GM Creditz Pte Ltd is a licensed moneylender (License No. 102/2020) listed in the Registry of Moneylenders, under the Ministry of Law in Singapore.

The Best Ways to Get a Free Credit Bureau Report in Singapore

Best Ways to Get a Free Credit Bureau Report in Singapore

You probably know this already, but banks will always ask for a Credit Bureau Report as part of their credit investigation. A credit report is like your school grade, except banks evaluate your risk profile and likelihood to repay your financing. 

You can manually inquire about your credit bureau report, but it’s going to cost you a bit. Thankfully, you can easily get your credit bureau report by reading this short guide.

But, before we begin, let’s have a short recap.

What is a Credit Bureau Report Singapore?

Banks deal with hundreds of thousands of loan applications daily, making risk profile assessments a cumbersome task for their limited investigators. 

Credit reporting agencies, such as Credit Bureau Singapore, Experian Credit Bureau Singapore, and Moneylender Credit Bureau, collect and track borrower information for any bank’s use later. 

The system allows banks to make faster decisions on every loan application with virtually precise data.

Why Are Credit Scores Crucial in Singapore?

Financial institutions consider borrowers’ investments. High-risk borrowers have lower credit scores, while low-risk borrowers with excellent track records have higher credit scores. Risky borrowers only have access to limited and always secured financial products. 

On the other hand, high credit report scores will receive the institution’s goodwill offers to retain their loyalty, such as hassle-free lines of credit, credit cards, unsecured personal loans, and more.

Who Needs a Credit Report Copy?

Banks, financial institutions, some scholarship programs, and licensed moneylenders need a credit report copy. However, licensed moneylenders use the report for evaluation but focus on income and job stability as key decision factors for loan applications.

When Do You Get a Free Credit Bureau Report?

If you’d like to learn about your credit worthiness, you can obtain your credit report through a request from CBS and other credit bureau agencies. However, you’ll need to pay a fee to obtain your credit report. On the other hand, you can have the financial institutions apply for a credit bureau report for you free of charge.

Whenever you apply for the following financial products, established institutions will perform a hard credit report inquiry. Then, during your application, they’ll share a copy with you.

  • Credit Card Applications
  • Education Loans
  • Home Loans
  • Car Loans
  • Unsecured Loans

Get a Credit Bureau Report in Singapore Free From the Following Agencies

Singapore’s CBS, ECBS, and MLCB allow you to get your credit report free of charge with a few caveats. Here are precise steps to get your credit report from each agency immediately.

Credit Bureau Singapore (CBS)

Within 30 days after your previous credit application, CBS entitles borrowers to one copy.

To do this, borrowers can head straight to any SingPost branch, head to the Credit Bureau’s office, or use any Crimsonlogic Service Bureaus throughout the country. Remember: any additional CBS report copy before 30 days costs about S $6.50

Experian Credit Bureau Singapore (ECBS)

ECBS allows you to receive your free credit bureau report by registering an account with Experian free of charge. Unlike CBS, you can inquire multiple times using ECBS to learn more about your current credit without additional charges. 

However, if you want a hard copy of your report, you’ll need to pay a fee, which is unnecessary if you want to learn your credit report score for personal evaluation.

Moneylenders Credit Bureau (MLCB)

Experian operates MLCB, which is a licensed moneylender-specific service. Like Experian, you can evaluate your credit score in real-time. But, you’ll receive an additional charge if you need to print out a copy. MLCB automatically submits your report to any licensed moneylender’s credit inquiry.

How To Read Your Singapore Credit Report

All reports have the following data, which are easy to read, such as:

Basic

  • First Recorded Credit: This is the very first time you’ve ever applied and gained application approval. Its date is unchanging.
  • Hard Inquiries From Other Lenders: You’ll see this section as “Previous Enquiries.” This figure is the number of times every in-country financial institution has asked to learn more about your risk profile through an accurate credit report.
  • Current Credit Facilities: This section has a placeholder called “Accounts” with a single or double-digit figure right next to it. For most borrowers, it would be a single figure because having double-digit credit accounts is unsustainable.
  • Defaulted Accounts: You’ll see this as “Defaulted” on the report. Under this section, you’ll see if you currently have bankruptcy proceedings. If you have one, the Bankruptcy Proceeding section will list a figure right next to it.

Advanced

  • Aggregate Limit

This section includes the following items:

  • Secured Credit Limit: The highest loan amount or credit card limit you’ve reached in an approved loan application.
  • Unsecured Credit Limit: Credit agencies derive this as goodwill credit that does not require any collateral. It’s usually smaller than the secured credit limit.
  • Exempted Credit Limit: Purpose-oriented loan, such as home, education, or emergency personal loan.
  • Y-Flag

The Y in Y-flag means “yes” because it answers the questions whether you currently have the following:

  • Credit Counseling Singapore (CCS) Monthly Debt Installment Plan: You’ll see a Y in this section if you’re currently receiving CCS help to make sure you can pay your enormous debt fully.
  • Lost ID Card: If you lost your ID due to theft, you’d see a Y in this section, too.

Credit Score Risk Grade

CBS uses a four-digit number to provide borrowers a numerical coefficient between 1,000-2,000. Each figure represents a risk-level tier, which CBS actuaries derive through complex and dependable mathematics. For example, AA-grade credit scores are at 2,000 with an accompanying risk factor of 0.00-0.27%. On the other hand, HH-grade credit scores are at 1,000-1,723, implying borrowers have a 3.47%-100% risk of defaulting on loans.

Score Range Risk Grade Default  Probability
Minimum Maximum
1911-2000 AA 0.00% 0.27%
1844-1910 BB 0.27% 0.67%
1825-1843 CC 0.67% 0.88%
1813-1824 DD 0.88% 1.03%
1782-1812 EE 1.03% 1.58%
1755-1781 FF 1.58% 2.28%
1724-1754 GG 2.28% 3.46%
1000-1723 HH 3.46% 100%

What Directly Affects Your Credit Score?

Borrowers wishing to maintain or improve their credit score can best do so by observing and improving the following areas.

History of Payment

Averaging is one way CBS and credit reporting agencies use to determine your scores. Positive grades always have a huge average of fulfilled loan contracts versus defaults. AA-grade borrowers usually have zero defaults and bankruptcies.

Credit Usage

Having a huge dependence on credit will harm your credit score. The reason is simple: an AA-grade borrower with multiple credit channels open has a higher risk of defaulting on any one of their financing than a same-grade borrower handling just one channel of credit.

Credit History

Having a long credit history with low to zero penalties and interest increase history can give you higher credit scores. Keep in mind that having dealt with higher credit amounts in the past and fully paying them has a significantly positive impact on your credit.

Current Credit Portfolio/Mix

You can have multiple loan accounts and perform well in completely paying them back. The bank will reward a borrower with a formidable high-amount loan set that they can take in stride.

New Credit

Taking on new credit channels will have a negative score on your credit. As we’ve mentioned, CBS and other credit reporting agencies calculate scores with averages at certain points. New credit is neutral, and multiple neutral accounts will reduce your current credit grade.

Hard Inquiries

Additionally, financial institutions that inquire about you will negatively affect your credit scores. All hard requests (inquiries that a bank or company had initiated) inform CBS that you’re going through a loan application and are adding more risk to your profile.

Can You Recover Your Low Credit Scores?

If you’re going through poor credit, you’ll need to follow a few easy steps that require dedication, such as the following:

  • Pay on Time: You’ll get penalized for missed payments. Always pay on time and completely.
  • Don’t Apply For Multiple Loans: As we’ve mentioned above, new credit negatively affects your credit score due to its neutrality. Plus, if your total debt servicing ratio is nearly maxed out, but you get loan approval, you put yourself in a high-risk debt position.
  • Avoid Using Multiple Lines of Credit: If you can utilize huge, multiple revolving credits, you can improve your credit scores. Otherwise, we highly advise not applying for many credit options.
  • Preventing Defaults Are a Must: If you’re taking on even the smallest, unsecured loan available, make sure to pay it completely and avoid defaulting at all costs.

Credit Scores Won’t Have to Limit Your Borrowing Chances

Always remember:

  • Credit scores indicate your risk profile
  • Higher grades indicate creditworthiness
  • Defaulting, penalties, and deep debt negatively affect credit scores
  • Hard inquiries, new credit, and loans negatively affect scores
  • You can get credit reports free of charge from CBS, ECBS, and MLCB

Lastly, you won’t need to improve your credit scores immensely to get a substantial loan. At GM Creditz, your six-month-salary personal loan requires no high credit scores. Present yourself and our easy requirements to prove your eligibility, and you can get your financing on the same day. Visit our website today to apply for a quick-release loan!

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