Keep your credit report clean

How is your credit report? Clean?

Have you ever wondered why your credit card application and / or personnel loan application is rejected by many banks?

The reason may be your bad credit report. (Sometimes by mistake too!!!)

Credit Bureau Singapore (CBS), which is established in 2002, gets data from many participating banks on everyone’s payment details in a monthly basis. If you are paying on-time, your report gets A grade. If you pay one month late then gets B grade and so on. They keep track of last 12 months payment promptness.

If you apply for a loan, the bank first verifies your credit report and makes sure it is clean before they grant the loan. If you have 5 credit cards, this report has payment details records for all of these cards. Depending on your credit report, the bank may decide to provide the loan or not. Obviously it is not the only criteria for the bank.

EzyCash scheme by GE Money requires customers to provide the credit report along with few other required documents. Wonder where to get this report?

You can get your credit file online at www.creditbureau.com.sg/ using your SingPass. The cost is $5.25 with GST. For more details, explore the same website.

What do think of CBS? Share your comments and experience!