How To Read Your Credit Bureau Report Singapore (2023)

Whether you are applying for a personal loan or a business loan (as a business owner), financial institutions will most definitely run a background check on your credit score by obtaining your credit bureau report Singapore.
credit bureau report singapore



This is the MOST comprehensive guide to understanding your credit bureau report Singapore.

And that’s not all.

We’re going to share some techniques for improving your credit rating. So if you want to understand your credit bureau report and improve your personal credit score, you’ll want to read on.

Let’s begin.

Things You Need To Know About Your Credit Bureau Report Singapore

Whether you are applying for a personal loan or a business loan (as a business owner), financial institutions will most always run a background check on your credit score by obtaining your credit bureau report.

Your credit bureau report can be obtained from the credit bureau website for a small fee of $6. You can purchase your credit report from the credit bureau Singapore website prior to your personal/business loan application and check your credit rating to see if you have any reason to be rejected outright.

Having a bad credit score in Singapore will not only limit your approval chances, but might also affect your loan quantum. If you are a business owner, it could curb your business loan approval chances as well. 

The Credit Bureau of Singapore (CBS) is the country’s most established aggregator of consumer credit-related information. 

CBS works with participating banks and financial institutions to aggregate these data, and to present the information as a more complete risk profile on their platform.

What is a Credit Bureau Report?

Your credit bureau report (also known as “CBS report”) is an aggregation of your credit history from different credit providers. Your credit report is a presentation to you and the banks of your credit-worthiness, based on past credit performance. 

The report will detail a full picture of your financial circumstances, which will help any bank or institutional lender to decide on whether credit should be extended to you.

Here is a credit bureau Singapore report sample:

cbs report

How Do I Get A Credit Bureau Report Singapore?

You can purchase and download your credit bureau report via the Credit Bureau Singapore (CBS) website by logging in with your SingPass and making a small payment of S$6. 

You will then be able to download a PDF copy of your credit bureau report. 

If you have applied for a credit card and got approved within the last 30 days, you will be able to obtain a FREE credit bureau report.

(Tip: To get a your credit bureau report FREE, you can ask the banker that you are working with to retrieve it for you.)

Otherwise, you could also request for a printed copy by heading to the Credit Bureau Office, the Crimson Logic Service Bureaus, the CASE office, or any of the 62 Singpost branches.

Note: As with the online portal, any of the above locations will also request for a fee payment of S$6. 

What is a Credit Score Singapore?

The credit score is an indicator of an individual’s credit-worthiness; or rather, an indicator of the risk that an individual will default on a loan. It is an independent assessment based only on historical credit performance.

The table below shows the credit score ranges, the respective corresponding risk grades, and default probabilities.

Score Range Risk Grade Probability of Default
1911 - 2000
1844 - 1910
1825 - 1843
1813 - 1824
1782 - 1812
1755 - 1781
1724 - 1754
1000 - 1723

So… what exactly is the credit score?

The credit score system is a four-digit numerical figure that is based on your past credit history. The number ranges from between 1000 to 2000; where 1000 represents the highest risk of an individual defaulting on a loan, and 2000 is an indication of a good pay master.

It is also good to bear in mind that your credit score is only ONE factor, out of many others, that is used in the credit assessment of a loan application. To name a few other factors that are taken into consideration, apart from credit rating – there is the annual income, duration of employment, number of outstanding credit facilities, and personal assets as well.

It should also be known that the credit bureau in Singapore is a completely unbiased entity that only provides factual data that is analyzed and presented in a standardized format that is easy to understand. The credit bureau does NOT take part in the decision making of a loan application, and certainly does NOT have any discretion in a decision. All decisions to approve or reject a loan application, is made sole on the discretion of the bank or financial institution.

Credit Bureau Score And the Risk Grades to Watch Out For

credit bureau score singapore

If your credit score happens to show HH, or any of the non-scored risk grades such as HX, HZ, GX, BX or CX, it might be best to hold off on your loan applications and seek a way to improve your credit score first.

We know that most of you do not quite understand the meaning of each non-scored risk grade. Here we will try to explain the probable meaning of each non-scored risk grade; how it came about and what you should do:

HH — It means that your probability to default is very high based on your previous borrowing/repayment records, and banks will not process your application favorably.

HX — You have some sort of litigation or bankruptcy record filed against you. This score will be removed after 3 years once every case against you has been concluded.

While this score does not mean an automatic rejection, you should call CBS and request for the records they have against your name. Depending on the situation, it is possible to get your loan approved.

HZ — This score means you have had bad payment records on your unsecured credit balances. It is highly unlikely that you will get any loans approved, you should contact CBS for advice or call up the bank to seek settlement.

GX — This means that you have no credit history, and therefore you do not have a credit score available. Having no credit history is certainly not a bad thing, but if you are trying to get a larger loan quantum (personal or business), it will lower your approval chances.

It is advisable for you to obtain a small line of credit via a simple credit card first, make prompt and full payments, and apply for the loan when you have a better credit score.

CX — Having a CX score is very similar to GX above; it means that you do not have enough credit history to compute a valid credit score. Similar to GX, you should hold off on your application while you obtain a credit card and improve your score.

6 Factors That Influence Your Credit Rating

1. Payment History

Your payment history plays a huge role in determining your credit score. Your past payment behavior is used to predict your future payment behavior!

Analyzing the historical data of your revolving credit facilities like credit cards; and loan installment repayments such as your home loan, the credit report takes the frequency, recency, and severity of missed or late payments into consideration. It does not discriminate between a missed credit card payment and a missed mortgage loan payment. Both will affect your credit score with the same impact.

One of the best ways to improve your credit rating is by making consistent, timely payments. As the credit bureau starts to recognize your consistent and timely payments, your credit score will gradually get better and better.

2. Credit Utilization

Credit utilization is based on the percentage of available credit that you use monthly. It takes into account the utilization pattern of credit on a credit card, and across multiple cards as well.

In an optimal scenario, keeping your credit utilization low is an effective way to maintain a good credit score. However, if your credit utilization is high, it is imperative that consistent and timely payments be made, so as to ensure a healthy credit rating.

3. Duration of Credit History

This component measures the duration of time that a credit facility was first taken up, and the amount of time since your most recent utilization of it. In essence, the credit bureau of Singapore favors a credit history that is longer and more established.

It is very important to build a strong and proper credit history. If you do not have a credit history on record, you will see a GX credit rating on your credit bureau report. Without any historical data on your credit performance, banks and financial institutions will almost certainly refrain from issuing any kind of credit to you.

4. New Credit

Logically, a new credit facility will lower the overall average of your credit history’s duration, which can have a small impact on your credit score. But then again, if you needed to take up a credit facility, then you just have to. It can be difficult to plan for such situations to the detail.

Most important to this component, is the number of credit facilities and the amount of credit extended most recently. For instance, if you suddenly open up multiple lines of credit at the same time, it would suggest to any bank that you may be facing financial problems.

While this component plays a smaller role in quantifying your credit score, its “real” impact could come from the outcome of actual events – such as the rejection of a loan application that resulted because the lender was wary of recently added credit facilities.

5. Types of Credit

There are two types of credit accounts: revolving credit and installment loans.

The credit bureau Singapore rewards you if you are able to manage both types of credit accounts well, as it is demonstrative of experience. It is said to be even more beneficial if you happen to have different loan types, such as a car loan (secured), and perhaps a renovation loan (unsecured).

6. Number of Enquiries

This factor tracks the number of new enquiries reflected in your credit report. Every time you submit an application to a bank or financial institution, a search is made for your credit bureau report. Each search within a 12 month period is recorded on your report.

In our experience, we have seen good credit scores of AA or BB plunge to an EE/FF because the individual went around applying to multiple banks within a short span of time. So try your best to keep your applications to a minimal.

It takes at least 6 months for a DD rating to be changed to CC, but it takes only 24 hours for a CC to drop to a DD. 

How To Improve Your Credit Score

The best way to improve your credit rating score is to make CONSISTENT, TIMELY PAYMENTS!

There are many tips and information shared online in regards to improving your credit score, but it all really boils down to the fundamental practice of making full and prompt payments consistently.

It may take a long time for your credit rating to improve, but there is no quick and easy way to cheat the system and boost your credit score. Do not believe sources that claim to help you boost your credit rating in a short time period.

Will My Bad Credit Score Affect My Loan Application?

Let’s say you have a bad credit bureau report Singapore or any of the non-scored risk grades. 

Instead of applying directly with the banks and risk having your application rejected (which will only worsen your score), it would be wise to consult with a business loans brokerage like Ollo Tech Asia to seek in-depth advice tailored to your current situation. They will aid you in every step of your personal or business loan application, which will increase your chances of getting an approval.

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