Credit bureaus to be licensed: MAS

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.

These are among the key implications behind proposed regulations governing credit bureaus, announced yesterday by the Monetary Authority of Singapore (MAS). These freshly proposed rules, to be implemented through a new Credit Bureau Act, are aimed at maintaining data confidentiality, security and integrity, the MAS said in a consultation paper.

It has proposed that the two credit bureaus in Singapore - Credit Bureau (Singapore) and DP Credit Bureau - be licensed, with each licence valid for five years.