When you apply for a loan or credit card with a bank, the bank usually requests your credit report from the credit information bureau that it is a member of. Most Singaporean financial institutions are a member of Credit Bureau (Singapore) (CBS), and the CBS credit reports are among the most trusted ones. The lender will look at the report, examine your credit score and risk grade, peruse the financial information given in your application form, and finally take a decision on whether to approve your loan or not.
However, the downside of this arrangement is that we get to know our credit score only when we apply for a loan. This is because most of us do not bother to buy our credit report before applying for a loan, because a) it costs $6.42 per copy, and b) we simply do not think of it or forget about it. But it is essential that you are aware of your credit report status, not only to ensure you have a good credit score but also to keep track of identity theft and incorrect information.
What Is My Credit Monitor (MCM)?
One of the easiest ways of tracking your credit file is to access the My Credit Monitor available online on the bureau’s website.
MCM primarily helps you safeguard your credit information in three ways:
- It helps prevent a case of identity theft by alerting you each time a credit application is made in your name or payment has been missed.
- It helps you ensure that the information uploaded on your report is accurate.
- It helps you protect your information every step of the way without leaving the comfort of your home.
With MCM, you are entitled to the following privileges:
- A copy of your credit report on sign-up.
- Two kinds of subscription options:
- A 1-year subscription under which 4 credit reports are automatically sent to your registered email address every quarter. This will cost you S$48.15 including GST.
- A 6-month subscription under which 2 credit reports are automatically sent to your registered email address every quarter. This will cost you S$29.96 including GST.
- When a CBS Member enquires about your credit report
- When you request a credit report yourself
- When any of the accounts that are part of your credit file show a decline
- When negative information is added to your credit file
- When a litigation case is filed against you
Subscribing to My Credit Monitor
To subscribe to MCM, you need to sign in to the CBS website using your SingPass ID and password. MCM subscription can be done in the following way:
- Go to ‘Subscribe to My Credit Monitor’ on the CBS website.
- You’ll be redirected to the SingPass login page. Here, enter your SingPass ID and password.
- Once you login, you can apply for MCM services.
How To Get A Singpass ID:
SingPass ID is an important online identity that can be used for signing into and availing multiple government services. You can get the SingPass ID online or offline. You are eligible for a SingPass ID if you are:
- A Singapore citizen or a Permanent Resident
- A pass holder with one of the following: Employment Pass, EntrePass, S-Pass, Dependent Pass, Long-term Visit Pass
- A qualified work permit holder
You will need the following documents to get a SingPass ID:
- For Singapore citizens: National Registration Identity Card (NRIC)/FIN/Singapore Passport/Singapore Driving Licence/National Service IDs from SAF, SPF or SCDF.
- For Permanent Residents: NRIC/FIN/Passport with Re-entry Permit/Singapore Driving Licence/National Service IDs from SAF, SPF or SCDF.
- For pass-holders: Employment Pass (EP) and Personalised Employment Pass (PEP) card/Singapore Driving Licence/EntrePass Card, Approval-In-Principle letter (AIP) and Passport/S-Pass Card/Work Permit Card/Dependent Pass Card/Visit Pass-Plus Card.
Once you fit into one of the above categories, you can register for SingPass. To do so online, you need to:
- Go to the SingPass website and select ‘Register Now’.
- Step 1 on the page is to read the instructions. To proceed to Step 2 click on ‘Register Now’ at the bottom of the page.
- Enter your personal details – full name as mentioned in your identity document, NRIC/FIN number, date of issue of the NRIC or FIN – and then click on ‘Enter’.
- If all correct details are provided, you will be able to create a SingPass account. Verify your account using your registered email id and proceed to get your SingPass ID.
For offline registration, you can visit your nearest SingPass counter. There are over 44 counters across the island for your convenience. Once you submit the required documents, you will be able to generate an ID immediately.