How To Get Credit Bureau Report: Online Methods, Fees, And Collection In Singapore
September 18, 2023
Financial institutions often require individuals to provide credit reports for the loan application process. Those who use credit cards or sought loans may be familiar with credit reports.
A personal credit report serves as a mechanism for financial institutions to monitor an individual’s utilisation of debit and credit accounts. This analysis impacts how financial institutions see someone as a potential borrower.
However, before anything, it is crucial to comprehend the concept of a credit report. Let us look at how to get credit bureau report in Singapore and its importance.
What Exactly Are Credit Bureau Reports?
The Credit Bureau Report Singapore (CBS) is a comprehensive document that financial organisations use to evaluate a borrower’s creditworthiness. It includes extensive factual information about your credit-related activities, providing an overview of your debit and credit accounts.
Nevertheless, a single report may provide substantial factual data on credit, such as:
- The trend in credit payback over the previous year. This encompasses outstanding credit card balances and late remittances.
- Fundamental personal details (excluding residential address and mobile phone number).
- Loan records that are set as the standard or default option.
- Existence of bankruptcy records, if applicable.
- The combined total of outstanding balances.
- Account closures or terminations for credit.
- Reports of all inquiries into your credit.
- Credit limit accumulation.
The most important primary information you can retrieve from an individual’s private credit bureau report is their credit score.
CBS is the most thorough consumer credit bureau in Singapore. It has uploads from every central bank and retail lender. The bureau is responsible for creating credit reports for consumers in the country.
How Can I Acquire A Copy Of My Credit Report?
Your credit report is available upon request from the following:
- SingPost Branches
- Credit Bureau Singapore Office
Online Credit Report Request
Apply at the CBS website and wait for them to send you your credit report. You can do so at https://www.creditbureau.com.sg/buy-my-credit-report.html.
Singpost Branches Credit Report
SingPost has a total of 57 locations located around the entire island. Please locate a branch close to your current location.
After an application arrives from the SingPost office, CBS will proceed with the processing and sending the credit bureau report to the applicant. They will utilise the agreed delivery method(s) and dispatch the credit report within a working day.
Credit Bureau Office Application
After the verification procedure and successful completion of the form, CBS will handle the request and furnish you with a duplicate credit history report.
You can either receive your report in print or softcopy. If you prefer the mail option, CBS shall send it to you at the mail address you provided that same day.
The Credit Bureau Singapore Office address is 2 Shenton Way, #20-02, SGX Centre 1, Singapore 068804. The offices are open between 9 am and 6 pm, Monday to Friday.
Identification Requirements Credit Report
For the CBS to give you your credit report after applying, you must produce identification. Below are the three categories of people and the type of identification they must have:
- Singapore citizens: physical ID verification is a must. Produce the front and the back of Singapore NRIC. Note that they do not do digital ID verification.
- Foreigners: There is no digital ID verification, only physical ID verification. Provide the front and the back of the Work Pass from the Singapore government and a passport.
- Foreigners who only have a Digital Pass: Produce a Passport and Student’s Pass, or Long-Term Visit Pass, or the Dependant’s Pass.
Credit Report Pricing
There are two types of pricing, namely:
- Express service fees
- Standard service fees
You must pay $8.00 plus applicable GST to obtain a credit report. If you want them to deliver the credit report, there will be an additional $2.02.
If customers apply for their CBS Credit Bureau Report in any of the available SingPost branches, they can pay $19.44 for express service. Within two hours of applying at the SingPost Branch, you will receive the report electronically via the email address you gave them.
The several accepted payment methods include:
- In-office payment options are:
- Online payment options, on the other hand, include:
An alternative option would be to acquire a complimentary credit report if you have recently applied for a novel credit line with any of the CBS partners.
This notification letter will include information regarding the acceptance or denial of the credit application and instructions on how to get your complimentary credit report in 30 days starting from the day of receipt of the notification letter.
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Modes Of Collection
The three primary credit report collection methods include:
Walk-in Applications Credit Bureau
Credit report Singapore office currently accepts walk-in applications. After the verification procedure and satisfactory completion of the form, they will move forward to process the application and furnish you with a duplicate of your bureau credit report.
Walk-in Applications Singpost
SingPost branches allow individuals to submit their credit report application process in person without needing prior appointments or online submissions.
Overseas Application Process
To order your credit report, send a request email to email@example.com indicating that you are presently abroad.
Include the title line of your email as ‘Application for Overseas Credit Report,’ and provide the mandatory identity document in either JPG or PDF form.
After receiving your email message, Credit Bureau Singapore will get back to you with how to order the report in two working days.
The Significance Of Credit Reports
Credit reports are significant in that:
- The credit score in the report reflects your capacity to make timely payments on financial obligations.
- Using your credit score as a starting point, banks will evaluate your creditworthiness.
The credit score facilitates more accurate lending determinations during the loan and credit card application process. A favourable credit repayment history facilitates obtaining credit cards and loans in subsequent periods.
Factors Influencing Your Credit Report
Several variables have the potential to impact an individual’s credit report. They include:
The Current Amount Of Credit You Possess
This encompasses the accounts now open or in use, granting users access to a credit facility.
History Of Credit
A solid credit history demonstrates one’s reliability as a borrower.
Research Inquiry Activity
Numerous new applications or inquiries indicate an inclination toward assuming further financial obligations. Refrain from applying for additional credit cards. Only do so if there is no any other option.
What Should You Do If There Is An Error In The Credit Report?
Contact the credit reporting company if you find an error or disagree with the details in your report. The credit report agency will:
- Get in touch with the data provider bank.
- Add a notation to your credit report stating that you are disputing the information and that an investigation is underway.
- Get back to you with the results.
Any time there is a change to your credit report, you must notify all financial institutions that ask for your report within the prior three months so that they can review the most current version.
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A credit report is vital. Thus, you should do everything possible to ensure the details are positive. Settle your monthly credit balance to keep a good credit rating.
Also, remember that payments are due regularly, and always make them on time. It is also advisable to open only a few credit accounts. Repayments can be easy to manage when fewer credit lines are in use.