Report displays new data elements to enable consumers to better manage total indebtedness.
Credit Bureau Singapore (CBS) announced that as of December 4, 2014 consumers will be able to obtain enhanced credit bureau reports that display their aggregate credit limits* and aggregate outstanding balances across financial institutions.
The enhanced credit report is part of CBS’ move to provide more value-added data to consumers to allow them to be better informed of their credit situation. This comes as the Monetary Authority of Singapore has strengthened the Credit Cards and Unsecured Credit Rules, which since June 2014 has required financial institutions to review borrowers’ aggregate credit limits and outstanding balances in their credit bureau checks.
Explaining the rationale for providing consumers with the new data, Executive Director of Credit Bureau Singapore Mr William Lim said: “With this information, consumers can make better borrowing decisions for future applications of credit facilities. It also helps other borrowers who are at risk of credit problems avoid running into deeper debt. Borrowers who are already over-geared can take steps to reduce their outstanding debt as well.”
He adds: “CBS is able to provide the new aggregate credit limits and outstanding balances due to the comprehensive reporting of credit limits and outstanding balances of all the credit facilities by our member financial institutions.” Mr Lim also revealed that further enhancements to the credit report are on the cards come the second quarter of 2015. “From the second quarter of 2015, CBS’ credit report will segregate unsecured outstanding balances between interest-bearing ones and non-interest bearing ones. This is to provide greater visibility to borrowers ahead of the new unsecured credit rules that require lenders to suspend granting credit to borrowers whose interest-bearing unsecured outstanding balances exceed their annual income for three consecutive months or more, from 1 June 2015,” he said.
Consumers can go online via www.creditbureau.com.sg to get a copy of their enhanced credit report using their SingPass ID and password. The cost for each credit report remains $6.42 (inclusive of GST). Consumers can also obtain a copy of their credit report at the CBS office at SGX Centre 1, any Post Office islandwide, Consumers Association of Singapore (CASE) or Crimson Logic Service Bureaus.
CBS will be organizing a series of consumer education activities to help consumers understand the enhanced credit report.
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