Anonymous
How does credit score work in Singapore?
Newbie to this thing, but how does credit score work? Is the data shared among the different banks and institutions? Appreciate any answers
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Nigel Tan
30 Nov 2020
Executive Senior Financial Planner at Great Eastern Life
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Not really sure credit score. when borrow $$$ from bank. they just ask for cpf, income tax statment make sure i can pay back. Never really calculated, think bank dont care?
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https://www.creditbureau.com.sg
The credit bureau holds the information and data is contributed and...
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The point of a credit score is to gauge how likely you are to pay back should you take up a line of credit / loan.
Paying your credit card bills on time will help to improve your credit score.
Defaulting on bills/ loans will worsen the score.
Your score will affect how much you will be allowed to borrow when applying to take loans from banks/ financial institutions.