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Credit bureaus to be licensed: MAS

Proposal: consumers rejected for loans be given a free copy of their credit report

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The MAS has also proposed that members of licensed credit bureaus, such as banks and finance firms, provide consumers with free copies of their credit report within a certain period of a credit application being approved or rejected - PHOTO: BLOOMBERG

CONSUMERS who have had their loan applications rejected may soon be able to obtain their credit reports free of charge to check that the data there is accurate. They may also be assured that credit bureaus will be more vigilant over the use and security of their credit data.

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