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FAQ

General

Borrower

Self-Exclusion Listing

Moneylenders

GENERAL

G1. What is a Moneylenders Credit Bureau (MLCB)? The MLCB is a repository of factual information on all loan applications and repayment records with licensed moneylenders in Singapore. This information can be accessed only by borrowers, licensed moneylenders, the Ministry of Law (MinLaw) and the Registry of Moneylenders. Back to Top

G2. Who are the contributing members of the Moneylenders Bureau (MLCB)? All licensed moneylenders are contributing members of the MLCB. Please refer to MinLaw's website for the current list of licensed moneylenders at https://www.mlaw.gov.sg/content/rom/en/information-for-borrowers/list-of-licensed-moneylenders-in-singapore.html . Back to Top

G3. What is the role of a Moneylenders Credit Bureau (MLCB)? The MLCB's role is to provide licensed moneylenders with relevant information to help them assess the credit-worthiness of a loan applicant. Back to Top

G4. What is a Borrower Credit Report? A Borrower Credit Report is a record of a borrower's active loans' information as contributed by members of the MLCB. It includes information on the outstanding payables, and how regularly the borrower makes payments. The Report, if requested by the borrower, also provides the identity of those licensed moneylenders that the borrower has active loans with. Back to Top

G5. What information goes into a Borrower Credit Report? How would it affect the borrower? The Borrower Credit Report will typically comprise the following: The Borrower's particulars, including name and Identity (ID) Number or Unique Entity Number (UEN)

Loan type, loan tenure, total outstanding principal amount and total amount payable as submitted by MLCB members

Payment Status, which details all active loans the borrower has with MLCB members and the repayment status of each loan

Status of guarantor / surety of any loans If a borrower makes a loan application to a licensed moneylender, the information above would be taken into account by that moneylender to determine if he / she will grant a new loan to the borrower. Back to Top

G6. Is the information in Moneylenders Credit Bureau (MLCB) secure? All information provided to the MLCB is kept on secured servers. The MLCB also uses a number of measures, such as market standard encryption technology, to safeguard the information against loss, theft, unauthorised use, disclosure, or modification. Back to Top

G7. How often is the Borrower Credit Report updated? The MLCB members generally update their loan records in the MLCB's system on a "live" or real-time basis. Loan repayments may be updated on the next working day. Back to Top

G8. How will the Moneylenders Credit Bureau (MLCB) rectify inaccurate information in a Borrower Credit Report? How long will it take? Upon receiving your feedback on any inaccuracies in a Borrower Credit Report, the MLCB will: Consult the moneylender(s) that provided the disputed information

Provide an update on the outcome of the investigation within 3 working days Upon receiving your feedback on any inaccuracies in a Borrower Credit Report, the MLCB will: You may send us your feedback online or via email at mlcb@experian.com Back to Top

G9. Who should I contact for more information? For enquiries, please contact the MLCB directly via phone or email. Our contact details are as Customer Service Hotline: (65) 6320 1900

Email: mlcb@experian.com Back to Top For enquiries, please contact the MLCB directly via phone or email. Our contact details are as follows

G10. How is a borrower's total amount payable computed? A borrower's total amount payable comprises outstanding sums from all active loans and Approved-in-Principle Loan Amounts granted by licensed moneylenders. Back to Top

G11. Who may access the Borrower Credit Reports from the Moneylenders Credit Bureau (MLCB)? The reports may be accessed by licensed moneylenders, borrowers, MinLaw and the Registry of Moneylenders. Licensed moneylenders can retrieve a Borrower's Credit Report from the MLCB when the borrower applies for a loan with them, or if the borrower has an active loan contract with the moneylender.

All borrowers are able to retrieve their own Borrower Credit Report.

MinLaw and the Registry of Moneylenders will have access to all MLCB data. Back to Top The reports may be accessed by licensed moneylenders, borrowers, MinLaw and the Registry of Moneylenders.

BORROWER

B1. Do I need to buy my own credit report when I make a loan application? No. The moneylender will do so. Back to Top

B2. How can I improve my credit standing? You may improve your credit standing by observing these pointers: Repay outstanding loans on time.

Keep the number of loans and total loan amount manageable. You may improve your credit standing by observing these pointers: Do note that loans from moneylenders may be expensive. Therefore, it is not advisable for you to take loans from moneylenders on a regular basis. Back to Top

B3. How do I purchase my Borrower Credit Report? You may purchase your Borrower Credit Report via the following methods: Online

You may proceed to the MLCB website at www.mlcb.com.sg to purchase your Borrower Credit Report with your credit card and access your Report instantly.

You may proceed to the MLCB website at www.mlcb.com.sg to purchase your Borrower Credit Report with your credit card and access your Report instantly. In Person

You may visit any of the MLCB's branches to obtain your Borrower Credit Report. Please note the payment mode for walk-in purchases is by cash-only. Back to Top

B4. How much does a Borrower Credit Report cost? A Borrower Credit Report costs SGD1.00 nett. Back to Top

B5. What should I do if a licensed moneylender who purchases my Borrower Credit Report misuses it? You should report this to the Registry of Moneylenders, via telephone or email. Telephone number: 1800 2255 529

Contact Us @ OneMinLaw Back to Top

B6. I am a guarantor/surety for a loan. Will this be reflected in my Borrower Credit Report? Yes. This is reflected since a guarantor / surety is legally liable for any unpaid loans. Back to Top

B7. I am returning to the same licensed moneylender for a new loan. Will the moneylender purchase a new Borrower Credit Report on me? Yes. This is because a borrower may have taken a loan from another moneylender and the Borrower Credit Report will be updated to reflect this. Back to Top

B8. What will licensed moneylenders do with my loan application form / the Borrower Credit Report after obtaining the Report on me? Licensed moneylenders should retain loan application forms regardless of the loan application outcome for five (5) years. Licensed moneylenders should not share with or disclose to a third party the details of the Borrower Credit Report. Back to Top

B9. Why has my total outstanding principal amount changed even though the moneylender rejected my loan application? Your total outstanding principal amount also reflects Approved-in-Principle loans while the loan is pending final approval. If you were merely loan shopping, do inform the lender to reject the application so that your total outstanding principal amount will be updated immediately. Otherwise, this will be updated on the following day. Back to Top

B10. Why can't I get a loan, even when I do not have any outstanding/active loans? Your loan application outcomes are decided by the respective licensed moneylender. Borrowers may also refer to the Guide to Borrowing from Licensed Moneylenders found in the Registrar's website for more information. Back to Top

B11. Will any of my bank loans or credit card transactions appear in my Borrower Credit Report? No, the Borrower Credit Report will only reflect loan and repayment information with licensed moneylenders in Singapore. Back to Top

B12. How do I verify if a licensed moneylender's place of business is approved by the Registry of Moneylenders? The moneylender's place of business can be verified at: https://www.mlaw.gov.sg/content/rom/en/information-for-borrowers/list-of-licensed-moneylenders-in-singapore.html Back to Top

B13. How do I report to the Police if I come across a suspected unlicensed moneylender? If you suspect that you have been approached by an unlicensed moneylender, please report this to the Singapore Police Force through their online portal – I-Witness at http://www.police.gov.sg/iwitness, or call the anonymous X-Ah Long hotline at 1800-924 5664. Alternatively, you may lodge a Police report: Online via http://www.police.gov.sg/e-services/report/police-report if you have a SingPass account

At any Neighbourhood Police Centre (open 24 hours)

At any Neighbourhood Police Post (open from 12.00pm to 10.00pm) Back to Top

SELF-EXCLUSION LISTING

SE1. What is Self-Exclusion Listing? Self-Exclusion Listing is a tool that allows individuals to apply to be excluded from obtaining unsecured personal loans (except debt consolidation loans) from licensed moneylenders. Back to Top

SE2. Who can register for the Self-Exclusion Listing? Anyone, including foreigners residing in Singapore may register themselves for self-exclusion. Back to Top

SE3. How do I register for self-exclusion? You may register for self-exclusion via the MLCB website with your SingPass. If you do not have a SingPass, you may authorise a third party who has a SingPass to register on your behalf via the MLCB website. Please note that the person you authorised will need to upload the following documents in his online submission to us. A Self-Exclusion Listing Registration / Withdrawal Authorisation Form duly completed and signed by you. The application form is available here.

Your identity document (person registering to be excluded). For registrations made via a third party, the effect of exclusion will not be immediate as the MLCB will need to verify the supporting documents before informing both you and the authorised person on the status of the registration, via email. Back to Top

SE4. Can an excluded person withdraw from the Self-Exclusion Listing? What will be the effective period of the self-exclusion? Yes, a person who is already registered in the Self-Exclusion Listing can withdraw himself after the expiry of the minimum exclusion period. For Singapore Citizens and Permanent Residents, he may choose between a minimum exclusion period of either 1 or 2 years at the time of the registration. As regards to foreigners, the minimum exclusion period is 2 years. Back to Top

SE5. What will be the effective period of the self-exclusion? The self-exclusion will continue to be in effect until it is withdrawn, subject to the expiry of the minimum exclusion period (see FAQ 4). Back to Top

SE6. Can a third party exclude me without my knowledge / consent? What can I do if I found myself to be excluded without my knowledge / consent? No, self-exclusion must be voluntary. All individuals should only apply for self-exclusion on their own accord. While third parties can facilitate the application process, you must sign the authorisation form and agree to be self-excluded with the knowledge of the effects of the exclusion. Should a self-exclusion application be found to have been made without due consent, it may be considered void.

If you found yourself to be excluded without your knowledge / consent, please email us at mlcb@experian.com and we will investigate accordingly. Back to Top

SE7. How much does self-exclusion cost? Any registration for or withdrawal from the Self-Exclusion Listing for individuals with SingPass will cost SGD3.00. For an authorised person who is registering or withdrawing on behalf of a foreigner who does not have SingPass, the fee will be SGD5.00. Both fees include GST. Back to Top

SE8. How do I know if I have been excluded? You may purchase a copy of your Loan Information Report which will indicate the status of your Self-Exclusion Listing and the minimum exclusion period. Back to Top

MONEYLENDERS

ML1. Why should moneylenders retrieve a Borrower Credit Report on a Borrower before extending a loan? This is to enable moneylenders to to undertake better credit risk assessment before granting a loan. Back to Top

ML2. If a customer fails to qualify for the loan, should the moneylender keep the application form? Yes. Licensed moneylenders should retain the loan application form regardless of the loan application outcome for five (5) years. Back to Top

ML3. Should moneylenders encounter difficulties in retrieving the Borrower Credit Report, should they proceed to grant the loan? No. Licensed moneylenders are advised to contact their respective IT vendors to resolve any technical difficulties. Back to Top

ML4. How long will the Borrower Credit Report be valid? The retrieved Borrower Credit Report on the borrower is valid only for the day the loan application is made. Any loan application not processed or approved by 2359hr on that day will be deemed as rejected. A new Borrower Credit Report on the Borrower should then be retrieved for the grant of the loan. Back to Top

ML5. How should moneylenders advise their customers upon receiving complaints of inaccuracies in their Borrower Credit Report? Moneylenders are advised to verify the relevant facts related to the complaint. Should the rectification of the inaccuracy fall within the moneylender's purview, the moneylender should assist in the amendment. In the case where the origin of the inaccuracy falls outside the moneylender's purview, advice should be sought from the MLCB. Back to Top