data means that consumers will be better informed of their credit situation, which also ties in with the tighter rules on lending being imposed by the Monetary Authority of Singapore.
One of the rules requires financial institutions to review a borrower's aggregate credit limit and outstanding balances in their CBS checks.
Mr Lim added: "It also helps other borrowers who are at risk of credit problems to avoid running into deeper debts.
"Borrowers who are already overgeared can take steps to reduce their outstanding debts as well."
The credit report will be further enhanced in the second quarter next year. One feature will separate unsecured outstanding balances according to those with interest and those without.
"This is to provide greater visibility to borrowers ahead of the new unsecured credit rules, which require lenders to suspend granting credit to borrowers whose interest-bearing unsecured outstanding balances exceed their annual income for three consecutive months or more, from June 1 next year," said Mr Lim.
Consumers can use their SingPass ID and password to get their report at www.creditbureau.com.sg. Each report costs $6.42.
Copies are also available at the CBS office in SGX Centre 1, post offices, the Consumers Association of Singapore or CrimsonLogic Service Bureaus.
CBS will be organising a series of consumer education activities about the enhanced report, including talks at its office. Mobile booths will also be set up this month at various locations to guide people through the report.