Understanding Your Credit Report
This article first appeared on Credit Bureau Singapore
Credit Bureau Singapore (CBS) is Singapore’s only comprehensive consumer credit bureau that has 100% full-industry uploads from all retail banks and major financial institutions.
Your credit report provides a holistic view of your credit payment habits. By keeping track of your credit report on a regular basis, you will be better informed of any changes that have been made to your credit file.
This in turn helps you manage your credit reputation more effectively as well as stay mindful of what the lenders know about you.
With the enhanced credit report, you can also make better borrowing decisions for future credit applications. Furthermore, borrowers who are at risk of credit problems can avoid running into deeper debt while those who are over-geared can take steps to reduce their outstanding debt.
An individual’s credit report contains information that is uploaded by the Bureau’s members on a monthly basis. The data is then consolidated and sorted into sections.
Aggregate Outstanding Balances
Outstanding balance is the amount owed to the lenders. This includes the unbilled portion of any interest-free payment plans you have previously signed up for.
Receive Your Free Credit Report
Consumers who have applied for a new credit facility with any of Credit Bureau Singapore’s (CBS) member banks or financial institutions can receive a free copy of their credit report, with effect from 1 April 2016. Credit facilities are various types of loans made in a business or corporate finance context. They are specific types of credit facilities such as revolving credit, term loans, secured and unsecured loans and retail accounts.
Your credit report is an indication of your financial health and is used by all lenders in Singapore to assess the risk involved in granting credit. Monitor your credit review to ensure a clean bill of credit health.
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