21 April, 2016
Credit Bureau Singapore (CBS) will promote free online access to personal credit data from 1 April, as many consumers do not know the service is available, it said.
Any customer who applies for credit facilities with a bank or financial institution that is a member of a credit bureau is entitled to a free credit report. This is provided by credit bureaux recognised by the Monetary Authority of Singapore (MAS), the CBS said.
Banks and financial institutions have agreed to include a clause about how to access the reports in their credit applications forms from 1 April, and will give more details information in approval and rejection letters, the CBS said.
Consumers have 30 days from the date of the approval or rejection letter to apply for the report, and can do so online through the credit bureau's website, it said.
If a credit application is processed without the lender having run a credit assessment check, consumers should take their approval or rejection letters directly to the credit bureau's office to gain a report.
Ong-Ang Ai Boon, director of the Association of Banks in Singapore said: "Currently, a consumer is eligible to receive a free credit report whenever he makes a credit application. However, not all consumers are aware of this. We are pleased to make this public with effect from 1 April by informing all consumers of it. The objective is to enable convenience and easy access for a consumer to review his credit report."
For further information please contact:
Bryan Tan, Partner, Pinsent Masons MPillay
bryan.tan@pinsentmasons.com
