Enhanced Consumer Credit Report

There has been much buzz about the enhanced consumer credit report lately and out of curiosity, I purchased one to see what it contained.

You may purchase your enhanced consumer credit report from:
Credit Bureau Singapore
DP Credit Bureau

A report will cost you S$6.42 including GST.

So what on earth is revealed in the Enhanced Consumer Credit Report?

You can find the following in the report:
1) Summary
2) Account status history
3) Previous enquiries
4) Bureau score
5) Adverse
6) Aggregate outstanding balances

The above are the more important aspects of the report that I would like to highlight.

1) Summary

In the summary, you will see

a) Date of earliest known credit account
This is the date when you had your first credit card

b) Previous enquiries
The number of enquiries made on your credit report by financial institute etc.

c) Accounts
Total number of credit accounts you have with banks, namely credit cards, loans.

d) Defaults
Number of default on payment

e) Secured credit limit
Total credit limit of all secured credit account (housing, car loan etc)

f) Unsecured credit limit
Total credit limit of your credit card of all banks

2) Account Status History

In this sector, you will all information of the credit card(s) and loans that you have including:
a) Product type (e.g. unsecured credit card)
b) Grantor bank (e.g. SCB)
c) Account Type
d) Date opened/Date closed
e) Overdue Balance
f) Last 12 cycles / Cash advances / Balance Transfer / Full payment

Explanation for (f)

3) Previous Enquiries

You will see the date which the enquiry was made and also the banks that made enquiry on your credit report and their purpose for doing so.

4) Bureau Score

This is the score risk grade that you have obtained.
2000 is the max score and 1000 is the lowest score you can get for your enhanced consumer credit report.

Basically, the score is an indication of the probability of you defaulting on payment based on your history and it does not draw any conclusion or make credit decisions for the financial institutes.

AA: 1911 - 2000 (Probability of default <=0.27%)
BB: 1844 - 1910 (Probability of default between 0.27% and 0.67%)
CC: 1825 - 1843 (Probability of default between 0.67% and 0.88%)
DD: 1813 - 1824 (Probability of default between 0.88% and 1.03%)
EE: 1782 - 1812 (Probability of default between 1.03% and 1.58%)
FF: 1755 - 1781 (Probability of default between 1.58% and 2.28%)
GG: 1724 - 1754 (Probability of default between 2.28% and 3.48%)
HH: 1000 - 1723 (Probability of default >=3.48%)

There is also a non-scored risk grade.

Score Risk Grades & Non-scored Risk Grades

5) Adverse

I do not know what is under this sector because I got " No adverse information could be found on the subject". But I believe this sector may be negative comments or reports from financial institutes.


6) Aggregate Outstanding Balance

This sector shows your outstanding balances (credit cards, loans etc) from the past 6 months, with the latest month in detail while the preceding 5 months in summary.
I find the only useful information here is the secured balances (home, car etc) where you can see how much outstanding loan you still have on your vehicle and house.


So what do I think about the Enhanced Consumer Credit Report?

All in all, I think the enhanced consumer credit report is a very useful report to purchase and keep as reference. However, you do not need to purchase the report on a regular basis. I would recommend one to purchase a report perhaps every few years to do check on yourself. (I didn't realise I have 30+ credit cards until I purchased the report!)

Sample of Enhanced Consumer Credit Report (courtesy of Credit Bureau (Singapore) Pte Ltd

PS. To CBS, it should be "between XX and YY", not "between XX to YY". Common mistake.



Tags: enhanced consumer credit report, credit bureau singapore, dp credit bureau, credit card, loan, balance, over-draft