By Alvin Chow
Recently I have to buy my own credit report from Credit Bureau Singapore (CBS) and submit to Housing Development Board (HDB) for the application of the housing loan.
It cost me S$6.42 and I could immediately download the report.
I was quite surprised to see the records of all my loans and credit card amounts in the report. It was definitely more comprehensive than my memory – I didn’t know I have more credit cards than what could be found in my wallet.
The report also showed how much I have spent on my credit cards for the past 5 months, and whether I have repaid them on time.
I went on to the CBS website to understand a little more and found out that it is backed by The Association of Banks in Singapore and gazetted by the Monetary Authority of Singapore. It has access to 29 financial institutions and that is why the records were comprehensive.
My Bureau Score was 1,972.
I believe this is a proprietary scoring system. It ranges from 1,000 to 2,000, with 1,000 having the highest probability of default.
Given my score, my probability of default was 0.12%. Heh, if I am in Game of Thrones, I would say…