Did you know...

Did you know that you could obtain a Customer Enquiry report of yours which include the following information:-

- Basic individual profile, such as name, identity card number, date of birth, address occupation, marital status etc;
- Records of all credit checks made on the consumer;
- Monthly records on how prompt were repayments made in comparison to the due dates;
- Records of bad debts, if any; (This information is kept for six years.)
- Bankruptcy record, if any. (This information is kept for six years from date of discharge.)

The credit bureau is a repository of factual information on the credit application and repayment records of consumers only. It provides this information to its members (credit providers), under authorised conditions, to help them to determine whether or not the person applying for credit is likely to repay. In doing this, a credit bureau helps lenders to make better lending decisions quickly and objectively. It also guards against fraud.

Note that all these information are accessible by the following members:-
- ABN AMRO
- American Express
- Bank of China
- CitiBank
- DBS Bank
- Diners Club
- Hong Leong Finance
- HSBC
- MayBank
- OCBC
- RHB Bank
- Sing Investments & Finance Limited
- Standard Chartered
- United Overseas Bank Group

So, the best preventive measure is to exercise good money management and make repayment on time in order to prevent having negative information of yours being sent to the bureau.

Some statistics for sharing:-

Comsumers at the age group (21-29) that use the following products have an average balance of :

Credit Card: $2,324
Personal Loan: $6,686
Motor Vehicles Loan: $43,700
Housing Loan: $137,942

And, 4.13% of Consumers in the above age group had an overdue account in the latest month review.