How to Get My Credit Report in Singapore

Credit reports and scores play a massive role in anyone’s life, especially adults already planning to make big purchases. In many ways, your credit report is a financial fingerprint that is unique to you. It also tells a story of your fiscal responsibility.

It’s tempting to just look at this document as just a letter but it is more than that. It tells lenders how reliable you are.

This document shows how well you’ve managed your financial obligation. The governing body that is in charge of this is Credit Bureau Singapore (CBS). This organisation collects data from various financial institutions and compiles it into a coherent report. It’s worth noting that CBS is a joint venture between the Association of Banks in Singapore and DBIC Holdings so there is definitely a balance between industry insights and regulatory oversight.

CBS uses a grading system from AA to HH, where AA represents the best of the best in terms of creditworthiness while HH might suggest that you need to work on your score.

Your track record of paying bills on time is the heavyweight champion of credit score factors. Consistent punctual payments can significantly boost your score. Adversely, late payments or defaults can deliver a detrimental effect to your creditworthiness.

This refers to how much of your available credit you’re using. You want to use enough to show you can handle credit responsibly but not so much that you appear overreliant on borrowed money. Aim to keep your credit utilisation below 30% for optimal results.

Experience counts in credit. A longer credit history gives lenders more data to assess your reliability.

Having a mix of credit types such as credit cards, personal loans, and mortgages, can positively impact your score. Why? Because it shows you can juggle different types of financial responsibilities.

We get it – it’s tempting to apply for every credit card offer that comes your way. However, did you know that too many applications in a short period can raise red flags? It might suggest financial desperation which isn’t a good look in the eyes of lenders.

1. Visit the CBS Website or head over to the Credit Bureau Singapore website.
2. Log in using your Singpass
3. Make Payment (usually S$8 but you can get free reports are available if applying for new credit)
4. Review and Download

This 12-month calendar of your credit accounts shows whether you’ve been paying on time, late, or not at all.

You also need to know who has been checking up on your credit. Too many enquiries can make you look bad so keep an eye on this section.

If you’ve had any serious credit mistakes, this is the section where they will show up. Your default records can show up for at least three years.

Nobody wants to declare bankruptcy but if you have experienced this, this can affect your credit for up to five years after discharge.

This might seem obvious but it’s the golden rule of good credit. Set up automatic payments if you’re prone to forgetfulness.

As mentioned above, use less than 30% of your available credit.

Don’t be too quick to close old credit cards. They contribute to your credit history length which can be beneficial.

Each application can cause a small dip in your score so be strategic about when and why you apply for new credit.

Stay on top of your credit health by checking your report at least once a year.

Understanding your credit report and score in Singapore is an investment in your future.
Remember that your credit score isn’t set in stone and with consistent effort, you can improve your creditworthiness over time. It’s a journey where every positive step counts. If you are currently experiencing financial gaps and need to apply for a loan, Lender SG can connect you with the best lenders in Singapore.