Regulation of Credit Bureau Companies Against Producing Inaccurate Credit Records

Mr Lim Biow Chuan asked the Prime Minister whether and how the Monetary Authority of Singapore regulates credit bureau companies from producing inaccurate credit records of citizens, for instance, by linking citizens to legal suits against companies where they are merely shareholders and not litigants.

The Monetary Authority of Singapore (MAS) licenses credit bureaus that collect consumer credit information from banks and other financial institutions (FIs) in Singapore. The FIs are members of the credit bureaus and may use the credit reports generated by the bureaus for credit assessment of consumers. Licensed credit bureaus are required to implement appropriate measures to safeguard the confidentiality, security and integrity of consumer credit information.

Credit bureaus generate consumer credit reports based on information provided by its members and relevant publicly available information. Litigation records are displayed in a consumer credit report only when the consumer is a litigant, in his personal capacity. The credit report will not include lawsuits where the party involved is not the consumer himself but a company in which the consumer is a shareholder.

Consumers have the right to access, review and dispute their credit reports. Should a dispute be raised, MAS requires credit bureaus to investigate and correct any erroneous data within 10 business days.