A credit bureau in Singapore is an organization that maintains and provides credit information on individuals and businesses to lenders and other financial institutions. The credit information includes credit history, payment behavior, and outstanding debts, among others.
The main credit bureau in Singapore is the Credit Bureau Singapore (CBS), which was established in 2002 by the Monetary Authority of Singapore (MAS). CBS collects and maintains credit information on individuals and businesses, and provides credit reports to financial institutions to help them make informed credit decisions.
Credit reports from CBS can also be obtained by individuals and businesses, who can use them to understand their credit standing, identify errors in their credit information, and make informed decisions about their finances.
In addition to CBS, there are other credit bureaus in Singapore that provide credit information and credit reports, such as Experian and Equifax. These credit bureaus operate under the regulations and guidelines set by the MAS.
Getting a credit report from Credit Bureau Singapore (CBS) is a simple and straightforward process. Here are the steps to obtain a credit report from CBS:
1. Visit the CBS website: You can access the CBS website at www.creditbureau.com.sg.
2. Request a credit report: On the CBS website, you can request a credit report by clicking on the "Individual Credit Report" or "Business Credit Report" link.
3. Fill out the online form: You will need to provide personal information, such as your name, identification number, and contact details. For business credit reports, you will need to provide the business name, UEN number, and contact details.
4. Verify your identity: CBS may verify your identity through an electronic authentication process or by requesting additional information from you.
5. Pay the fee: CBS charges a fee for credit reports, which can be paid online using a credit or debit card.
6. Receive your credit report: CBS will generate your credit report and make it available for you to download and review.
Alternatively, if one were to apply for a new credit facility with a bank, the CBS will typically have a free report available for you to check (30 days within application).
It is important to regularly check your credit report to ensure that the information is accurate and up-to-date. If you find any errors in your credit report, you can dispute the information with CBS.
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