...
ezloan logo
Credit Bureau Report in Singapore: A Beginner's Guide

Understanding Your Credit Bureau Report in Singapore: A Beginner’s Guide

 

Ever wondered why some people get approved for loans easily, while others struggle? The answer lies in a little document called a credit bureau report. Don’t have a clue about what this report is all about? Not to worry. 

In this beginner’s guide, our team of loan experts at EZLoan, a licensed moneylender in Singapore, helps to demystify the credit bureau report!

What is a Credit Bureau Report and Why is it Important?

Imagine a report card that tracks your financial responsibility. That’s essentially what a credit bureau report is. Compiled by Credit Bureau Singapore (CBS), it contains all the nitty gritty details about your borrowing and repayment history across different credit providers.

This includes everything from the types of credit accounts you hold (credit cards, personal loans, etc.), outstanding balances, default records, and how well you’ve kept up with your payments. 

 

Why is the CBS Report Important?

So, why is this report important? For all cases and purposes, it acts as a financial passport, unlocking better financial opportunities in your life, most particularly when applying for loans.

In Singapore, a credit bureau report can be important for the following reasons:

  • Loan Approvals: A good report, indicating a history of responsible borrowing and timely repayments, translates to easier loan approvals.
  • Interest Rates: A good credit report can also land you a lower interest rate on your loans. This means you save money in the long run!
  • Financial opportunities beyond loans:  Loans aside, your credit report can also be used by other entities like landlords or insurance companies when evaluating your application. 
  • Understanding your financial health: Your credit report is a snapshot of your financial responsibility. With it, you can identify areas for improvement and take steps to build a stronger credit history.

 

How to Obtain Your Credit Bureau Report in Singapore?

 

Free CBS Options:

Free Report From CBS: You can request a free report directly from Credit Bureau Singapore (CBS) within 30 days following a credit application (approval or rejection) from a CBS member bank.

Free Report from Bank (Some Banks): Some banks offer a free credit report after you apply for a loan, regardless of approval.

 

Paid CBS Report Options:

Online Report (Fastest): Get your report electronically within minutes for S$8 (before GST) on the Credit Bureau Singapore website.

SingPost Branch: Get your report for S$8 (before GST) at any SingPost branch with your ID. Pay an extra S$18 (before GST) for expedited service within 2 hours.

CBS Office: Visit the Credit Bureau Singapore office for a walk-in application and on-the-spot collection for a fee.

 

Understanding Your Credit Report: An Overview

 

Gotten a hold of your report? Here’s a simple breakdown of what you’ll find inside:

 

Personal Information: It starts with basic details like name, address, and ID number.

Account Status History: This is the main section, listing your credit cards, secured or unsecured loans, outstanding balances, and payment history (on-time, late, or defaults) over the past 12 months.

Previous Credit Inquiries: Tracks when companies check your report for new credit applications. Too many inquiries can be a bad sign.

Public Records: Reflects any legal actions, bankruptcies, or judgments related to your finances.

Default Records: Shows if you’ve defaulted on past loans or card payments.

Credit Score: A score (1000-2000) based on your credit information, with grades indicating risk (AA-good, HH-not so good). Note: lenders have their separate scoring systems.

Aggregated Outstanding Balance and Monthly Instalment: Provides an overview of your outstanding credit balances and monthly instalments for the most recent month and prior 5 months. 


Want to go into more detail? Check out the detailed explanation here by CBS themselves.

 

Building a Positive Credit History:  Key Factors Explained

 

Here’s a breakdown of key factors that can impact your report:

 

Credit History: Having a limited track record of borrowing and repayments makes it harder to get loans. On the other hand, using credit responsibly (making on-time payments) builds a positive credit history.

What to do? Go ahead and use credit cards, and make loans, but make sure you make payments on time to ensure a positive credit history.

 

Credit Exposure: Higher credit exposure generally translates to higher credit risk for lenders, as it suggests you have too much debt to manage. 

What to do? Don’t apply for new credit when you still have a lot of outstanding debt. If you have a credit card, keep the utilization low.

 

Delinquency Presence: Having any late payments or defaults on your credit accounts are red flags for lenders. This significantly lowers your credit score, making it harder to secure loans or favourable terms.

What to do? Always pay your bills ON TIME!

 

Number of Enquiries: Every time you apply for a new loan or credit card, there’s a record of it. Having too many inquiries in a short period can suggest you’re financially overextended, potentially lowering your credit score.

What to do? Don’t apply for too much credit at once.

 

By understanding these factors, you can now take control of your credit report and build a positive credit history for a brighter financial future.

 

How to Dispute Mistakes on Your Credit Report?

 

Errors in your credit report can negatively impact your creditworthiness. If you suspect discrepancies, you can dispute them directly with CBS.

You can contact their officers at 6565 6363 or contact their Consumer Services department via email at consumer_services@creditbureau.com.sg to kickstart investigations into the discrepancies.



Take Control of Your Financial Future with Your CBS Report

 

Your credit report is a powerful tool that can unlock a world of financial opportunities. By regularly monitoring your report (at least once a year!), you can ensure its accuracy and identify areas for improvement. 

Remember, a good credit score translates to easier loan approvals, lower interest rates, and ultimately, greater financial flexibility.

 

Alternatively, There’s EZLoan: Your Partner for Fuss-Free Loans

 

Life throws curveballs, and sometimes unexpected expenses arise. Maybe your credit report isn’t perfect, or the thought of navigating traditional loan applications is overwhelming. At EZLoan, we understand.

That’s why we offer a hassle-free alternative with our personal loans. With EZLoan, you can:

 

  • Apply online in minutes with Singpass 
  • Enjoy flexible repayment options tailored to fit your budget.
  • Get personalized service at our conveniently located branches

For more details on quick and easy personal loans, contact us to learn more!

 

Disclaimer: The information provided in this article is for general informational purposes only and does not constitute financial advice.  Always consult with a qualified financial advisor before making any financial decisions.

 

Get Your Loan Approval Within 3 Hours
Apply in 2 Steps

01.

Laykler 1

Submit Application

Apply via Singpass Myinfo, it only takes 3 minutes.

02.

Laykler 1

Book an Appointment

Receive your in-principal approval in 3 hours
Book appointment with us and get cash instant

PRIVACY @Beach Road

3 Beach Road #01-4853
Singapore 190003

DISCREET @Tanjong Pagar

1 Tanjong Pagar Plaza #02-49
Singapore 082001