Response to "Victim of Grossly Inaccurate Information" (Straits Times, 9 October 2004)
I refer to "Victim of grossly inaccurate information" (ST Forum, 9 October 2004).
2 Credit Bureau (Singapore) Pte Ltd (CBS) is an industry initiative led by the Association of Banks in Singapore (ABS). It is intended to assist financial institutions in assessing an individual's credit-worthiness more effectively. Consumers should also be able to expect faster and more competitive services from banks. MAS does not regulate CBS.
3 MAS seeks to encourage the fair treatment of consumers and does not condone inaccurate information in credit reports. We expect banks to exercise the highest standards of data integrity and accuracy of all customer information including credit information submitted to CBS. CBS has a duty to address financial privacy concerns promptly and fairly and to play its role in ensuring data integrity and accurate reports.
4 Mr Thean also wrote to MAS on 4 October 2004. As is our usual procedure in such matters, we forwarded Mr Thean's letter to CBS and the banks concerned for their response. Individuals can also approach the Consumer Mediation Unit, established by ABS, to resolve any issues they have with the banks or CBS.