Explainers
 Published Date: 30 May 2017

Ongoing Credit Checks and Requirements

Financial institutions (FIs) must check a borrower's creditworthiness on an ongoing basis.

Applies to: Full Bank (Locally Incorporated) , Full Bank (Branch) , Wholesale Bank (Branch) , Finance Company , Merchant Bank (Locally Incorporated) , Merchant Bank (Branch) , Credit/Charge Card Issuer

To ensure that borrowers are borrowing sustainably, FIs need to conduct various ongoing checks and take action when the borrower's creditworthiness deteriorates.

FIs also need to make certain required disclosures to borrowers who do not pay their bills in full, so that they are aware of the consequences.

Next Rules for Borrowers Who Are 60 Days Past Due