Proactively monitoring your credit report is a smart and responsible financial habit you should build. This helps you detect fraud and errors, as well as verify the accuracy of the information reported to credit bureaus.
With numerous resources that you can take advantage of, it’s possible to get a free credit report in Singapore. Discover the smartest ways to get a free credit report.
What Is A Credit Report?
Think of your credit report similar to your school record, but instead of teachers assigning grades, it’s a collective evaluation by banks, lenders, and financial institutions that assesses your financial credibility.
This report issued by the Credit Bureau Singapore or CBS holds a comprehensive history of your financial activities.
The Credit Bureau Singapore assigns a numerical credit score ranging between 1,000 and 2,000 for your credit report. Each number falls into a specific risk category, with calculations based on intricate and reliable mathematical formulas.
An AA-grade credit score, for example, stands at 2,000, indicating a very low risk of defaulting (0.00-0.27%), while an HH-grade score falls between 1,000 and 1,723, suggesting a significantly higher default risk (3.47%-100%)
The CBS Credit Score
|Probability of Loan Default (Min-Max)
What’s in Your Free Credit Report Singapore?
Your credit report contains the following information:
This section contains your basic details such as your name, identification number, and address.
All your active and closed credit accounts, including credit cards, loans, and mortgages, are also listed on your report. It also provides information on your credit limits, outstanding balances, as well as payment history.
Whenever you apply for an unsecured personal loan, auto loan, or credit card, financial institutions and banks conduct credit inquiries to assess your creditworthiness. These inquiries are recorded on your report to give institutions a look into your financial interactions.
Your credit report also contains legal actions, bankruptcies, and court judgments that are associated with your finances.
Lastly, any past defaults on loans or credit card payments can be found on your report.
Factors Affecting Your Credit Score in Singapore
To maintain or improve your credit score, consider these key areas:
Consistent and timely repayments contribute positively to your score. Those with AA-grade scores show a great history of repayments, with no defaults or bankruptcies.
Relying heavily on credit can hurt your credit score. If you have several credit lines, you will be seen as someone with a higher risk of default compared to someone managing a single loan, even if both of you have the same AA grade.
Credit History Length
A prolonged history of responsible credit use, characterised by minimal penalties and low interest rates, is amazing for your credit score. Successfully managing and repaying larger credit amounts also reflects positively on your report.
A diverse portfolio of well-managed loans can be advantageous to your credit score since making payments on time and in full for various loans and credit types demonstrates your reliability as a borrower.
Keep in mind that financial institutions will look at the average age of your accounts so when you open new credit accounts in a short period, it can lower your score.
Every time a financial institution conducts a hard inquiry into your credit history, it can slightly lower your score because these inquiries indicate to CBS that you are potentially increasing your financial risk by seeking new credit.
What Makes Your Free Credit Report Singapore So Important?
You may think that getting a free credit report in Singapore is just a trivial task, but it holds greater importance than you think. Here’s what makes this document so important.
It gives you access to financial products
As stated above, your free credit report Singapore helps banks, financial institutions, and other lenders decide if you can borrow money or get a credit card. Having a good credit report can also make it easier to get loans with lower interest rates.
It protects your finances
A free credit report Singapore can help you spot any errors, or if someone is trying to use your name for fraud. If someone’s trying to steal your identity and applies for a loan on your behalf, you’ll immediately see it on your report and you can dispute it.
It offers important beyond borrowing money
You may think that your free credit report Singapore only helps you get loans, but that’s not the case. This document can also assist you achieve life goals such as renting or buying a home, getting a job, or even buying insurance. In many ways, a good credit report can make all these things easier and more affordable.
When Can You Get Your Free Credit Report Singapore?
Getting your credit report can be done by requesting from credit bureau agencies. However, this service usually comes with a fee.
Fortunately, there’s a free alternative. Financial institutions can apply for your credit bureau report on your behalf and give you a copy. When you apply for certain financial products, reliable and established financial institutions usually perform a hard credit report inquiry and share a copy with you as part of the application process. These products include:
- Credit Card Applications
- Home Loans
- Car Loans
- Education Loans
- Unsecured Loans
How To Get A Free Credit Report Singapore
In Singapore, people have the opportunity to obtain their credit reports free of charge from various credit bureau agencies, each with its specific procedures and policies. Here’s how to get your credit report from each.
Credit Bureau Singapore (CBS)
CBS entitles borrowers to one free credit report in Singapore within 30 days following a credit application. To get your report, you can:
- Visit any SingPost branch.
- Go directly to the Credit Bureau’s office.
- Use services at any Crimsonlogic Service Bureaus countrywide.
Getting additional reports within 30 days incurs a cost of about S$6.50 per copy.
Experian Credit Bureau Singapore (ECBS)
ECBS also gives free and multiple credit inquiries by registering an account with Experian at no cost. While you can view your credit report multiple times for free, requesting a hard copy will entail a fee. This is a good option if you are frequently monitoring your credit status.
Moneylenders Credit Bureau (MLCB)
MLCB is tailored for licensed moneylender-specific services. It allows for real-time credit score evaluation, much like Experian. However, printing out a report comes with an additional charge. Notably, MLCB automatically provides your report to any licensed money lender upon inquiry.
The Bottom Line
Your credit score is more than just a number. It’s a reflection of your financial habits and health. That said, getting a free credit report in Singapore is about taking control, making informed decisions, and preparing for the future.
Whether you’re eyeing your dream home, or a new car, or simply wanting to ensure your financial stability, understanding your credit score is the first step. If you’re ready to take the leap into a loan or any financial commitment, a free credit report Singapore can be your guide.
When you’re finally ready to take out a personal loan, Crawfort can help. Apply for a fast cash loan today!