Singaporeans are lucky because dozens of international banks have their headquarters in the country’s best cities. It’s not odd to assume that all available financial products and services in Singapore are world-class. However, to use any of them, Singaporean borrowers must have excellent credit scores.

Banks, financial institutions, and licensed moneylenders source your credit reports from a credit bureau. Learn more about this process and its effects on your loan applications and chances to gain approval. In doing so, you can maximize your chances of loan application success.

What Is a Credit Bureau?

Every country with a financial system has an organization that monitors and records every borrower’s financial activity. Credit bureaus have different names in every country, but all perform the same task we’ve described earlier. Borrowers and lenders can request credit reports for personal and retail loan evaluation using credit bureaus.

Who is the Credit Bureau Singapore (CBS)?

In Singapore, the Credit Bureau Singapore (CBS) monitors and records every country’s financial activity. Banks and financial institutions use the CBS’ service to create streamlined evaluations and risk profiles of all viable applicants. In doing so, they can cut down the interview process using an accurate evaluation by CBS.

What is a Credit Score?

The actual mathematics and algorithm CBS uses to calculate credit scores are confidential. However, you can be sure that it will involve all your actions, including possible late payments and extension requests you’ve made in the past.

Your credit score will always include a four-digit number that CBS’ specialists derive from your financial activities. Each score classifies borrowers to different risk designations. The table below shows you all the scores and grades.

A Table of All Scores and Equivalents in Singapore

Here’s an easy-to-understand table about credit scores and their equivalent grades. Use them as a reference in your future retrieval of Credit Bureau report Singapore.

Score Range

Risk Grade
Default Probability



AA 0.00%



BB 0.27%



CC 0.67%



DD 0.88% 1.03%


EE 1.03%


1755-1781 FF 1.58%



GG 2.28%


1000-1723 HH 3.46%


What Is Included in a Singaporean’s Credit Report?

In your credit report, you’ll find no in-depth explanations regarding your scores. However, as the table indicates, the lower your risk grade, the higher your chance to have your bank loan application approved. AA – CC risk grades are viable and manageable for most Singaporean borrowers. However, borrowers from FF-HH should improve their credit scores.

The following information will always appear on your credit report.

  • Name
  • ID Type and Number
  • Date of Birth
  • Postal Code
  • Date of Birth
  • Gender
  • Nationality
  • Marital Status

Here is information your report includes regarding each of your financial activities:

  • Financial Product Type (Credit Card, Loan, Etc.)
  • Name of Granting Bank
  • Account Type (Single or Joint)
  • Date Opened/Closed
  • Overdue Balance
  • Activities in the Last 12 Months
  • Any other notable financial events, such as bankruptcies and defaults
  • Final Credit Score
  • Risk Grade (including Description)
  • Default Probability
  • Payment History

Which Factors Affect Your Credit Scores?

CBS will record every financial activity you do. Therefore, you can expect that simple loan repayment, credit card use, or even a bank or moneylender credit report request will affect your scores. Here are four core factors that will negatively or positively affect your credit scores.

  • Utilized Credit
    Bankers and assessors refer to this term alternatively as outstanding debt. Truthfully, this term is much more common with credit cards. However, if your personal loan has penalties and higher interest due to late payments, this term will have negative implications.
  • Payment Records
    Your credit history records all your transactions with banks and other financial institutions. Your Credit Bureau report Singapore will include all your payment histories up to the current point too. CBS understands that your scores are an estimate requiring more tangible support proof, and payment records are the best way to do this.
  • Number of Hard Inquiries
    The Credit Bureau report will not indicate the number of hard inquiries your account received. However, it will indicate the number of loan applications you’ve executed in a particular period, which will have negative credit score implications.
  • Existing Credit Mix
    You can apply for multiple financing and get approval, especially if you’re working with the lenient terms of licensed moneylenders. However, your existing credit mix can positively or negatively affect your credit report, especially if your income-to-debt ratio is in the red.

Steps to Get Your Credit Report

You can get your credit report immediately by visiting CBS’ website. Their dedicated personal credit report request portal has online facilities allowing you to upload documents and requirements conveniently from anywhere with an internet-connected device. You’ll need to wait for a week or less until the service notifies you about the report’s availability. You’ll spend about S $6.42 on your credit report.

You can retrieve your report from the following:

  • SingPost Branch
  • Credit Bureau Office
  • CrimsonLogic Service Bureaus

If you ask them to deliver your credit report straight to your home or office, you’ll be charged an additional S $2 for the service. You can pay for your report plus the delivery through these channels.

  • Cash
  • eNets (both online and offline)
  • Visa and Mastercard (both online and offline)

What Can You Do If You Spot a Credit Report Error?

You can contact CBS through their website or through their telephone number at +65 6565 6363. A consumer services representative will assist you, allowing you to share details about the inconsistency.

Steps to Improve Your Credit Score

Truthfully, it’s easy to improve your credit score. However, you’ll need to have dedication and patience because you can’t immediately enhance your score overnight. If CBS sees your best performance averaging out your negative history, you’ll see great score improvements. You’ll need to do the following:

  1. Pay On Time
    Schedule your payments on your phone calendar and always pay completely. Make sure to end your loan term as the contract indicates.
  2. Avoid Multiple Loan Applications
    If you have good credit scores, a single loan application with a single bank is enough. Anyone with poor credit scores but stable income and work will have great personal loan approval chances with licensed moneylenders.
  3. Stop Using Multiple Revolving Credit/Credit Cards
    Revolving credit and credit cards are useful if you find their perks advantageous or using them as a credit score enhancement tool. However, it’s best to cancel some of them if you have more than two.

Your Credit History Matters In Every Loan Application

If you’re seeking bank loans, you’ll want to improve your credit scores because banks heavily consider your credit history for loan approvals. However, there are reliable top licensed moneylenders you can trust, such as Fortune Credit the best licensed moneylender in Singapore that can help you recover your scores quickly. Visit our website and apply for a loan today!