Credit Bureaux Internationally
In mature markets around the world credit bureaux are now core to
lending and relationship management. This includes the U.S., Europe,
Australia, New Zealand, and many more. Singapore is, among many
Southeast Asian countries, establishing this information data-base.
In
2002, Infocredit Holdings established a second consumer credit bureau in
Singapore known as CreditScan. Based on proven international standards,
it is tailored to meet local requirements. The credit bureau will allow
grantors of consumer credit in Singapore, the access to relevant and
accurate credit history information.
CreditScan
is available to all industries (excluding members of the Association of
Banks) that grant credit to individuals, to ensure that a wide and
varied spectrum of information is accessible. The hierarchy of debt
clearly shows that debtors default their payments with non-banks first
before defaulting to the banks. This means credit grantors outside of
the banks already experience increased risks as compared to the banks.
Information from industries outside the banks will therefore provide an
earlier indication of a consumer's inability to meet future
commitments.
Information
will be offered on the basis of reciprocity. This will ensure that
credit grantors are in a position to make fully informed decisions and
that all current information on the consumer is available. CreditScan
information will assist credit grantors in assessing new applications,
reviewing existing relationships, collecting overdue accounts and
preventing fraudulent applications.
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Online Searches |
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Access
to CreditScan will be via the Internet to a given web address.
Business-to-Business access may also be an option for large volume
users.
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 Consumer Enquiry |
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Consumer
enquiry enables you to obtain consumer report on your existing and
potential customers on a 24/7 basis in just a click of Internet.
Over the Web you can access information on:
• To verify the personal particulars of your current or potential customer
• To check on the credit history of current or potential Customer
Information on consumers is gathered from:
• Public notices
• Consumers/ Applicants
• Members
• Other databases operated by D&B Singapore
CreditScan
also allows you to check up to a maximum of 4 consumers at the same
time which reduces your time in conducting credit checks on all the
consumers bearing the same reference/case/application, etc, number.
Choose from the list of product names available in this field.
• Unknown
• Bill of Sale
• Card
• Chattel
• Cheque
• Consumer Finance
• Consumer Enquiry
• General Account
• Hire Purchase - car
• Hire Purchase - consumer goods
• Housing Loan
• Leasing
• Monthly Account
• Mortgage
• Overdraft
• Personal Loan
• Rental
• Term Loan
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Default Monitor |
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A default is a failure to make a scheduled payment when due under the contracted or agreed repayment schedule.
When should one load a default?
The minimum amount allowed to be loaded is S$20.
A
default can be loaded anytime a consumer is in breach of the contract
or have defaulted in payment. However, the recommended age of debt to
be loaded into our database is 60 days and greater.
All
the information you enter on the consumer will be stored on the
database and made available to you and other organizations that
subscribe to the D&B Singapore CreditScan Online Service.
As a CreditScan member you can update the details of the individuals whom you have previously loaded a default on.
When should one maintain a default?
Some examples would be when: -
• payments were made for the default; or
• there are additional charges to an existing default; or
• the status has been changed i.e. paid or settled
You
can request that a monitor be placed on your consumer for the various
types of updates to his/her current information, such as addresses,
enquiries, adverse information or all of the above. In doing so,
you are monitoring the individual in such a way where any change in the
requested aspect on that individual would result in a monitor hit. This
means that you will be informed of such change whenever there is an
update/change to the requested information. The notification will be
delivered via email. |
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Historical Report |
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The
benefit of this function is that it automatically stores copies of all
the reports you have obtained on your consumers at the time the enquiry
was made. It serves as an audit trail for the number of Consumer
Enquiry Reports obtained from CreditScan System.
With
this function, you are provided with a list of reports on all the
enquiries you have made previously. All the reports stored are as of
what was previously recorded when the enquiry was first made.
The details shown on the report include: -
• The consumer's personal details, identification details, addresses, employment, and additional names
• A summary of the previous enquiries made
• A list of previous enquiries made on the consumer
• Existing payment defaults
• Public notices issued against them |
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Benefits |
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Supports the 'Cs' of consumer lending - Character, Capacity, Credit History |
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With
an application for the member's services and/or credit facility, the
demographic data within a report allows the bureau member to confirm an
individual's details. This highlights potential fraud and goes to the
individual's character.
Previous inquiry information indicates potential credit exposure of the
individual, although this is only details of applications, not
approvals or draw-downs of facilities. This serves as a good indicator
to an individual's capacity to incur further debts.
Default Data, Bankruptcies and Collections information are detailed,
relevant adverse credit history information. This is an indicator of an
individual's ability to meet future obligations.
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Enhance risk management effectiveness |
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The bureau will add power to existing risk management tools within the industry by providing additional, value-added data. |
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Highlight the good customers |
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Although this bureau is currently negative data driven, the absence of
negative data on a consumer report is a positive indicator. This allows
credit grantors some comfort in offering additional products, services
or credit to these individuals. |
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Take precautions against potential delinquent debtors |
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The monitoring function allows the users to be advised of any material
changes in a client's risk profile. For example, Monitoring for adverse
data will allow the user to be advised, by post or email, of any
additional adverse data on this individual. This is an indicator of
that individual's ability to meet his/her other (including the
member's) existing liabilities. The bureau member will be better placed
to review the facility and take any pre-emptive action as considered
appropriate. |
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A collection tool |
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As a default recorded on the bureau will impact on an individual's
ability to get future credit, the threat to load a default acts as a
powerful tool for collection of arrears. Additionally, loading a
defaulter in the bureau will get that debt exposure and make it more
difficult for them to get credit unless all previous defaults are paid.
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Provides objective and external data |
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The bureau data consists of specific actual events in the life cycle of
a consumer. It removes subjectivity and provides objective data for a
credit grantor to assess. |
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Real time, on-line, desktop accessibility |
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As the bureau is web based it provides 24/7 access in real time. |
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Compliance Guidelines |
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The bureau will operate under a compliance guideline and includes the following: |
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• the bureau's obligations in respect of information;
• the members' obligations in respect of information obtained from the bureau;
• individual's rights in regard to access to their own information;
• investigation of disputed information;
• rectification and updating of information; and
• complaint procedures.
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Security |
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CreditScan
uses SSL 128-bit strong encryption during transmission, with unique
user id and password access that can be updated anytime, to secure it
against interception and alteration. The server machines are protected
from unauthorised access by firewall layer security and the inherent
security of the IBM AS/400 iSeries architecture. All transactions are
recorded and a complete audit trail is held. |
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Bureau Support |
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The bureau will operate under a compliance guideline and includes the following: |
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Data Integrity
Data
integrity will ensure the accuracy and reliability of the data within
the database by validating data entered into the bureau as well as data
disseminated by the bureau.
Privacy Officers
The Privacy team will handle all queries by consumers on their files.
This could include correction of information, resolution of disputes as
well as general consumer inquiries on privacy of the information held
by the bureau.
Privacy Hotline:
+65 6565 6262 (For Individual Consumers)
Operating Hours:
Mondays to Fridays (8.30am to 5.30pm)
Closed on Saturdays, Sundays & Public Holidays
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Customer Support |
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CreditScan provides support to both the member and the members' consumer bureau clients. |
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CreditScan Helpdesk
This helpdesk supports the members in the day-to-day interaction with
the platform. It is available to assist in a number of areas. For
example: connecting to the platform, interpreting reports, password
maintenance, billing queries, etc.
Helpdesk Hotline:
+65 6565 6161 (For CreditScan Subscribers)
Operating Hours:
Mondays to Fridays (8.30am to 5.30pm)
Closed on Saturdays, Sundays & Public Holidays
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