Understanding your credit bureau report is crucial for maintaining financial health. Experian’s senior director, notes that lenders use your credit report to decide on credit extension and terms. This knowledge helps secure better rates and approvals.
This article covers the essentials of a credit bureau report, how to check your credit records in Singapore, and steps to obtain a free report.
Step-by-Step Guide to Accessing Your Records Online
You can access your records online through the Credit Bureau Singapore (CBS) website using SingPass, or visit CBS offices and partner locations for in-person requests. Here’s a step-by-step guide to help you through the process.
- Visit the CBS Website: Go to the Credit Bureau Singapore (CBS) website and navigate to the credit report request section.
- Login with SingPass: Use your SingPass to log in and access the necessary forms.
- Complete the Forms: Fill out the online forms with your personal information.
- Authorize and Verify: Use the SingPass app to authorize the request and verify your identity.
- Submit and Pay: Submit your request and, if applicable, pay the fee of $6.42.
- Download Your Report: Once processed, download the PDF copy of your credit report.
In-Person Methods for Direct Collection
- Visit CBS Office or Partner Locations: Go to select SingPost outlets, the CBS office, or CrimsonLogic Service Bureaus.
- Complete the Request Form: Fill out the request form available on-site.
- Provide Identification Documents: Bring necessary identification documents, such as your NRIC.
- Collect or Mail: After verification, collect your credit report on the spot or choose to have it mailed to you.
Alternative Credit Bureaus
- Experian Credit Bureau: Visit the Experian website, complete the form, and submit your request to obtain your credit file.
How Much is a Credit Bureau Report in Singapore?
Here’s a breakdown of the costs associated with different types of credit reports and where to get them:
- Credit Bureau Singapore (CBS): You can obtain a copy of your credit file either online or at the Credit Bureau office. The current price for a Credit Report is $8.00, excluding prevailing GST. If you choose multiple delivery methods for your report, additional fees will apply.
- SingPost Branches: SingPost provides an Express 2-hour service priced at S$19.44.
How Do I Contact the Credit Bureau in Singapore?
If you need to get in touch with the credit bureaus in Singapore for any queries or issues regarding your credit report, here are the contact details:
Credit Bureau Singapore (CBS)
- Phone: 6565 6363
- Email: consumer_services@creditbureau.com.sg
- Address: 2 Shenton Way, #20-02 SGX Centre 1, Singapore 068804
How to Avail of the FREE Credit Report?
Did you know that you are entitled to a free credit report when you apply for a home loan, car loan, or credit card?
Simply ask the banker who you are working with to retrieve it for you. Or you can get a free credit bureau report Singapore within 30 calendar days from the date of the letter of approval or rejection. You can get it from the credit bureau’s website using your SingPass ID and password.
Eligibility for a Free Credit Report:
- New Credit Facility Applicants: If you’ve recently applied for a new credit facility with any Credit Bureau Singapore (CBS) member, you are eligible for a free credit report.
- Credit Checks by CBS Members: You qualify for a free report when a CBS member performs a credit check on your file in response to your recent credit application. If you’ve applied for multiple credit facilities with different banks or financial institutions, you can obtain free credit reports for each application within the validity period.
Detailed Breakdown of a Credit Bureau Report
Understanding the details of your credit bureau report is essential for managing your financial health. Here’s a comprehensive look at the key components:
Summary
[Sample Credit Bureau Report taken from CBS website]
This shows a quick summary of the credit report. It indicates the following information:
- Your first credit account recorded with CBS
- Number of previous enquiries
- Number of credit facilities with lenders
- Number of defaulted accounts with lenders
- Bankruptcy information
- Aggregate credit limit based on secured, unsecured, and exempted credit facilities.
- A “Y” flag will be indicated if you are part of the monthly debt installment plan by Credit Counselling Singapore
- A “Y” flag will be indicated under your initiation in the event you lose your ID, and you wish to alert lenders for precautions
Personal Details
Your credit report includes basic personal details such as your name, NRIC number, date of birth, and last three full addresses. This information is crucial for identity verification and ensures that the report corresponds to the correct individual.
(source: Credit Bureau Singapore)
Account Status History
This section shows the status of your credit accounts over the past 12 months. It includes payment history, indicating whether payments were made on time, overdue, or if the account was closed.
- First Row: The promptness of monthly cycle payments in the last 12 payment cycles.
- Second Row: Records any cash advance or balance transfer took up on your credit card.
- Last Row: Indicates any full payment you have made to your credit account.
Each status is represented by symbols (e.g., A for current to 29 days past due, B for 30-59 days overdue). This history helps lenders assess your payment behavior.
(source: Credit Bureau Singapore)
Previous Enquiries
This lists all enquiries made on the individual’s report. For example, if you applied for a loan, the bank will get a copy of your credit report. This information is retained in the report for 2 years from the date of enquiry.
Default Records and Bankruptcy Proceedings
The default records section lists all the payment defaults reported by lenders who are members of CBS.
On the other hand, the DRS or Debt Repayment Scheme Record section is for individuals who are part of DRS. This scheme is a voluntary and debtor-driven scheme for individuals with unsecured debts of not more than $100,000.
Bankruptcy Proceedings
This is where you will see the bankruptcy order and notice of discharge. The information listed in this section is sourced from the Insolvency Public Trustee Office.
Bureau Score
The bureau score is a numerical representation of your credit risk, ranging from 1000 to 2000 for risk grades AA to HH. This score is calculated using an algorithm that considers various factors in your credit data. The higher the score, the lower your chances of defaulting on your debts.
Credit Bureau Singapore’s Risk Grades
A credit score is a statistical analysis done by lenders and financial institutions to determine an individual’s creditworthiness. Financial institutions will use this score to determine whether to approve or deny credit.
The Credit Bureau Score ranges from 1000 to 2000 and is categorized into various risk grades from AA to HH. Those with 2,000 points, on the other hand, are considered as having the lowest risk of reaching a delinquency status. These individuals will enjoy the best credit rating of AA.
Each grade represents the probability of default, with lower scores indicating higher risk. Here’s a breakdown of the risk grades:
- AA (1911-2000): Lowest risk, default probability ≤ 0.27%
- BB (1844-1910): Low risk, default probability 0.27% to 0.67%
- CC (1825-1843): Slightly higher risk, default probability 0.67% to 0.88%
- DD (1813-1824): Moderate risk, default probability 0.88% to 1.03%
- EE (1782-1812): Higher risk, default probability 1.03% to 1.58%
- FF (1755-1781): Significant risk, default probability 1.58% to 2.28%
- GG (1724-1754): Very high risk, default probability 2.28% to 3.46%
- HH (1000-1723): Highest risk, default probability ≥ 3.46%
- HH (1000-1723): Represents the highest risk of default, with probabilities from 3.46% up to 100%.
Conclusion
Understanding and managing your credit bureau report is crucial for maintaining good financial health. Regularly checking your report, disputing inaccuracies, and staying informed about your credit status can significantly impact your financial opportunities. By following the steps outlined in this article, you can ensure a healthy credit profile and better financial prospects.
Key Takeaways:
- You can access your credit bureau records online through the Credit Bureau Singapore (CBS) website using SingPass, or visit CBS offices and partner locations for in-person requests.
- A standard credit report costs $8.00 excluding GST, with additional fees for multiple delivery methods. SingPost offers an Express 2-hour service for $19.44.
- You are entitled to a free credit report if you apply for a new credit facility with any CBS member, or if a CBS member conducts a credit check in response to your recent credit application.
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