Why does MAS regulate the credit bureaus?
Credit bureaus are organisations that collect, use and disclose information relevant to the credit worthiness of borrowers. As credit bureaus collect detailed borrower credit information from financial institutions, it is prudent to subject them to formal supervisory oversight by the MAS.
Under the Credit Bureau Act 2016, licensed credit bureaus are required to ensure that they take adequate measures to safeguard the confidentiality, security and integrity of sensitive borrower credit information and protect consumers’ interests.
Can I seek MAS' assistance to direct the licensed credit bureau to amend my credit score?
A credit score is an independent assessment of the credit risk of an individual derived by a licensed credit bureau. MAS does not prescribe the manner in which a licensed credit bureau should derive and provide the credit score of an individual. Therefore, MAS is unable to direct any licensed credit bureau to amend your credit score.
Nonetheless, it is the duty of a licensed credit bureau to explain to you how your credit score is derived and how it meets the objective of providing a factual and accurate record of an individual’s credit history.
If you have queries about your credit score, please contact the respective licensed credit bureau directly for clarifications.
There are errors in my credit reports. Can I seek MAS' assistance to amend or delete the erroneous records?
Members of a licensed credit bureau are required to ensure that information provided to the licensed credit bureau is accurate, current and complete. You should approach the licensed credit bureau or your financial institution if you discover errors in your credit report.
The licensed credit bureau or your financial institution will then follow up with you to investigate the dispute. If their investigation reveals that there was an error, the licensed credit bureau is required by MAS to rectify your record and inform all its members who accessed your credit report in the last 12 months so that they are aware of the amendment.
Can MAS direct a licensed credit bureau to amend the records in my credit report, such as shortening the data retention period?
A credit report is a consolidation of factual information that reflects the credit status of a borrower. A licensed credit bureau and its members (for example, banks) are the main contributors and users of the report. Therefore, they are responsible for deciding matters such as the type of information and retention period of information to be shown in the report.
You should approach the licensed credit bureau or your financial institution if there are errors in your credit report.
I have difficulty obtaining financing from Financial Institutions and I believe this is due to my credit report. Can MAS assist me on this?
Aside from the credit report, financial institutions typically consider a number of factors such as historical income level, type of employment and total debt level to assess whether to grant loans and other credit applications.
As these are commercial decisions made by the individual financial institution, you may wish to contact the financial institution directly to discuss your needs.
Does MAS operate any credit bureau?
Does MAS have access to my credit information?
MAS does not have access to information of an individual's dealings and transactions with their financial institutions, and the information submitted by financial institutions to the licensed credit bureau.
In addition, MAS will not request individuals to provide their personal information over a call or through an email.