The Consumer Credit Bureau
CBS Operations
CBS Information
Banks’ Lending Decisions
Rectifying Inaccurate Information In Your Credit Report
My Credit File - Online
CBS Operations
Q1. How does Credit Bureau (Singapore) work?
A. In order for credit providers such as banks to gain a fuller understanding of the credit applicant, they must be able to gain access to the applicant’s complete credit record that may be spread over different institutions. This information can be used to supplement other information to help banks to make their decisions to grant credit. Credit Bureau (Singapore) stores and provides these credit records in the form of credit reports to enquiring institutions that must first be members of the Bureau. To do this, all Credit Bureau (Singapore) members need to contribute specific credit performance data to the Credit Bureau.
Q2. Where does Credit Bureau (Singapore) get its information?
A. Credit Bureau (Singapore) draws its information mainly from members and supplements it with publicly available information, such as bankruptcy information.
Code Of Conduct
Q3. Is it legal for the banks to share information of its consumers?
A. Yes. The Banking Act (Sixth Schedule) provides the legal framework on the use of customer information. Banks are only permitted to disclose specific credit-related information to the recognised Credit Bureau. Banks are not allowed to disclose deposit information. This includes any funds, safe deposit boxes or safe custody arrangements of a customer under management by a bank.
Q4. Do all banks contribute data to Credit Bureau (Singapore)?
A. Yes. It is intended that all retail banks that are members of ABS participate in Credit Bureau (Singapore) as an industry-wide practice, and contribute credit performance data under legally permitted conditions.
Q5. Is Credit Bureau (Singapore) regulated?
A. Credit Bureau (Singapore) is self-regulated. Credit Bureau (Singapore) and all authorised members must adhere to a strict Code of Conduct in the handling of consumer data. Credit Bureau (Singapore) and all authorised members will have contractual agreements based on this Code. The Bureau has been gazetted by the Monetary Authority of Singapore (MAS) and must operate in a prudent manner to maintain its gazetted status.
Q6. Will Credit Bureau (Singapore)'s Code of Conduct be verified or accredited with any symbol of best business practices or a trust mark?
A. Yes. Credit Bureau (Singapore) has been awarded accreditation from both CaseTrust Accreditation Scheme and Trust SG Certification.
Q7. Is Credit Bureau (Singapore)’s Code of Conduct available to the public?
A. Yes. Click here to view the Bureau's Code of Conduct.