Saturday, 5 July 2014

My Credit Report from CBS

Come across a letter today from Citibank, offering 8x credit limit of monthly income. I am surprised and wonder if this credit ease makes any financial sense. Few weeks ago, I was asked by a client to provide financial credit report of my company from Dun and Bradstreet for a project. These two incidents lead to curiosity on my very own personal credit ratings.

I then come to know that we can actually buy our personal credit report from the Credit Bureau of Singapore (CBS). Call me ignorant, but it is something I never really pay much attention to previously. 

Here is the website www.creditbureau.com.sg

For S$6.42, you can purchase your own Credit report using your singpass via electronic payment.

Your credit report is a record of your credit payment history compiled from different credit providers. CBS will provide credit data to its members (credit providers such as banks etc) to help them to determine whether or not the person applying for credit is a good credit risk. Examples of credit applications includes credit card, motor vehicle loan, housing loan etc. In doing this, lenders can make better lending decisions quickly and objectively. 

Credit Score

Attach to each Credit Report is a Credit Score. A Credit Score is a number used by lenders as an indicator of how likely an individual is to repay his debts and the probability of going into default. It is an independent assessment of the individual's risk as a credit applicant.

A CBS Credit Score is a four-digit number based on your past payment history on your loan accounts.
 
The score range from 1000 to 2000, where individuals scoring 1000 have the highest likelihood of defaulting on a payment, whereas those scoring 2000 have the lowest chance of reaching a delinquency status. Together with the score, the risk grade and risk grade description are provided.
 
Your credit score is just one factor used in the application process. Other factors apart from your credit report, such as your annual salary, length of employment, bankruptcy/litigation information, number of credit facilities may also be taken into consideration by lenders during a loan application. Below is a table describing Credit Score.


My Credit Score

My credit score is 2000 with an AA rating. This is the maximum possible score with a 0.27% chance of defaulting loans.  

I was not surprise to have a high credit rating, but maximum score still left my eyes and mouth wide open for a while. I thought, I will have to sing some praises to myself for maintaining a 100% clean credit records.   

This may be one of the reasons why I received so many telemarketing calls on loan offerings!  Below you can find extract of my credit report. 


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