Data bank on loan and repayment records to be available from March 2016

The Moneylenders Credit Bureau, which will house records of borrowers' loans and repayment history with licensed moneylenders, will be launched on 1st March 2016.

The Bureau will serve to keep records on borrowers' loan information received from licensed moneylenders such that credit reports containing info such as loan type, tenure, outstanding principal, repayment status could be generated for lenders and borrower's reference.

Moneylenders and borrowers could purchase a credit report at a nominal fee of just SGD$0.5 and $1 respectively.

For further details, please refer to original piece here.