Your Credit Report - What is it?

Are You Credit Wise?
Your Credit Report - What is it?

Your credit report contains detailed information on your credit history, including identifying information, credit accounts and loans, bankruptcies and late payments, and recent inquiries.

Every month, payment performance data on approximately 6 million accounts is uploaded by the Banking and Finance industry to Credit Bureau (Singapore).

Data relating to your loan payment performance is collated on your credit file and may be used by Banks and Finance companies as part of the assessment process for any new loans you may apply for, or for a review of your existing loans.

Your Credit Bureau (Singapore) file is an indication of your financial health. This is very important to the lenders as they assess the risk involved in granting credit.

You should therefore know what’s on your credit file and periodically check to see what new data has been uploaded.

Get a copy of your credit report

Understanding your credit report

Why your credit report is important

Your credit report is a record of your credit payment history compiled from different credit providers.

As most lenders will check your credit file to assess your credit worthiness prior to making a decision, a good credit repayment history will make it easier for you to obtain credit and to qualify for loans.

By reviewing your credit report regularly, it allows you to be aware of any information that is uploaded on your credit file.

The other advantage of monitoring your credit file is that it protects against possible fraudulent use of your personal details to obtain credit.

Your credit report also helps credit providers to make faster and more objective lending decisions.

Get a copy of your credit report