The Credit Bureau (Singapore) produces your credit report based on the information provided to them by its members. So if you have a loan or credit card account with institutions such as American Express, Diners Club International, Bank of China, Bank of Singapore, CIMB Bank, Citi, Standard Chartered, HSBC Bank, ICICI Bank, Maybank, OCBC Bank, etc. then your bank uploads your credit information to the CBS database regularly. Your credit reports are prepared based on this given information.
Though it is unlikely that a bank would upload wrong information, many a times, technical errors and insufficient information could create inaccuracies in your credit file. These inaccuracies could be about incorrect data on repayments, delays or defaults, or even a possibility of a debt or bankruptcy case being in your name while you know nothing about it, due to an identity theft. Your credit score, in this case, would be flawed, and any rejection you receive from a bank based on this faulty score would be unfair. In such a case, it would be better for you to buy a copy – or getting the free copy you’re eligible for after receiving a rejection or approval of loan application – and checking the credit report to ensure that all the data fed into it is accurate. If you find any discrepancies in the information, you can get it rectified.
Correcting Information in CBS Credit Reports:
To make corrections to your credit report data, you need to contact the CBS office. You can either call 65656363 and speak to CBS Privacy Officers, or send an email to [email protected] Apart from this, you can also go to the CBS Office at 2 Shenton Way, #20-02, SGX Centre 1, Singapore – 068804 and fill in a rectification request.
Once the bureau receives your request, the progress of your case will be as follows:
- CBS will process your request and begin an inquiry into your case. The inquiry will involve cross-checking the amendments you’ve requested with the bank concerned.
- If it has been found that your credit file has an error in it, the CBS will make the required corrections immediately.
- If there is a dispute regarding the credit data between you and your bank, then the CBS will first verify the information provided by you against the data received from the financial institution.
- Your credit file will be updated with the status ‘credit data under dispute’.
- You will be notified about the progress of the case regularly.
- Once the error is resolved to the satisfaction of both the customer and the bank, the report will be revised.
- The revised report will be sent to all CBS members who have requested your credit report in the last 12 months.
- If you disagree with the outcome of the investigation and want to take further action, you can approach the Compliance Committee of the Credit Bureau (Singapore) for a review.
Impact of Incorrect Information On Credit Report:
Incorrect data in your credit report is as damaging as negative credit data. If the errors relate to your debt information, delays in repayment, default on loans and bankruptcy, then your credit score will go down and risk grades will go up. The credit report will no longer be a reliable file that can be used as a parameter of your credit-worthiness. Incorrect data might also mean that you have been a victim of identity theft, which will seriously harm your financial prospects. A low credit score because of data inaccuracies will result in your loan or credit card applications being rejected for no fault of your own.
The only way to counter this and ensure that your report is true and precise, is to periodically check the report. One of the easiest ways to do this is to register yourself for the My Credit Monitor subscription of CBS. This will allow you to keep an eye on your credit report and find out if any incorrect information is being added to it.