Consumer Credit Reports & How It Will Benefit You

DP Credit Bureau has been recognized by the Monetary Authority of Singapore as a consumer credit bureau for the purposes of the Third Schedule to the Banking Act. This means that consumers can approach a DP Credit Bureau outlet to attain their Consumer Credit Report.

WHAT IS A CONSUMER CREDIT REPORT?

A Consumer Credit Report is a record of your credit facilities with the members of DP Credit Bureau. It lists your credit card accounts and unsecured loans with its members. It also reflects overdue balances, payment patterns and if any action has been taken against you because of unpaid bills.

The information found in a Consumer Credit Report would normally comprise of:-

HOW DO I IMPROVE MY CREDIT STANDING?

Most people finance their homes and vehicle purchases with loans. Many people also obtain loans for large ticket items such as study and equipment loans. From day-to-day, people also make purchases with credit cards or use a credit line to finance short term purchases. These credit facilities are obtained from banks or finance companies. Banks or finance companies will usually grant you credit only after obtaining some pertinent information on your credit background. A Consumer Credit Report is one such document that keeps your credit providers updated on your credit standing and supports your application for credit.

A Consumer Credit Report is used by member banks and financing companies to ascertain a credit applicant or current customer’s credit status and history.

A bank or financing company will usually look out for:-

HOW DO I IMPROVE MY CREDIT STANDING?

By simply observing these few simple rules:-