The Ministry of Law (MinLaw) has designated DP Information Network (DP Info) [part of the Experian Group] as the operator of the Moneylenders Credit Bureau (MLCB) under the amended Moneylenders Act, the ministry said yesterday.
The MLCB, set up in March 2016, is a central repository of data on borrowers’ loans and repayment records with licensed moneylenders. It allows licensed moneylenders to assess the creditworthiness of borrowers, and help borrowers to avoid borrowing beyond their means.
The appointment of DP Info will facilitate the implementation of amendments to the Moneylenders Act earlier this year, MinLaw said.
“These include the introduction of a new regulatory regime for the MLCB to protect the confidentiality, security and integrity of borrower data; the introduction of an aggregate loan cap to provide better protection for borrowers; and various measures to raise industry standards.”
Source: The Straits Times