Understand Why Is Your Credit Report Important?

Your credit report is a record of your credit payment history compiled from different credit providers.

As most lenders will check your credit file to assess your credit worthiness prior to making a decision, a good credit repayment history will make it easier for you to obtain credit and to qualify for loans.

By reviewing your credit report regularly, it allows you to be aware of any  information that is uploaded on your credit file.

The other advantage of monitoring your credit file is that it protects against possible fraudulent use of your personal details to obtain credit.

CBS’ ‘My Credit Monitor’ service checks your report daily and notifies you by email when key changes are detected. Early detection is key to minimising the damage that ID theft can have on your credit.

You can subscribe to ‘My Credit Monitor’ service at any Singapore Post branch or visit the CBS office in Shenton Way  to make an application.

Your credit report also helps credit providers to make faster and more objective lending decisions. By providing credit data to its members (credit providers) under authorised conditions, CBS helps them to determine whether or not the person applying for credit is a good credit risk. In doing this, lenders can make better lending decisions quickly and objectively. 

This will also contribute to a more competitive credit marketplace among the credit providers. With the Bureau in place, responsible customers can expect faster and more competitive services from the credit providers.