www.creditbureau.com.sg
Every month, payment performance data is uploaded by the Banking
and Finance industry to Credit Bureau Singapore (CBS).
Data relating to your loan payment performance is collated on your
credit file and may be used by Banks and Finance companies as part
of the assessment process for any new loans you may apply for, or
for a review of your existing loans.
Your Credit Bureau file is an indication of your financial health.
This is very important to the lenders as they assess the risk
involved in granting credit.
You should therefore know what’s on your credit file and
periodically check to see what new data has been uploaded.
How Do I Get A Copy Of My Credit File?
You can request a copy of your credit file on-line, at any of the
62 SingPost branches, at the Credit Bureau office, at CrimsonLogic
Service Bureaus or at CASE office.
A transaction fee of $6 plus GST applies
You can request for a copy of your credit report at any of the
following offices:-
1. Online
2. SingPost
62 SingPost Branches Islandwide
3. Credit Bureau(Singapore) Office
72 Anson Road, #11-03,
Anson House, Singapore 079911
Hotline: 6565 6363
Download Application Form
4. CrimsonLogic Service Bureau
133 New Bridge Road, Chinatown Point #19-01/02, Singapore
059413
Tel: (65) 6538 9507
1, Supreme Court Lane, Level 1, Supreme Court Building, Singapore
178879
Tel: (65) 6337 9164
5. CASE Office
170 Ghim Moh Road, #05-01, Ulu Pandan Community Building, Singapore
279621
Hotline: 6 1000 315
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 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.
1. Pay your bills on time As far as possible, strive to pay up in
full and on time.
Late or missed payments will certainly lower your credit
worthiness. Therefore, be sure to check your bills to see when
payments are due. Late fees and interest penalties add up quickly
and make it hard to pay the balance. Payment history is an
important factor in determining your credit worthiness. Since
recent history carries more weight than what happened five years
ago, getting in the habit of making on-time payments is an
incredibly powerful way to improve your credit worthiness.
2. Pay down your debts and consider charging less
Lenders like to see plenty of breathing room between the amount of
debt reported on your credit cards and your total credit limits.
The more debt you pay off, the wider that gap and the better your
credit worthiness. When you pay the full balance on your bill each
month, you are taking advantage of an interest-free loan from the
card issuer. If you make only the minimum payment on a significant
balance, it can take years to pay off the full debt. If you are
unable to meet the payment deadlines, let your financial
institution know and the reasons why.
3. Limit the number of credit cards you own
Avoid multiple sources of credit. It is more manageable to keep
track of 2 credit cards than 10. Opening a new credit line may
reduce your credit worthiness, especially if you do not have a long
and favorable credit history.
4. Cancel any unused cards
If you have many credit card accounts but are only using a few, it
is a good idea to close out the unused ones. However, it is
advisable to keep the cards that you have had the longest and
cancel the new ones as a long record of prompt payments will
improve your credit worthiness.
5. Stay out of bankruptcy if you can
Bankruptcy is the most catastrophic impediment to your good credit
reputation -- far worse than delinquencies, loans or collections.
Its impact, however, is dependent on how many defaults you made on
your credit before you filed.
6. Don’t be afraid of credit counselling
Most of us want to pay our bills on time and as agreed. However,
there could be unforeseen circumstances such as loss of employment,
business failure etc, which makes it impossible to settle the
minimum payments on the due dates stipulated by the bank. If you’re
overloaded with high-interest debt and are in danger of falling
behind on your payments -- or you already have -- consider working
with a nonprofit agency such as Credit Counselling Singapore to set
up a debt repayment plan. They can help you to reschedule payments
with the creditors, negotiate lower interest rates and help you pay
off your bills within a few years.
7. Get your credit report
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
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.
8. Know the differences between Debit Card and Credit Card
When you charge a purchase on your credit card, you have a minimum
of 30 days to pay the bill. If you do so, it will be to your
benefit as you’re taking advantage of the card issuer’s money as a
no-interest loan, provided you pay the balance in full each month.
On the other hand, when you charge a purchase on a debit card, your
bank will deduct your deposit account immediately. If you do not
have sufficient funds in your bank account, the transaction will
not be accepted.
9. Don’t close accounts if you still have debt remaining on
them
Closing accounts before they are fully paid can hurt your credit
worthiness. If you are planning on not using a certain credit card
anymore, you should wait to close it until after you have paid it
off. In order to keep yourself from charging, simply cut up the
card into pieces and keep it in a drawer.
10. Don’t apply for lots of credit at once
People are bombarded with new credit card offers all the time.
While it may be OK to sign up for a new credit card here and there,
it is a bad idea to sign up for several at once. This sends a
signal to creditors that you are desperate for credit and are a
risk to loan to. Resist the urge to sign up for many credit cards
at once and don’t overextend yourself.
Credit is an integral part of everyday modern life. From buying
movie tickets, to paying for a meal at a restaurant or buying a
car, credit is used. The most common use of credit is through
credit cards. Knowing how to use credit wisely is a critical part
of managing your finances and key to your financial health.
Advantages of using Credit:
Able to buy need items now
Don’t have to carry cash
Creates a record of purchases
More convenient than writing cheques
Consolidates bills into one payment
Disadvantages of using Credit:
Interest (higher cost of items)
May require additional fees
Financial difficulties may arise if one loses track of how much has
been spent each month
Increased impulse buying may occur
