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General

G1. What is a Moneylenders Credit Bureau (MLCB)?
G2. Who are the contributing members of the Moneylenders Credit Bureau (MLCB)?
G3. What is the role of a Moneylenders Credit Bureau (MLCB)?
G4. What report is available in Moneylenders Credit Bureau (MLCB)?
G5. What information goes into a Loan Information Report?
G6. What information goes into a Borrower Credit Report? How would it affect the borrower?
G7. Is the information in Moneylenders Credit Bureau (MLCB) secure?
G8. How often is the Borrower Credit Report / Loan Information Report updated?
G9. How will the Moneylenders Credit Bureau (MLCB) rectify inaccurate information in a Loan Information Report? How long will it take?
G10. Who should I contact for more information?
G11. How is a borrower’s total payable amount computed?
G12. What is the reserve sum?
G13. Who may access the reports from the Moneylenders Credit Bureau (MLCB)?

Loan Applicants / Guarantors

B1. Do I need to buy my own Loan Information Report when I make a loan application?
B2. How can I improve my credit standing?
B3. How do I purchase my Loan Information Report?
B4. How much does a Loan Information Report cost?
B5. What should I do if a licensed moneylender purchases my Borrower Credit Report and misuses it?
B6. I am a guarantor / surety for a loan. Will this be reflected in my Borrower Credit Report / Loan Information Report?
B7. I am returning to the same licensed moneylender for a new loan. Will the moneylender purchase a new Borrower Credit Report on me?
B8. What will licensed moneylenders do with my loan application form / the Borrower Credit Report after obtaining the Report on me?
B9. Why has my reserve sum amount changed even though the moneylender rejected my loan application?
B10. Why can’t I get a loan, even when I do not have any outstanding/active loans?
B11. Will any of my bank loans or credit card transactions appear in my Borrower Credit Report / Loan Information Report?
B12. How do I verify if a licensed moneylender's place of business is approved by the Registry of Moneylenders?
B13. How do I report to the Police if I come across a suspected unlicensed moneylender?

Moneylenders

ML1. Why should licensed moneylenders retrieve a Borrower Credit Report on a Borrower before extending a loan?
ML2. If a customer fails to qualify for the loan, should the moneylender keep the application form?
ML3. Should licensed moneylenders encounter difficulties in retrieving the Borrower Credit Report, should they proceed to grant the loan?
ML4. How long will the Borrower Credit Report be valid?
ML5. How should licensed moneylenders advise their customers upon receiving complaints of inaccuracies in their Borrower Credit Report?
ML6. Can the moneylenders remove data from the MLCB?


GENERAL

G1. What is a Moneylenders Credit Bureau (MLCB)?

The MLCB is a repository of factual information on all loan applications and repayment records with licensed moneylenders in Singapore. The information can be accessed only by public individuals and entities, licensed moneylenders, the Ministry of Law (MinLaw) including the Registry of Moneylenders.

G2. Who are the contributing members of the Moneylenders Credit Bureau (MLCB)?

All licensed moneylenders are contributing members of the MLCB. Please refer to MinLaw's website for the current list of licensed moneylenders .

Moneylenders whose licences are revoked or expired on or after 28 September 2018 are required to continue with their updates to the MLCB on information relating to the repayment of the loans.

G3. What is the role of a Moneylenders Credit Bureau (MLCB)?

The MLCB's role is to provide licensed moneylenders with relevant information to help them assess the credit-worthiness of a loan applicant.

G4. What report is available in Moneylenders Credit Bureau (MLCB)?

For public individuals and entities that wish to understand their active loan information, such as the current outstanding payables and the regularity of repayments made, they can obtain a copy of their Loan Information Report. The Loan Information Report also provides the identities of those moneylenders that the borrower has active loans with.

For licensed moneylenders, they are required to obtain a Borrower Credit Report to assess their loan applicant’s creditworthiness for every new loan application. Unlike the Loan Information Report, the Borrower Credit Report does not provide the identities of moneylenders that the borrower has active loans with.

G5. What information goes into a Loan Information Report?

The Loan Information Report will contain the following information:

  • The borrower’s particulars, including name and Identity (ID) Number or Unique Entity Number (UEN)
  • The borrower’s last income information, which includes last 3 months’ income amount, average income amount, annual income amount and the type of income document that the borrower has submitted to the licensed moneylender.
  • Loan type, total balance outstanding principal amount, total payable amount and reserve sum as submitted by the licensed moneylenders
  • The names of moneylenders which the borrower has subsisting loans with and the loan amounts.
  • Payment Status, which details all active loans the borrower has with moneylenders and the repayment status of each loan
  • Status of guarantor / surety of any loans

G6. What information goes into a Borrower Credit Report? How would it affect the borrower?

The Borrower Credit Report will contain the following information:

  • The borrower's particulars, including name and Identity (ID) Number or Unique Entity Number (UEN)
  • The borrower’s last income information, which includes last 3 months’ income amount, average income amount, annual income amount and the type of income document that the borrower has submitted to the licensed moneylender.
  • The computation of aggregated cap
  • Loan type, total balance outstanding principal amount, total payable amount and reserve sum as submitted by the licensed moneylenders
  • Payment Status, which details all active loans the borrower has with the moneylenders and the repayment status of each loan
  • Status of guarantor / surety of any loans

If a borrower makes a loan application to a licensed moneylender, the information above would be taken into account by that licensed moneylender to determine if it will grant a new loan to the borrower.

G7. Is the information in Moneylenders Credit Bureau (MLCB) secure?

All information provided to the MLCB is kept on secured servers. The MLCB also uses a number of measures, such as market standard encryption technology, to safeguard the information against loss, theft, unauthorised use, disclosure, or modification.

G8. How often is the Borrower Credit Report / Loan Information Report updated?

The moneylenders generally provide the update of total balance outstanding principal amount, reserve sum and repayment status to MLCB’s system on a ‘live’ or real-time basis.

The figure, “total payable amount”, which is the total outstanding amount of loan (including any interest, late interest and fees), is updated twice a month.

G9. How will the Moneylenders Credit Bureau (MLCB) rectify inaccurate information in a Loan Information Report? How long will it take?

Upon receiving your feedback on any inaccuracies in your Loan Information Report, MLCB will:
  • Consult the moneylender(s) that provided the disputed information
  • Provide an update on the outcome of the investigation within 10 working days

You may send us your feedback online or via email at mlcb@dpgroup.com.sg

G10. Who should I contact for more information?

For enquiries, please contact the MLCB directly via phone or email. Our contact details are as follows:

G11. How is a borrower’s total payable amount computed?

A borrower's total payable amount comprises the total outstanding debts from all active loans which include interest, late interest and fees as submitted by the moneylenders.

G12. What is the reserve sum?

The reserve sum is principal loan amount applied by the loan applicant but has yet to be granted by the licensed moneylender. This reserve sum, when added to the total outstanding principal unsecured loan amount, shall not cause the aggregate unsecured loan cap to be exceeded.

G13. Who may access the reports from the Moneylenders Credit Bureau (MLCB)?

The reports may be accessed by any public individual and entity, licensed moneylenders, MinLaw including the Registry of Moneylenders.

  • Licensed moneylenders can retrieve a Borrower's Credit Report from the MLCB when the borrower applies for a loan with them.
  • Public individuals and entities are able to retrieve their own Loan Information Report.
  • MinLaw including the Registry of Moneylenders will have access to all MLCB data.

LOAN APPLICANTS / GUARANTORS

B1. Do I need to buy my own Loan Information Report when I make a loan application?

No, the licensed moneylender will do so. However, if you have decided to act as a guarantor to a person’s loan from the licensed moneylender, you may need to purchase your own Loan Information Report, to allow the moneylender to assess your suitability to guarantee the loan.

B2. How can I improve my credit standing?

You may improve your credit standing by observing these pointers:
  • Repay outstanding loans on time.
  • Keep the number of loans and total loan amount manageable.

Do note that loans from licensed moneylenders may be expensive. Therefore, it is not advisable for you to take loans from licensed moneylenders on a regular basis.

B3. How do I purchase my Loan Information Report?

You may purchase your Loan Information Report via the following methods:

  • Online
    You may proceed to the MLCB website at www.mlcb.com.sg to purchase your Loan Information Report with your credit card and access your Report instantly.
  • In Person
    You may visit MLCB's branch office to obtain your Loan Information Report. Please note the payment mode for walk-in purchases is by cash-only.

B4. How much does a Loan Information Report cost?

A Loan Information Report costs SGD1.00 nett

B5. What should I do if a licensed moneylender purchases my Borrower Credit Report and misuses it?

You should report this to the Registry of Moneylenders, via any of the following channels.

  • Telephone number: 1800 2255 529
  • Online at Contact Us @ OneMinLaw

B6. I am a guarantor / surety for a loan. Will this be reflected in my Borrower Credit Report / Loan Information Report?

Yes. This is reflected since a guarantor / surety is legally liable for any unpaid loans.

B7. I am returning to the same licensed moneylender for a new loan. Will the moneylender purchase a new Borrower Credit Report on me?

Yes. This is because you may have taken a loan from another moneylender and the Borrower Credit Report will be updated to reflect this.

B8. What will licensed moneylenders do with my loan application form / the Borrower Credit Report after obtaining the Report on me?

Licensed moneylenders should retain the loan application form regardless of the loan application outcome for five (5) years. However, the licensed moneylenders must dispose of the Borrower Credit Report if your loan application has been rejected.

B9. Why has my reserve sum amount changed even though the moneylender rejected my loan application?

The reserve sum is the principal loan amount applied by the loan applicant but has yet to be granted by the licensed moneylender.

If you are shopping around for the best rates, please inform the moneylender to reject the application so that your reserve sum can be updated immediately. Otherwise, this will only be updated on the following day.

B10. Why can’t I get a loan, even when I do not have any outstanding/active loans?

Loan application outcomes are decided by the moneylenders after having gone through their credit risk assessments on the loan applicants.

B11. Will any of my bank loans or credit card transactions appear in my Borrower Credit Report / Loan Information Report?

No, the Borrower Credit Report / Loan Information Report will only reflect loan and repayment information with moneylenders in Singapore.

B12. How do I verify if a licensed moneylender's place of business is approved by the Registry of Moneylenders?

The licensed moneylender's place of business can be verified at: https://www.mlaw.gov.sg/content/rom/en/information-for-borrowers/list-of-licensed-moneylenders-in-singapore.html

B13. How do I report to the Police if I come across a suspected unlicensed moneylender?

If you suspect that you have been approached by an unlicensed moneylender, please report this to the Singapore Police Force through their online portal – I-Witness at http://www.police.gov.sg/iwitness, or call the anonymous X-Ah Long hotline at 1800-924 5664.

Alternatively, you may lodge a Police report:

MONEYLENDERS

ML1. Why should licensed moneylenders retrieve a Borrower Credit Report on a Borrower before extending a loan?

This is to enable licensed moneylenders to undertake better credit risk assessment before granting a loan. The retrieval of the Borrower Credit Report also enables the licensed moneylenders to comply with the restriction imposed under the Moneylenders Act and Rules as to the maximum amount that may be lent to a loan applicant.

ML2. If a customer fails to qualify for the loan, should the moneylender keep the application form?

Yes. Licensed moneylenders should retain the loan application form regardless of the loan application outcome for five (5) years.

ML3. Should licensed moneylenders encounter difficulties in retrieving the Borrower Credit Report, should they proceed to grant the loan?

No. Licensed moneylenders are advised to contact their respective IT vendors or DP Information to resolve any technical difficulties.

ML4. How long will the Borrower Credit Report be valid?

The Borrower Credit Report on the loan applicant is valid only for the day the loan application is made. Any loan application not processed or approved by 2359hrs on that day will be deemed as rejected. A new Borrower Credit Report on the loan applicant will have to be retrieved for the grant of the loan.

ML5. How should licensed moneylenders advise their customers upon receiving complaints of inaccuracies in their Borrower Credit Report?

Licensed moneylenders are advised to verify the relevant facts related to the complaint. Should the rectification of the inaccuracy fall within the moneylender's purview, the moneylender should assist in the correction. In the case where the origin of the inaccuracy falls outside the moneylender's purview, advice should be sought from the MLCB.

ML6. Can the moneylenders remove data from the MLCB?

The moneylenders are unable to remove any data from the MLCB. However, corrections to data that has been previously submitted wrong can be made following necessary investigations.