In a sign that the industry is becoming more professional, more than half of Singapore’s licensed moneylenders have joined the DP SME Commercial Credit Bureau (the Credit Bureau), giving them access to credit checks and payment history of individuals applying for loans.
Moneylenders are the fastest growing group of new members for the Credit Bureau, with more than 200 joining in the last 12 months. The Bureau has more than 700 member companies from a diverse range of industries including retail, banking, construction and services. Each month, all the bureau’s members provide details of the companies and individuals that owe them money, as well as which debts have been paid on time and which have not. This information is then fed into the Bureau database so that a clearer picture of a debtor’s behaviour can be seen.
DP SME Commercial Credit Bureau is a partner of Experian. Source: DP Group