Singapore, 12 August 2014... The Monetary Authority of Singapore (MAS) today published a consultation paper on proposals to strengthen oversight of credit bureaus.
2 As credit bureaus1 collect increasing and more detailed borrower credit information from banks, MAS proposes to subject them to formal oversight under a new Credit Bureau Bill, so as to safeguard sensitive borrower credit information and protect consumers’ interests.
3 Under the proposed framework, credit bureaus will be licensed by MAS and subject to ongoing regulatory requirements. A key focus of these requirements will be for credit bureaus and their members to ensure data confidentiality, security and integrity. In addition, to better enable consumers to access and verify the accuracy and completeness of their credit records, members of licensed credit bureaus, such as banks, finance companies and credit card companies, will be required to provide to a consumer a copy of his credit report at no cost within a specified period of approving or rejecting a credit application by the consumer.
4 The consultation paper is available on the MAS website and comments should reach MAS by 12 September 2014. Interested parties may email their comments to firstname.lastname@example.org.
1 Credit bureaus are organisations that collect, use and disclose borrower credit information relevant to the credit worthiness of borrowers. Members of the credit bureaus are usually lenders that use the information to facilitate their credit assessments and loan underwriting decisions. There are currently two consumer credit bureaus in Singapore, namely Credit Bureau (Singapore) Pte Ltd and DP Credit Bureau Pte Ltd, recognised by MAS to collect and disclose borrower credit information to their members.