Credit Bureau Singapore (CBS) officially launched a ‘blended’ credit score aimed at SMEs last week. First announced in December last year, the new score is a collaboration with FICO, a provider of analytics and decision management solutions. The Small Business Administration in the US uses a similar tool in collaboration with the same vendors. A new business tool is expected to improve access to finance for small and medium-size enterprises (SMEs) in Singapore.
At the cost of $25-35 per report, the new score will merge CBS’s existing consumer credit information with commercial data from CBS’s sister company Dun & Bradstreet Singapore to produce a score of between 100 and 400. The higher the score, the lower the risk of loan default by the SME.
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To read the CBS’s FICO® SME Score Fact Sheet click on the link
BIIA Comments: In most countries outside the UK, US and Australia, consumer and corporate credit bureaus operate separately and do not share information. The blended score will thus be the first of its kind in Asia. BIIA welcomes this development. The Singapore SME credit bureau is a role model in information sharing to help SMEs to obtain access to credit, reducing the risk for financial institutions and suppliers of SMEs