Singapore’s Moneylenders Credit Bureau targets 2016 launch

Lenders and consumers can now breathe sighs of relief.

Aiming to provide critical protection for both consumers and lenders, Singapore’s Moneylenders Credit Bureau is aiming to start operations next year.

According to a statement by DP Information Group, it has been appointed by Singapore’s Ministry of Law to design, develop and manage the bureau once it becomes operational next year.

“DP Info is Singapore’s leading provider of business and credit information and currently operates two other credit bureaus – the DP Credit Bureau and the DP SME Commercial Credit Bureau,” the statement said.

Meanwhile, the Ministry of Law will require all licensed moneylenders to provide information of their loans and the payment behaviour of their customers to the MLCB.

“This information can be accessed by other licensed moneylenders when evaluating a credit application,” the statement added.

“The MLCB will provide critical information to licensed moneylenders by allowing them to view a debtor’s unsecured loans with other licensed moneylenders. The MLCB will also give moneylenders access to up-to-date details of the applicant’s creditworthiness and indebtedness, to help licensed moneylenders make an informed decision on loans,” the statement added.