DBS Singapore | Personal Banking | Credit & Debit Cards | Credit Bureau

Frequently Asked Questions

Consumer Credit Bureau

What is a consumer credit bureau?

A consumer credit bureau is basically a library of credit application records and credit / loan repayment records of consumers. This credit bureau allows credit grantors who are its members to carry out creditworthiness checks on a consumer under authorised conditions.
Who owns the consumer credit bureau?

The consumer credit bureau is established by the Association of Banks in Singapore (ABS) who own it jointly with an operational partner DBIC Holdings Pte Ltd.
How does the consumer credit bureau work?

All credit bureau members will contribute only specified credit account data to the bureau. In turn, the members can access and use the information from the credit bureau to supplement other information that they need to make credit decisions.
Where are the sources of data?

The credit bureau draws its information mainly from members and supplements it with publicly available information.
Who are the members of the credit bureau?

Only banks and Monetary Authority of Singapore (MAS) approved financial institutions in Singapore providing credit to consumer or individual can be members of the bureau.
Who will be contributing data to the credit bureau?

Bureau members will contribute data to the credit bureau. The bureau database will be supplemented by public information like bankruptcy information.
What types of information on a consumer are available in the credit bureau report?
The credit bureau report can include the following information, if available:
1. Basic individual profile, such as name, identity card number, date of birth, address occupation, marital status etc;
2. Records of all credit checks made on the consumer;
3. Monthly records on how prompt were repayments made in comparison to the due dates;
4. Records of bad debts, if any; (This information is kept for six years.)
5. Bankruptcy record, if any. (This information is kept for six years from date of discharge.)
Why are these types of information needed?

The basic personal profile is primarily meant for making sure that when members contribute data or make enquiry, the correct data is updated or given to the member who is enquiring. The rest of the information in the credit report is primarily used for credit assessment.
What types of information is not included in the credit report?
The credit report do not contain:
1. Credit limit
2. Amount of loan granted
3. Monthly repayment required
4. Actual amount repaid each month
5. Salary of the individual
6. Amount of deposits
7. Value of assets
8. Net worth
Does the credit report indicate if credit should or should not be given?

The credit report only show the credit data available and do not give any credit rating or indicate whether credit should or should not be granted.
Does the credit report show any bad debt amount owed?

Amount owed is only displayed for any bad debt record and will be the amount outstanding at the date the record was sent to the credit bureau by the member.
Who makes the decision to grant credit?

The banks or financial institutions whom you have applied for credit with make the credit decisions. The credit bureau does not grant nor deny credit.
How does the credit bureau benefit me?

Overtime, the bureau data can help the banks better differentiate their customers, reduce processing time and provide better services.
How can I obtain my credit report from the credit bureau?
You can only obtain your credit report when the credit bureau is operational. To obtain your credit report:
1. Go personally to the credit bureau office;
2. You will need to produce your Identity Card / FIN Card / Passport or other photo ID card that can satisfy the bureau's need to confirm your identity;
3. A credit report fee of S$20 will be payable.
4. If you have been denied credit within the past 30 days, the fee will be waived.
  (More details on how and where you can obtain your credit report will be provided by the credit bureau at a later date nearer to the launch of the credit bureau.)
What if I disagree with information in my credit report?

You will need to state what is the information in the credit report that you disagree with to the credit bureau. If needed, an investigation will be made and the information amended. A revised report will be sent to any bureau members who have made enquiries on you in the last three months to inform them of the amendment in your credit report.
How do we ensure that information in the database is secure?

The credit bureau's security measures are aligned with stringent risk management standards and will be subjected to regular audits and testing by leading IT service companies.
Is it legal for the banks to share information of its consumers?

Yes. With the amendment to the banking secrecy provision in the Banking Act, banks are allowed to share information of consumers for checking credit worthiness.
How is the consumer credit bureau regulated?

The credit bureau must be recognized and gazetted by the Monetary Authority of Singapore before commencing operations.

The credit bureau and all authorised members will be self-regulated, adhering to strict Code of Conduct in the handling of consumer data. The bureau and all authorized members will have contractual agreements centered round this Code, which is aligned with the Banking Act.

The bureau is also subscribing to the CaseTrust Accreditation Scheme and subject itself to the CaseTrust principles, especially on data privacy and data protection.
Who can access my information?

Only authorized users of bureau members and authorized bureau personnel can access the bureau database. All authorized personnel will have unique ID and passwords to identify themselves. All access to the bureau database are tracked and recorded for auditing.
Can the bureau sell the information in other countries?

No. The credit bureau can only sell information to its members in Singapore.