The Consumer Credit Bureau
CBS Operations
CBS Information
Banks’ Lending Decisions
Rectifying Inaccurate Information In Your Credit Report
My Credit File - Online
Banks’ Lending Decisions
Q1. Does the credit report indicate if credit should or should not be given?
A. The credit report only shows the factual credit data available and does not opine, indicate nor comment if credit should or should not be granted.
Q2. Who makes the decision to grant credit?
A. The banks or other credit providers with whom you have applied for credit make the credit decisions. Credit Bureau (Singapore) does not grant nor deny credit.
Q3. Will Credit Bureau (Singapore) know why I have been denied credit?
A. No. The decision to grant or deny credit is made by the banks or credit providers.
Q4. Does Credit Bureau (Singapore) have any “blacklists”?
A. No. Credit Bureau (Singapore) does not have any “blacklists”. Credit Bureau (Singapore) only provides specific factual credit-related information about consumers who have credit or loan facilities.
Q5. If my credit application has been rejected, will this fact appear in my credit record?
A. No. The members do not provide such information to Credit Bureau (Singapore). As such, it will not be in an individual’s credit report.
Q6. If I have been denied credit by a bank, will others also reject me?
A. Not necessarily. Different credit providers may use information differently, or take into account other factors when they assess your application. Although one bank may deny you credit, another bank may take a different view and accept your application. If you have been denied credit, you may wish to review your credit report from Credit Bureau (Singapore). You can access your credit report online via our website, or apply for your report at CBS office or at any of SingPost branches located islandwide.
Q7. When is an account classified as “default”?
A. This is a commercial decision by the credit provider, and may depend on a variety of factors. In normal cases, the Account will be 90 days + overdue before it is classified as a default. Credit Bureau (Singapore) however does not determine when an account is classified as default, and merely reflects this information after the bank has classified it as such.
Q8. How long does information remain on my credit report?
A. The relative importance of each type of information differs in credit-worthiness assessment. As such, information remains in the credit report for members' use in their credit-worthiness assessment in the following manner: Information on Previous Enquiries will be retained in the report for 2 years from the date of enquiry. For existing accounts, information on the promptness of monthly repayments are displayed on a rolling 12 months basis. Closed credit accounts will reflect the last 12 months payment status history as at the date of closure for a period of 3 years. Default records uploaded by Members with the status of Negotiated Settlement or Full Settlement will remain for 3 years from date of settlement. As for default records with the status of Outstanding and Partial Payment, it will remain indefinitely on your credit file. Bankruptcy data, if any, will be displayed for 6 years from the date of discharge.
Q9. How do I avoid having negative information on me from being sent to the bureau?
A. The best preventive measure is to exercise good money management and make repayment on time.
Q10. If I am a first-time borrower, will I be in a disadvantaged position as there will be no information on me?
A. As a new borrower, a new file will be created for you. This is not considered a disadvantage. It will then be in your interest to build up a favourable repayment track record for future credit applications.