PART IIIA | RULES FOR PURPOSES OF PART IIIA OF ACT |
[S 755/2018 wef 30/11/2018] | Prescribed period of notice for application by designated credit bureau to cancel designation |
| 22A. For the purposes of section 59(1) of the Act, the prescribed period is 12 months. [S 755/2018 wef 30/11/2018] [S 899/2022 wef 31/12/2021] |
| Prescribed information to be obtained by licensee |
22B.—(1) The following information in relation to a loan is prescribed for the purposes of section 66(1)(d) of the Act:| (a) | if the applicant is an individual —| (i) | whether the applicant —| (A) | is employed or self‑employed; | | (B) | is a platform worker within the meaning given by section 5(1) of the Platform Workers Act 2024; or | | (C) | is unemployed and is not a platform worker; |
[S 962/2024 wef 01/01/2025] | | (ii) | the total income of the applicant during the 3 months immediately preceding the month in which the application for the loan is made; and | | (iii) | whether the applicant is an excluded person; |
| | (b) | if the applicant is not an individual, whether it is a corporation, an unincorporated association, a partnership, a limited liability partnership or other entity; | | (c) | in addition to the information required to be obtained under section 66A(2)(a) read with section 66(1) of the Act, the following information relating to any proposed surety for the loan:| (i) | the amount of the loan that the proposed surety is to be liable for under the contract for the loan in the event of default by the borrower; | | (ii) | if the proposed surety is not an individual, whether it is a corporation, an unincorporated association, a partnership, a limited liability partnership or other entity. [S 156/2024 wef 01/03/2024] |
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| (2) [Deleted by S 156/2024 wef 01/03/2024] |
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| Prescribed time for submitting information to designated credit bureau and requesting for credit report, etc. |
| 22C.—(1) For the purposes of section 66(3) of the Act, the prescribed time is within the day on which the application mentioned in that provision is received. [S 899/2022 wef 31/12/2021] | (2) For the purposes of section 66(5)(a) of the Act, the prescribed time is within the day on which the loan application mentioned in that provision is received. [S 899/2022 wef 31/12/2021] |
| (3) For the purposes of section 66(5)(b) of the Act, the prescribed time is within one day before the loan mentioned in that provision is granted. [S 899/2022 wef 31/12/2021] |
| (4) For the purposes of section 66(7)(b) of the Act, the prescribed time is within the day on which the licensee declines to grant the loan mentioned in that provision. [S 899/2022 wef 31/12/2021] |
(5) For the purposes of section 68(1) of the Act —| (a) | the time within which information relating to any repayment of a loan or any instalment of repayment of a loan must be submitted is 7 business days after the repayment or instalment of repayment is made; and [S 697/2021 wef 30/09/2021] | | (b) | the time within which information relating to the writing off of any debt arising from a loan granted by a licensee must be submitted is 7 business days after the licensee writes off the debt in the licensee’s book. [S 755/2018 wef 30/11/2018] [S 697/2021 wef 30/09/2021] [S 899/2022 wef 31/12/2021] |
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22CA. For the purposes of section 69(3A)(b)(i) of the Act, each of the following is a prescribed credit bureau:| (a) | Credit Association of Singapore (UEN T05SS0239E); | | (b) | Dun & Bradstreet (Singapore) Pte. Ltd. (UEN 200003058W); | | (c) | Experian Credit Services Singapore Pte. Ltd. (UEN 198302653E); | | (d) | Singapore Commercial Credit Bureau Pte. Ltd. (UEN 200507319E). [S 156/2024 wef 01/03/2024] |
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22CB. For the purposes of section 69(3A)(b)(ii) of the Act, each of the following is a prescribed person:| (a) | Adullam Life Counselling (UEN T13SS0070F); | | (b) | Arise2Care Community Services Limited (UEN 201632622G); | | (c) | Association of Muslim Professionals (UEN 199105100D); | | (d) | Blessed Grace Social Services Limited (UEN 201407233M); | | (e) | Credit Counselling Singapore (UEN 201607267C). [S 156/2024 wef 01/03/2024] |
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| Prescribed period for investigation and correction, etc., of borrower information by licensee |
| 22D.—(1) For the purposes of section 71(2)(b) of the Act, the period within which the licensee in question must conduct and complete the investigation relating to borrower information is 3 business days after receiving a request for correction of that borrower information under section 71(1) of the Act. [S 697/2021 wef 30/09/2021] [S 899/2022 wef 31/12/2021] | (2) For the purposes of section 71(2)(c) of the Act, the period within which a licensee must correct the borrower information in question and send the corrected borrower information to the designated credit bureau is 3 business days after completing the investigation mentioned in section 71(2)(b) of the Act in relation to that borrower information. [S 697/2021 wef 30/09/2021] [S 899/2022 wef 31/12/2021] |
| (3) For the purposes of section 71(3)(b) of the Act, the period within which a licensee must conduct and complete the investigation relating to borrower information on the request of the designated credit bureau is 3 business days after receiving the request under section 78(3)(b) of the Act in relation to that borrower information. [S 697/2021 wef 30/09/2021] [S 899/2022 wef 31/12/2021] |
| (4) For the purposes of section 71(3)(c) of the Act, the period within which a licensee must correct the borrower information mentioned in section 71(3)(c)(i) of the Act and send the corrected borrower information to the designated credit bureau is 3 business days after completing the investigation relating to that borrower information. [S 755/2018 wef 30/11/2018] [S 697/2021 wef 30/09/2021] [S 899/2022 wef 31/12/2021] |
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| Contents, preparation and delivery of credit report |
22E.—(1) For the purposes of section 74(1)(a) of the Act, the information to be contained in a credit report in relation to a person (called in this rule the loan applicant) is as follows:| (a) | if the loan applicant is an individual —| (i) | the loan applicant’s full name (including any alias), personal identification number (such as NRIC number, birth certificate number or passport number) and nationality; | | (ii) | whether the loan applicant —| (A) | is employed or self‑employed; | | (B) | is a platform worker within the meaning given by section 5(1) of the Platform Workers Act 2024; or | | (C) | is unemployed and is not a platform worker; and |
[S 962/2024 wef 01/01/2025] | | (iii) | the total income of the loan applicant during the 3 months immediately preceding the month in which the application for the loan is made; |
| | (b) | if the loan applicant is not an individual —| (i) | the loan applicant’s name and Unique Entity Number (UEN); and | | (ii) | whether it is a corporation, an unincorporated association, a partnership, a limited liability partnership or other entity; |
| | (c) | the following particulars relating to every loan previously granted by a licensee to the loan applicant that is outstanding:| (i) | for every instalment of repayment of the loan that has fallen due, whether or not the instalment was paid on time; | | (ii) | the loan applicant’s share of the outstanding amount of the loan (including any interest, late interest and fees); |
| | (d) | the aggregate of the loan applicant’s share of the outstanding amount of every secured loan previously granted by a licensee to the loan applicant, both including and excluding any interest, late interest and fees; | | (e) | the aggregate of the loan applicant’s share of the outstanding amount of every unsecured loan previously granted by a licensee to the loan applicant, both including and excluding any interest, late interest and fees; | | (f) | where the loan applicant is a surety in relation to any outstanding secured loan previously granted by a licensee to another person, the aggregate of the outstanding amount of every such loan that the loan applicant may be liable for under the contract for the loan, both including and excluding any interest, late interest and fees; | | (g) | where the loan applicant is a surety in relation to any outstanding unsecured loan previously granted by a licensee to another person, the aggregate of the outstanding amount of every such loan that the loan applicant may be liable for under the contract for the loan, both including and excluding any interest, late interest and fees; | | (h) | if the loan applicant is an individual —| (i) | where the designated credit bureau has been informed by a licensee that the loan applicant is an excluded person, that the loan applicant is an excluded person; | | (ii) | the aggregate of the loan applicant’s share of the amount of every unsecured loan for which there is any pending application made (whether before, on or after 30 November 2018) to a licensee by the loan applicant; and | | (iii) | the maximum amount that may comprise the loan applicant’s share of the loan applied for, beyond which the licensee who requested the credit report may contravene rule 21(1), (2), (3) or (4) (whichever is applicable) by granting the loan, as computed by the designated credit bureau using the latest information on the income of the loan applicant obtained and submitted by that licensee; |
| | (i) | the date and time of the request for the credit report in question. [S 899/2022 wef 31/12/2021] |
(2) In paragraph (1), a reference to a loan previously granted by a licensee to a loan applicant or for which a loan applicant is a surety is a reference to a loan so granted —| (a) | before the request for a credit report in relation to the loan applicant is received, whether granted before, on or after 30 November 2018; and | | (b) | by a person who was a licensee at the time the loan was granted and on 30 November 2018, whether or not the person is still a licensee at the time the request for the credit report is received. |
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| (3) For the purposes of section 74(1)(b) and (3)(a) of the Act, the time within which the designated credit bureau must prepare and deliver the credit report requested for by a licensee under section 66(5)(a) of the Act is one day after receiving the request. [S 755/2018 wef 30/11/2018] [S 899/2022 wef 31/12/2021] |
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| Prescribed information that business report must not contain |
22EA.—(1) For the purposes of section 74A(2) of the Act, a business report in relation to a licensee must not contain any personal information relating to an applicant for a loan, borrower or surety that was not provided to the designated credit bureau by the licensee.(2) In this rule —| “officer” has the meaning given by section 89(5) of the Act; |
“personal information” means —| (a) | if the applicant for a loan, borrower or surety is an individual — the individual’s full name (including any alias), date of birth, personal identification number (namely his or her NRIC number, birth certificate number, foreign identification number or passport number), nationality, residential address, email address (if any) and telephone number; | | (b) | if the applicant for a loan, borrower or surety is a limited liability partnership —| (i) | its name, address of its place of business or registered office, email address (if any), telephone number, date and place of registration and registration number; | | (ii) | the names, personal identification numbers (namely NRIC number, birth certificate number, foreign identification number or passport number) and residential addresses of its officers and employees; and | | (iii) | the names, places of incorporation, incorporation numbers and addresses of the places of business or registered offices of its partners which are corporations, if any; |
| | (c) | if the applicant for a loan, borrower or surety is a body corporate (other than a limited liability partnership) —| (i) | its name, address of its place of business or registered office, email address (if any), telephone number, date and place of incorporation and incorporation number; | | (ii) | the names, personal identification numbers (namely NRIC number, birth certificate number, foreign identification number or passport number) and residential addresses of its officers, employees and substantial shareholders who are individuals, if any; and | | (iii) | the names, places of incorporation, incorporation numbers and addresses of the places of business or registered offices of its substantial shareholders which are corporations, if any; |
| | (d) | if the applicant for a loan, borrower or surety is a partnership (other than a limited liability partnership) —| (i) | its name, address of its place of business or registered office, email address (if any), telephone number, date and place of registration and registration number; | | (ii) | the names, personal identification numbers (namely NRIC number, birth certificate number, foreign identification number or passport number) and residential addresses of its partners who are individuals (if any) and its employees; and | | (iii) | the names, places of incorporation, incorporation numbers and addresses of the places of business or registered offices of its partners which are corporations, if any; and |
| | (e) | if the applicant for a loan, borrower or surety is an unincorporated association (other than a partnership) —| (i) | its name, address of its place of business or registered office, email address (if any), telephone number, date and place of registration and registration number; | | (ii) | the names, personal identification numbers (namely NRIC number, birth certificate number, foreign identification number or passport number) and residential addresses of its members who are individuals (if any) and its officers and employees; and | | (iii) | the names, places of incorporation, incorporation numbers and addresses of the places of business or registered offices of its members which are corporations, if any. [S 156/2024 wef 01/03/2024] |
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| Contents of loan information report |
22F.—(1) For the purposes of section 77(1)(b) of the Act, the information to be contained in a loan information report is as follows:| (a) | if the person who has requested for a loan information report under section 77(1) of the Act (called in this rule the requestor) is an individual, the requestor’s full name (including any alias), personal identification number (such as NRIC number, birth certificate number or passport number) and nationality; [S 899/2022 wef 31/12/2021] | | (b) | if the requestor is not an individual —| (i) | the requestor’s name and its Unique Entity Number (UEN); and | | (ii) | whether it is a corporation, an unincorporated association, a partnership, a limited liability partnership or other entity; |
| | (c) | the following particulars relating to every loan previously granted by a licensee to the requestor that is outstanding:| (i) | the name of the licensee; | | (ii) | for every instalment of repayment of the loan that has fallen due, whether or not the instalment was paid on time; | | (iii) | the requestor’s share of the outstanding amount of the loan (including any interest, late interest and fees); |
| | (d) | the aggregate of the requestor’s share of the outstanding amount of every secured loan previously granted by a licensee to the requestor, both including and excluding any interest, late interest and fees; | | (e) | the aggregate of the requestor’s share of the outstanding amount of every unsecured loan previously granted by a licensee to the requestor, both including and excluding any interest, late interest and fees; | | (f) | the aggregate of the requestor’s share of the amount of every unsecured loan for which there is any pending application made (whether before, on or after 30 November 2018) to a licensee by the requestor; | | (g) | the date and time of the request for the loan information report in question. [S 899/2022 wef 31/12/2021] |
(2) In paragraph (1), a reference to a loan previously granted by a licensee to a requestor is a reference to a loan so granted —| (a) | before the request for the loan information report in relation to the requestor is received, whether granted before, on or after 30 November 2018; and | | (b) | by a person who was a licensee at the time the loan was granted and on 30 November 2018, whether or not the person is still a licensee at the time the request for the loan information report is received. [S 755/2018 wef 30/11/2018] |
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| Prescribed manner and means of communications between licensees and designated credit bureau |
22G.—(1) The designated credit bureau must provide an electronic service for —| (a) | the submission of information, requests and declarations by licensees to the designated credit bureau under the following sections of the Act:| (i) | section 66(3), (5)(a) and (7)(a)(i) and (ii) and (b); [S 156/2024 wef 01/03/2024] | | (ii) | section 66A(5)(a) and (6); and [S 156/2024 wef 01/03/2024] [S 899/2022 wef 31/12/2021] [S 156/2024 wef 01/03/2024] |
| | (b) | the delivery of credit reports by the designated credit bureau to licensees under section 74(1)(b) and (3)(a) of the Act. [S 899/2022 wef 31/12/2021] |
(2) For the purposes of the electronic service, the designated credit bureau must assign to every licensee —| (a) | an authentication code; and | | (b) | an account with the electronic service. |
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| (3) Every licensee must submit any information, request or declaration mentioned in paragraph (1)(a) to the designated credit bureau by transmitting an electronic record of the information, request or declaration to the designated credit bureau through the electronic service. |
| (4) The information, request or declaration is treated as having been submitted at the time when the electronic record is capable of being retrieved by the designated credit bureau. |
| (5) The designated credit bureau must deliver any credit report to the licensee who has requested for it by transmitting an electronic record of the credit report to the licensee’s account with the electronic service. |
| (6) The credit report is treated as having been delivered at the time when the electronic record of the credit report enters the licensee’s account with the electronic service. |
(7) Despite paragraphs (3) and (5), in the event of any failure or unavailability of or interruption of service affecting the electronic service, and during the period of such failure, unavailability or interruption —| (a) | the information, request or declaration required to be submitted by a licensee to the designated credit bureau must be submitted by sending the information, request or declaration —| (i) | by email to the email address of the designated credit bureau; or | | (ii) | by fax to the fax number of the designated credit bureau; and |
| | (b) | the credit report required to be delivered by the designated credit bureau to a licensee must be delivered by sending the credit report —| (i) | by email to the email address of the licensee; or | | (ii) | by fax to the fax number of the licensee. |
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(8) The submission of any information, request or declaration under paragraph (1)(a) or delivery of any credit report under paragraph (1)(b) by email takes effect —| (a) | if the information, request, declaration or credit report is sent by email, at the time that the email becomes capable of being retrieved by the intended recipient of the email; or | | (b) | if the information, request, declaration or credit report is sent by fax, at the time a notification of successful transmission is received by the sender. |
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(9) For the purposes of section 78(4) of the Act —| (a) | the prescribed means mentioned in that provision is by sending a request to conduct an investigation relating to borrower information (called in this rule an investigation request) —| (i) | by ordinary or registered post to the principal place of business of the licensee in question; or | | (ii) | by email to the email address of the licensee in question; and |
| | (b) | the prescribed time mentioned in that provision is —| (i) | 3 business days after the sending of the investigation request by ordinary or registered post; or [S 697/2021 wef 30/09/2021] | | (ii) | one business day after the sending of the investigation request by email. [S 697/2021 wef 30/09/2021] [S 899/2022 wef 31/12/2021] |
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(10) In this rule —| “account with the electronic service”, in relation to any licensee, means a computer account within the electronic service that is assigned by the designated credit bureau to the licensee for the storage and retrieval of electronic records relating to the licensee; |
| “authentication code”, in relation to any licensee, means an identification or identifying code, a password or any other authentication method or procedure that is assigned to the licensee for the purposes of identifying and authenticating the access to and use of the electronic service by the licensee; |
| “electronic record” has the meaning given by section 2(1) of the Electronic Transactions Act 2010; [S 899/2022 wef 31/12/2021] |
“email address” —| (a) | in relation to the designated credit bureau, means the last email address given by the designated credit bureau to the licensee concerned as the email address for the submission of information, requests or declarations; or | | (b) | in relation to a licensee, means the last email address given by the licensee to the designated credit bureau for the delivery of credit reports or the service of investigation requests; |
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“fax number” —| (a) | in relation to the designated credit bureau, means the last fax number given by the designated credit bureau to the licensee concerned as the fax number for the submission of information, requests or declarations; or | | (b) | in relation to a licensee, means the last fax number given by the licensee to the designated credit bureau as the fax number for the delivery of credit reports. [S 755/2018 wef 30/11/2018] |
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| Information to be kept by designated credit bureau relating to correction of data |
22H. The following information to be kept by the designated credit bureau is prescribed for the purposes of section 78(7)(f) of the Act:| (a) | in the case of data that is corrected pursuant to a request under section 78(1) of the Act, the date on which the designated credit bureau informed the person who submitted the request of the outcome of the request; [S 899/2022 wef 31/12/2021] | | (b) | if the data in question was corrected —| (i) | the date on which the data was corrected; | | (ii) | a record of the data in question immediately before it was corrected; | | (iii) | a record of the corrected data; and | | (iv) | if the error or omission in the data in question occurred or arose out of or in the course of processing the data in question by the designated credit bureau, or as a result of any malfunction in the information technology system used by the designated credit bureau, a brief description of any preventive measure taken by the designated credit bureau to avoid a recurrence of the error or omission in question. [S 755/2018 wef 30/11/2018] [S 899/2022 wef 31/12/2021] |
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| Events to be notified by designated credit bureau to Registrar |
22I. In addition to the events mentioned in section 79(1)(a) to (d) of the Act, the designated credit bureau must notify the Registrar as soon as practicable after the designated credit bureau becomes aware of any investigation into any offence under any written law (whether in Singapore or elsewhere) —| (a) | commenced against the designated credit bureau; or | | (b) | in which the designated credit bureau is to assist. [S 755/2018 wef 30/11/2018] [S 899/2022 wef 31/12/2021] |
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where Y is the total income of the Singapore borrower or foreign borrower during the 3 months immediately preceding the month in which the application for the unsecured loan is made;
where Y is the total income of the Singapore borrower or foreign borrower during the 3 months immediately preceding the month in which the application for the unsecured loan is made;