Code Of Conduct

Definitions

In this Code, the following words shall have the following meaning unless the context otherwise requires:

1.1 "the Act" means the Banking Act (Cap 19, Singapore Statutes) and as the same may be amended from time to time;

1.2 “Authorised Users” means entities or persons (other than Banks) which are permitted by the Monetary Authority of Singapore to receive Customer Information from the Bureau and “Authorised User” means any of them;

1.3 "Banks" mean entities which fall within the definition of a “bank in Singapore” as defined in the Act and hold valid licences granted under the Act and “Bank” means any of them;

1.4 “Bureau” means Credit Bureau (Singapore) Pte Ltd, Company Registration No. 200100843C, having its registered address at 72 Anson Road, #11-03 Anson House, Singapore 079911.

1.5 “Business Days” means days on which banks in Singapore are open for business, excluding Saturdays and Sundays and “Business Day” means any of them;

1.6 "Code" or "Code of Conduct" means this Code may be replaced, modified, amended or varied from time to time by the Bureau;

1.7 “Compliance Committees” means committees constituted (as more particularly set out in Clause 10 and Appendix 1) for the purpose, inter alia, of ensuring compliance with this Code and “Compliance Committee” means any of them;

1.8 “Complainants” means Individuals and/or Members who lodge Complaints as to alleged breach(es) of the Code pursuant to Clause 9.1 and “Complainant” means any of them;

1.9 “Complaints” means complaints as to alleged breach(es) of the Code lodged by Complainant pursuant to Clause 9.1 and “Complaint” means any of them;

1.10 “Credit Files” means information relating to Individuals as collated, synthesised or processed by the Bureau for a Relevant Purpose from the Data and “Credit File” means any of them;

1.11 “Credit Reports” means any written, electronic or other communication(s) of Credit Files in such format as may be determined by the Bureau for provision to Members pursuant to the terms of Subscription Agreements and “Credit Report” means any of them provided always that where a Credit Report is provided to a Member or to an Individual in respect of a natural person more than six years after the last occasion that Received Information was supplied to the Credit Bureau by any Member relating to that natural person, such Credit Report shall be a Truncated Credit Report;

1.12 "Customers" means the customers of a Member or Members and includes former customers who have been listed on the Default Records and “Customer” means any of them;

1.13 "Customer Information" shall mean such "customer information" as is defined in the Act as may be disclosed to the Bureau by a Member;

1.14 “Data" means data obtained by the Bureau:
(i) from Received Information provided by Members; and/or
(ii) from any public record(s) and/or other sources;
and includes all or any part of Customer Information which the Act permits to be disclosed to, or by, the Bureau and/or a Member for a Relevant Purpose;

1.15 “Default Records” means the records in respect of Individuals (as maintained by the Bureau) claimed by a Member or Members to indicate that a credit facility or credit facilities has/have been terminated with outstanding amount(s) which are considered to be in default and “Default Record” means any of them;

1.16 “Disputed Information Notice” means such notification as may be made by an Individual and/or a Member pursuant to Clause 7.1;

1.17 “Individuals” means natural persons who are:
(i) Customers of (or have applied for credit facilities from) a Member or Members; or
(ii) sureties and/or prospective sureties of a Customer or Customers of (or of a party or parties who have applied for credit facilities from) a Member or Members, regardless of whether such Customer or Customers or party or parties be natural persons, unincorporated entities, corporate entities or any other entities,
and “Individual” means any of them;

1.18 "Information" means, collectively, all Data, Credit Files and Credit Reports and any part thereof;

1.19 “Members” means Authorised Users and Banks which subscribe for the Services from the Bureau by entering into Subscriber Agreements and “Member” means any of them;

1.20 “Previous Enquiry Record” means the record of enquires received by the Credit Bureau in respect of an identified Individual and when the same is:
(i) included in a Credit Report provided to a Member, it shall not include the names of any Member or Members who made the previous enquiries; and
(ii) included in a Credit Report provided to an Individual pursuant to Clause 6.1.1 or Clause 6.1.2, it shall include the names of all the Member or Members who made the previous enquiries;

1.21 “Received Information” means information and data relating to natural persons who are Customers and which is supplied to the Credit Bureau by the relevant Member or Members pursuant to the terms of the relevant Subscriber Agreement or Subscriber Agreements and includes any updates thereto provided by such Member or Members;

1.22 "Reciprocity Guidelines" means the guidelines regulating the supply and receipt of Information to or from Members as may from time to time be issued, replaced, amended or varied by the Bureau subject to the written approval of The Association of Banks in Singapore;

1.23 “Rectification Notice” means such notification as may be issued by the Bureau pursuant to Clause 8.3;

1.24 "Relevant Purpose" means any one or more of the following purposes:
(i) the purpose of assessing the creditworthiness of an Individual in connection with an application for credit by such Individual or a review of the account of the Individual;
(ii) the purpose of assessing the creditworthiness of an Individual as a surety in connection with an application for credit by a Customer or a review of the account of such Customer or a review of the creditworthiness of the Individual; or
(iii) any other purpose(s) permitted by the Act;

1.25 "SDIS" means the Standard Data Input Specifications as set out in the relevant Schedule of a Subscriber Agreement, as the same may be amended from time to time by the Board of Directors of the Bureau.

1.26 “Services" means:
(i) the provision by the Credit Bureau of Credit Reports to Members for a Relevant Purpose; or
(ii) the provision by the Credit Bureau of other services from time to time to Members subject always to the same not being prohibited by this Code or the Act;

1.27 "Subscriber Agreements" means the agreements for the provision of Services made between the Bureau and Members and “Subscriber Agreement” means any of them;

1.28 “sureties” means persons falling within the definition of a “surety” as defined in the Sixth Schedule of the Act and “surety” means any of them; and

1.29 “Truncated Credit Report” means a Credit Report which contains only the following information from the Credit File of the natural person to whom it relates:
(i) the name of that natural person;
(ii) the identification document type of that natural person and the unique number of such documentation;
(iii) the date of birth of that natural person;
(iv) the Previous Enquiry Record (if any) of that natural person; and
(v) the record of bankruptcy proceedings (if any) in respect of that natural person if such natural person was last discharged from bankruptcy within the last six years.