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First cross-border initiative between Credit Bureau Singapore (CBS) and Credit Bureau Cambodia (CBC)

As a financial hub, Singapore has developed a robust financial system facilitating borrowing and lending in Singapore. This sits upon a strong foundation of risk management, where Credit Bureau Singapore (“CBS”) plays an integral role.


When borrowing or applying for a job within the banking and finance industry, CBS credit report is one of the tools used by lenders to assess the probability of consumers defaulting on the loan or by employers to determine a potential candidate’s credibility. The latter is in line with the regulators’ requirement for license holders to conduct Fit and Proper checks on their employees or even pre-hires. A candidate with a poorer credit score is generally deemed to be a higher risk borrower and hence, potentially faces financial distress which may potentially disrupt work efficiency and the team morale. This practice of obtaining one’s credit report as part of pre-screening has helped banks and financial institutions take calculated risks when lending or hiring within Singapore.


As global mobility brings about new opportunities in hiring, be it cheaper labour or foreign talents with deeper skillsets, it has proven challenging for organisations to make informed decisions when offering their candidates a job. Likewise, as foreigners settle into Singapore and make a livelihood here, it makes lending to them riskier due to the lack of reliable data detailing their payment patterns back in their country. In both scenarios, a misjudged selection can prove costly to the lender and employer.


Identifying with these challenges, CBS sets our sights further into what we can do to mitigate these risks and after much effort, together with our partner Credit Bureau Cambodia (CBC), the Cross Border Credit Report Application Service has come to fruition.


In this partnership, CBS and CBC jointly launch a data sharing process to allow both parties’ bank and financial members to retrieve consumer credit data directly from the home country. Through this initiative, Singaporeans with previous Cambodian records and Cambodians residing in Singapore will be able to retrieve their CBC credit report from CBC upon submitting their consent to CBS members during loan and job applications. Similarly, Singaporeans residing in Cambodia and Cambodians with previous Singapore records will be able to retrieve their CBS credit report through CBC members during loan and job applications.


If there is any disagreement with the data in the credit report, a Dispute Resolution Process has been implemented to amend the data which individuals might disagree with. This ensures, as much as possible, a high level of accuracy in the credit reports.


This milestone achieved sets precedence within the banking and financial industry, paving the way for our credit data sharing network to expand beyond the region. As Singapore opens our doors to more foreigners, this is a major step out to making Singapore a more credit-savvy nation.


Along with this initiative, our advocate for credit education strengthens. With efforts emphasized on keeping the public aware of how their credit score makes an impact on their lifestyle, we endeavor to push towards a more financially responsible society for the new generations to come.

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.

Published 28 April 2023.