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How to Read Your Credit Report

13 Sep 2018 
SOURCE: Credit Bureau Singapore

Credit Bureau Singapore (CBS) is Singapore's only comprehensive consumer credit bureau that has 100% full-industry uploads from all retail banks and major financial institutions.

Your credit report provides a holistic view of your credit payment habits. By keeping track of your credit report on a regular basis, you will be better informed of any changes that have been made to your credit file.

This in turn helps you manage your credit reputation more effectively as well as stay mindful of what the lenders know about you.

With the enhanced credit report, you can also make better borrowing decisions for future credit applications. Furthermore, borrowers who are at risk of credit problems can avoid running into deeper debt while those who are over-geared can take steps to reduce their outstanding debt.

An individual’s credit report contains information that is uploaded by the Bureau’s members on a monthly basis. The data is then consolidated and sorted into sections. The example credit report below should help you understand your own a lot better.

How to read your credit report 

A quick summary of the report which indicates:
- Your first credit account recorded with CBS
- Number of times that your credit file has been accessed and reviewed by lenders in response to your credit applications, this includes self-checks as well 
- Number of credit facilities with lenders
- Number of defaulted accounts with lenders
- Aggregate credit limit based on secured, unsecured and exempted credit facilities
- A “Y” flag will be indicated if you are part of the​ monthly debt instalment plan by Credit Counselling Singapore 
- A “Y” flag will be indicated under your initiation in the event you lose your ID and you wish to alert lenders for precautions

How to read your credit report
 Display of last 3 full address details (where available) are captured as per provided for by the Members of Credit Bureau Singapore

 

This section is the main gist of the report as it captures all your credit facilities that you own and your repayment behaviour in the last 12 months. Lenders will be able to have an overview of your timely repayments and assess if you are a good paymaster or not.

The first row indicates promptness of payment in the last 12 payment cycles. The second row records any cash advance or balance transfer taken up on your credit card. The last row is an indication of any full payment that has been made to your credit account. 

How to read your credit report This section records all enquiries by lenders, for example, in response to loan applications by you. If you have applied for 5 new credit cards within a week, 5 “New Applications” will be reflected in your credit report. This could affect your credit score as multiple credit applications have been made within a short period of time. Always exercise caution when applying for new lines of credit.​

This section records defaults on your credit facilities, if any. This information will be retained for 3 years upon full/ negotiated sett​lement.

How to read your credit report This section records individuals who are part of the Debt Repayment Scheme (DRS). DRS is a voluntary and debtor-driven scheme administered by the Official Assignee under the Bankruptcy Act (Chapter 20), for debtors with unsecured debts not exceeding $100,000. Debtors will commit to the DRS and repay their debts over a fixed period of time of not more than 5 years.


 This section records the bankruptcy order and notice of discharge. This information will be retained for 5 years from the date of discharge from bankruptcy. Bankruptcy records are sourced from Insolvency Public Trustee Office.

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A credit score is a number that represents a consumer’s risk level based on their credit history at a particular point in time. The higher your score, the lower the likelihood of you being delinquent in repayment. ​

Aggregate Outstanding Balances

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This section captures the amount owed to the lenders each calendar month. This includes the unbilled portion of any interest-free payment plans you have previously signed up for. 


Aggregate Monthly Instalments
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This section records the payment amount owed to the lender at a specific date each calendar month. The monthly instalments will include the granular amounts for each facility provided by our member banks for the previous month and aggregated amounts for the preceding 5 months.

The aggregated monthly instalment amount is a summation of all the payment amounts due by product type. This can include the monthly instalment amount due, interest, overdue charges, and the amount to be serviced in that month. 

​The use of the credit report is one of the risk assessment tools that banks use to evaluate on your creditworthiness and assess your financial soundness. A good credit repayment history will make it easier for you to obtain credit and to qualify for big-ticket items such as taking out a mortgage and getting a car loan.

Banks will usually look out for repayment status of credit facilities, default records or past bankruptcy. Other things that are significant include credit-related information on the number of existing credit facilities, new inquiries, outstanding balances and overdue balances in your credit report.

If you have applied for a new credit facility in the last 30 days with any of CBS member banks and financial institutions, you can receive a complimentary copy of your credit report from CBS. Otherwise, you can purchase your report online to understand your credit report better.

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