Did you know that you can check your own credit history for S$5 using Credit Bureau Singapore?
What is a Credit Bureau
Some of you might be wondering what a credit bureau is. The Credit Bureau Singapore is where financial institutions upload and also check on your history with regards to obtaining credit i.e. mortgage loans, car loans, credit card and other unsecured credit applications.
CBS explains:
Every month, payment performance data on approximately 3.6 million accounts is uploaded by the Banking and Finance industry to Credit Bureau Singapore (CBS).
Data relating to your loan payment performance is collated on your credit file and may be used by Banks and Finance companies as part of the assessment process for any new loans you may apply for, or for a review of your existing loans.
Your Credit Bureau file is an indication of your financial health. This is very important to the lenders as they assess the risk involved in granting credit.
You should therefore know what’s on your credit file and periodically check to see what new data has been uploaded.
Thus, CBS acts as a clearing house for information related to your credit history. It tracks if you are prompt or late in making payments on loans, credit card and related transactions. If you’re persistently late in making payments to banks and finance companies, that information would be available to potential lenders of monies to you.
Potential lenders would use that information as part of their decision making on your credit worthiness and risk of granting you credit. They may loan you smaller amounts or decline if their assessment is that your credit risk is too high relative to their own risk tolerance.
What Does a Credit Report Look Like?
I was curious to my own credit history although from my own experience I think I should be all right as I’ve never been refused credit card applications and I’ve managed to clear off my bank loan in full. Thus, I logged in using my Singpass and paid the $5 using my credit card to see what exactly my credit history looks like.
This is what a typical credit report looks like and the CBS teaches you how to read your own credit file.
It’s useful to have a look at your credit history especially if you are about to take up a major loan for car or house. This will allow you see if you have a good or not-so-good credit history.
Have you ever checked your own credit report before?
Tell Panzer in the comments section.
Be well and prosper.
Bernard Lim says:
Yeah, I still remember the 1st time I went to CBS to ‘purchase’ my credit report. The 1st reaction I got was, “What the heck? Why so blank?”. That was after my graduation.
I wonder if they provide the service online now. It would be great if folks can just check their credit rating online without having to go to SGX (not sure if it’s still there).
musicwhiz says:
Hi Panzer,
Nope. I bought my house 5 years ago and no intention for a car, so I don’t think I need one. I always pay all my bills on time for my credit card(s). Haha need to pay $5 to get a report ? Maybe now recession is here they should drop it to $2 or something ?
Musicwhiz
Panzer says:
Hi Musicwhiz
Those who are financially more prudent won’t need to spend the $5 for their credit report. But some people wonder why they get rejected for car loans/credit card should consider understanding their own credit report.
Be well and prosper!
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panzer says:
Hi Bernard
It is available online now. You can pay via credit card and get your credit report in a few mouseclicks.
For me, it is useful to take a look at my credit history since I still have a car loan but my home loan has been paid up.
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nhyone says:
I don’t think a credit report is useful in Singapore. What is important is the score, not the report.
If I go by the US standard, I think my credit score will be rather low:
- very short CC life (only 2 years; had to cancel a much older card)
- low credit limit (only 1 CC)
- very few transactions
- no balance
- no records of other loans (very bad for your score, since no payment history)
The only plus is the card balance to credit limit ratio.
Koey says:
Hi Panzer. Came across your blog while searching for the best interest rates for banks.
I am a 24 year old, final year university student, and I found it interesting that you mention the importance of Consumer Credit Report.
Ramit Sethi, Stanford graduate and co-founder of pbWiki mentions in his book “I Will Teach You To Be Rich” about the importance of having a good credit score, and how bankers will eventually evaluate our credit score for our big-ticket purchases in the future.
In Ramit’s own words,
“A high credit score can save you hundereds of thousands of dollars over your lifetime- and thats just on a house mortgage.”
While the book is targetted at Americans aged twentysomething and thirtysomething, I see its relevance to Singaporean twentysomethings, and am glad that you explained more about Singapore’s Consumer Credit Report.
I definitely taking a look at the book “I Will Teach You To Be Rich”
His web is : http://www.iwillteachyoutoberich.com/book/
Cheers to Financial Freedom
Koey
panzer says:
Hi Koey
Thanks for sharing Ramit Sethi’s blog. I’ve added him to my Google Reader.
Be well and prosper.
princess arsinuay says:
hi there, I am a foreigner working in singapore on a P1 employment pass. Can you tell me if I would have a record with the credit system also is there just one credit system here or others like experian and equifax ?
I have heard that if I apply for credit and get rejected then it wouldnt affect my credit score in a negative way but on forums I have heard that the opposite is true, could someone clarify what the truth is ?
panzer says:
In Singapore, all the financial institutions would do a credit check using the Credit Bureau of Singapore. Hence, once you start building up your credit history in SIngapore, financial institutions are able to check on your credit worthiness even if they’ve never done business with you before.
I’m not sure if Credit Bureau of Singapore has interfaces with other countries Credit Bureaus. You would have to check with them on that.
Be well and prosper.
Nicole Tan says:
Recently one of my relatives has been offered a job with a bank. The letter of offer has not been signed yet, likely to be within these few days. My question is : Will the employer (i.e. the bank)conduct a credit check with the Credit Bureau of Singapore on the credit history of my relative, before deciding whether to proceed with issuing the Letter of Appointment?
Thanks,
Angela
panzer says:
Hi Nicole
I am not sure if banks would do a credit check before hiring employees. It really depends on their human resources policy. Most organisations would unlikely do that but may ask you to declare your indebtedness other than mortgage loan or car loan e.g. civil service and statutory boards.
You would probably need to check with the bank to know the answer.
Be well and prosper.
Best Credit Report says:
Thank you for your post share. I really like your blog and I have learned something from it.
Kevin says:
Hi, I defaulted on a credit card with Citibank way bank in 1996 when I was young and stupid…will this be on my record? Thanks for any advice. As i am now back in Singapore and was thinking of applying for a card with Citibank. Obviously Citibank might still have the record of my bad credit…or do they also delete old info? Thanks in advance.
K
panzer says:
Dear Kevin
You can try to apply again. I think the Credit Bureau was not formed back in 1996 so they may not have records so far back if the bank didn’t file it with the credit bureau. You can give it a try again to see if Citibank accepts your application.
SM says:
Hi,
I defaulted(young and stupid) on an account in 2001. The account was made delinquent in 2002 when I was out of singapore.
I can see that CBS was formed in Sept 2002. Will my record still be there?
What happens if I return to Singapore? Will I need to repay an exhorbitant amount to correct the credit history? Can I re-age my debt and repay?
Please advise
Thanks in advance.
SM
Erick says:
Hi Panzer,
When was the Credit Card Co. or Credit Bureau record the unpaid credit card as bad debt? for how many years they kept it in their record.
TIA,
Banat
Anonymous says:
Is there anyone got arrested because of unpaid credit card debts in Singapore?
panzer says:
Hi Anon, generally, a debtor can be made bankrupt by the bank if the debt exceeds $10,000 as given in http://www.ipto.gov.sg website:
“Bankruptcy is a process where the debtor is publicly recognised to be insolvent. The High Court makes a Bankruptcy Order against the debtor and he is declared a bankrupt if he is unable to pay his debts of at least $10,000.”
So while one will not be arrested as it is not a seizeable offence, being made bankrupt or having a bad debt record in your credit bureau will affect your ability to borrow money from banks or to get credit for hire-purchase, car etc.
Be well and prosper.
Andy says:
Can some one tell me y singapore must hv this iam so sad nw myu brother use my name to buy car end up he nv pay i must pay GE money $24000+ and rite nw i cannot apply for credit and rejected by bank nw need to pay so many think i heat my brother i hv a bad credit report haiz
sani says:
Will all my credit stand with bank/s or other Institution (ie.CDP) ‘s finacial stand reflected in details upon checking? or just a one line statement stated I have no outstanding owned with others bank or Institution ?
panzer says:
The actual report from Credit Bureau when I applied for it then shows you your payment history for different financial institutions, product type, outstanding balance and payment history for last 12 cycles (mths). You should try it to see what is your own credit history.
lest says:
I had cleared my bad credit of about $34K in the year 2009 & thereafter, i debt free. When will my bad credit record be clear from the credit Bureau ? If i were to take up housing loan from bank in year 2012, will the bank loan to me ?
Jas says:
My husband had some bad debts with credit cards in 2009 and full settlement was also made in the same year. However, we realised that he’s not approve of any loans from the bank now, be it applying for credit cards or car loan. Was wondering if this is going to affect him permanately? That means he won’t be able to take up any loans for the rest of his lives? Isn’t this same as being adjudged a bankruptcy? Or the records at credit bureau will be deleted after certain years? Someone please advise. Thank you so much!
jerry says:
I went through the website CBS report template on the line. I want to verify with you whether the report record the transcation between me and singapore legal private money lender, such as Money3 or HupHoeCredit. I think moneylender can check my report by using my singpass, however, Can they post my transaction to the CBS report..
thanks a lot
panzer says:
Hi jerry
So far, only 25 banks and financial institutions are members of CBS, i.e. they upload information and can access the database.
http://www.creditbureau.com.sg/memberscbs.html
I am not sure if small legal money lenders can access the CBS records of individual credit history on an ad-hoc basis, it could be possible but probably not as CBS is likely to charge its members for access to the individual credit history database.
You may wish to contact CBS to find out if that is the case.
Be well and prosper.
panzer says:
Hi Jas
I am not sure how far back CBS members can access the individual’s credit history but I think it should be as far back as CBS was started as it’s not been around that long. It is up to banks to decide if they want to provide loans to individuals based on their credit history, banks do not openly publish their criteria and would probably decide on a case-by-case basis as well as some internal guidelines or rules.
Be well and prosper.
Ace says:
Hi Panzer,
I have a situation. Im in debt with DINER since 2002 (When I was young and naive) as a result, they’ve terminated my CC as I’ve defaulted payments with them since. I recently got my Credit Report and DINERS actually did post about my arrears with them there. So here are a few questions;
a)I eventually called up DINERS directly and had arranged payments with
in a monthly installment basis. But before this (years back up till today), I was always being harrased by some Credit Associates claiming to be a representative for DINERS. I used to ignore their letters and calls until the day when I made arrangements with DINERS for the monthly installments. I explained to the officer of the Credit Associate saying that I’ve already made arrangements for payment with DINERS directly and they could just check with DINERS themselves as I don’t wish to complicate this matter. Initially the officers said okay, but recently they send another letter again to my residence and even dropped me an email urging me to call them back upon reading the email (they don’t have my new contact number). At this point of time i’m very frustrated, I even had started the mnthly installment payment with DINERS (now in my 2nd mth). Why must they still harrass me? So i’m asking you, can I just ignore those letters and emails from them and is it legal/possible for me to bypass them and just deal with my direct creditor in this case DINERS?
b)Take that I’ve completed my installment repayment with DINERS, how long does it takes for my record in CB to be clean again? May I request DINERS to take the record down while I’m still paying the mnthly repayment?
c)I’ve just passed my Real Estate Salesperson examinations and looking for an agency to sign up with. I read the conditions in the Council Of Estate Agents quoting “Must not be an un-discharged bankrupt or have entered into a composition or scheme of arrangement with their creditors”
I am not an undischarged bankrupt ofcourse but is my monthly repayment arrangement with DINERS is considered a “scheme of arrangement with their creditors” or does this quote only refers to the un-discharged who is settling his debt?
Apreciate if you could give me solutions or advice for the 3 points. TIA! =))
panzer says:
Hi Ace
Apologies but I would not be able to answer your queries as these pertain to policies and processes by the respective parties i.e. DINERS, Credit Bureau Singapore and Council for Estate Agents.
(a) You should check with DINERS on your scheme with them and if you should ignore the credit associates.
(b) You should clarify this with the credit bureau directly on their policies on credit history.
(c) You should refer to CEA if they consider scheme of arrangement with creditors.
Be well and prosper.