What I Should Do If I Disagree with My Credit Report

Credit report plays an important role in determining your financial health and allows you to know your current financial standing. It provides a snapshot of your credit history, repayment habits, and overall creditworthiness. However, discrepancies in your credit report can occur, potentially affecting your ability to secure future loans or even affecting your job application. If you find inaccuracies on your credit report, it's critical to take prompt action to rectify it as soon as possible. This article outlines the steps you should follow if you disagree with your credit report.

Step 1: Review Your Credit Report Thoroughly

The first step is to obtain a current copy of your credit report from Credit Bureau Singapore (CBS). CBS is Singapore’s most comprehensive consumer credit bureau and has uploads from retail banks and major financial institutions. The credit report shows you an overview of your credit holdings in Singapore, paying close attention to details such as account repayment history, previous enquiries and credit score.

Step 2: Identify and Document Discrepancies

Make a note of any discrepancies you find, including incorrect personal information, inaccurate account details, or unfamiliar accounts.

Step 3: Raise a Dispute

Report the discrepancies to CBS and provide them with your credit report enquiry number. The methods to reach out to CBS can be found here. Clearly explain the discrepancies and request that they be investigated. Be sure to provide your contact information as well.

Step 4: Wait for Results

CBS will process your request and an investigation will be carried out by our data contributor(s). If the investigation uncovers a discrepancy in your personal profile and credit data,  CBS will immediately amend your information. For the disputed data,  CBS will:

    > Forward your request to the data contributor(s) after authentication or verification is completed;

    > Post a notice in your credit file with CBS that the credit data is being disputed and is under investigation;

    > Inform you of the progress and outcome of the investigation. After the error in the credit report has been rectified according to the instructions given by the respective data contributor(s), the revised reports will be sent to all Bureau members who have made enquiries on you in the last 12 months to inform them of the amendment in your credit report.

Consider subscribing to My Credit Monitor (MCM):

My Credit Monitor (MCM) can alert you of any suspicious activity or unauthorised changes to your credit report and help prevent against effects of identity theft. By regularly monitoring your credit reports, you can identify any unusual or unauthorised transactions, new accounts, or inquiries that could be signs of fraudulent activity. Promptly addressing these issues can help prevent further damage to your credit and allow you to track your financial habits and make informed decisions about your credit usage.

Knowing that you are actively monitoring your credit can also provide peace of mind. You are less likely to be caught off guard by unexpected changes, and you can take prompt action to address any issues that arise.

Regularly monitoring your credit report allows you to identify and dispute any inaccuracies, ensuring that your credit report reflects accurate information, empowering you to make informed financial decisions in the future.

If you wish to stay informed and updated about your credit history and financial health, subscribe to My Credit Monitor plan here.

Lastly, be sure to follow Credit Bureau Singapore and Moneylenders Credit Bureau on Facebook and LinkedIn for more tips on how to stay credit active and how to better manage your credits! 

To learn more about what other services and products we provide, visit CBS website at https://www.creditbureau.com.sg/ and MLCB website at https://www.mlcb.com.sg/

If you are facing increasing difficulties servicing payments to your credit cards or other unsecured credit facilities, consider attending our weekly Debt Management talks (conducted both over Zoom and in-person at our office), where you will learn more about what to do, when and how to communicate with creditors, what are the common collection actions creditors can take, what are the various debt settlement options are and what is the CCS Debt Management Programme. Click here for schedule.

After attending the talk, you can submit a request for one-to-one credit counselling. Details on the counselling session and instructions on how to arrange for an appointment will be explained during the talk.

Contributed by Credit Bureau Singapore

Published 20 January 2024.