Imagine this – your CBS credit reports are publicly available, and anyone can take a peek into it when they want. What would be the consequences? For one, anyone can know your credit situation, and for another, anyone can use your confidential account information to commit fraud and use your identity to buy themselves some credit. Nobody wants such a scenario to play out, eh?
So in order to prevent identity theft and misuse of your financial data, and to maintain the general confidentiality of your finances, your credit reports are accessible only to two parties – yourself and one of the Credit Bureau (Singapore) (CBS) members. Those authorised to get into your credit report have a unique passcode to get into the Bureau’s database. Each access is tracked and monitored by the CBS.
As individuals, you can get your credit report in 3 ways – buying online, buying offline, and availing a free report.
Step-By-Step Guide to Getting CBS Credit Report:
Your credit report cannot be had for free, unfortunately. You need to buy it (except when you are eligible for a credit report. But more about that later). And this can be done by paying S$6.42 including GST. Four places you can go to for this: CBS website, one of the 62 SingPost branches on the island, the Credit Bureau office, CrimsonLogic Service Bureaus, or CASE office. Let us look at the process of buying your credit report in detail.
Online purchase: To buy the credit report online, follow the steps mentioned below –
- Go to the CBS website and navigate to ‘Get My Credit Report’ section. Here, log in using your SingPass ID and Password.
- SingPass ID can be obtained if you have one of the following:
- NRIC or Passport
- Employment pass, personalised employment pass or EntrePass
- S Pass card
- Work permit card
- Long term pass card or valid work pass from the Ministry of Manpower
You can’t get your report any time of the day – the CBS database undergoes scheduled maintenance every day between 2am and 7am and from 12am to 8am on the last day of the month.
Offline purchase: If you do not have easy access to the internet, you can visit one of the offices mentioned below to get your credit report. At the office, you need to fill in the application form and make the required payment. You can pay via cheque, cash or credit cards.
- Credit Bureau (Singapore) Office, 2 Shenton Way, #20-02, SGX Centre 1, Singapore 068804 Call: 6565 6363 Open from 9am to 6pm from Monday to Friday, except public holidays
- Any of the 62 SingPost branches
- CrimsonLogic Service Bureau, 133 New Bridge Road, #19-01/02 Chinatown Point, Singapore 059413 Call: 6538 9507
- CrimsonLogic Service Bureau, 1, Supreme Court Lane, Level 1, Supreme Court Building, Singapore 178879 Call: 6337 9164 Open from 8:30am to 5pm from Monday to Friday and 8:30am to 12:30pm on Saturdays, except on public holidays.
- CASE Office, 170 Ghim Moh Road, #05-01, Ulu Pandan Community Building, Singapore 279621 Call: 6100 0315 Open from 9am to 4pm from Monday to Saturday except public holidays.
How to Get CBS Credit Report For Free:
Did you just get a rejection letter from a bank after you applied for a personal loan? Or, did your home loan application get approved in the last 1 month? In that case, you can get a free copy of your credit report. From April 1, 2016 onwards, if the lender has arrived at a decision regarding your credit application, whether it is an approval or rejection, you are eligible to get a free credit report. You can get your free credit report in 2 ways:
- Online: The process is similar to buying the credit report online, except that instead of paying S$6.42, you need to choose the free report option.
- Offline: Visit the CBS office with your original identification documents and approval or rejection letter from the bank.
This free report is aimed at helping individuals understand their credit status and verify the information contained in their report. Only you can log in to CBS or go to the CBS office to collect the free credit report. Anyone else coming in your stead will not be handed over the report because of the sensitivity of the data contained in it.
Difference between Credit Report and Credit File:
Are you confused about the terms ‘Credit Report’ and ‘Credit File’? The distinction is very simple: a credit file is the complete dossier of your records available in the CBS database. You cannot download or buy your entire credit file, though you will be able to view it online through the ‘My Credit File Online’ option on the CBS website. It cannot be downloaded by any other person or the member banks either. Credit report, on the other hand, is a 2 or 3-page document containing a snapshot of your credit history and credit score that can be bought or downloaded by you and your lender.
By obtaining your credit report ahead of applying for a loan or planning to borrow a large sum of money, you can understand your credit score and determine your chances of getting a loan. However, you need to be wary of buying your credit report frequently, because too many inquiries affect the score negatively. Instead, you can subscribe to CBS’s My Credit Monitor, which alerts you every time there is an activity in your accounts and credit file. This will help you keep track of your report and its accuracy, and alert you to identity thefts and fraudulent transactions in your name.