Personal Finance

What A Moneylenders Credit Bureau (MLCB) Loan Information Report Means

August 27, 2022

When looking for a loan from financial institutions and other lenders, you will need a credit report from the credit bureau.

The report determines your creditworthiness by tracking various debt payment metrics.

Credit bureaus are responsible for tracking a person’s financial history by gathering data from financial institutions.

Credit bureaus collect information from sources such as banks, credit card companies, money lenders, and other creditors.

This article discusses everything you need to know about what a moneylender report consists of in Singapore.

What Is The Moneylenders Credit Bureau?

The Moneylenders Credit Bureau (MLCB) was created by the Ministry of Law in 2016 to collect and keep information on all loans from licensed money lenders.

The MLCB collects and keeps data on borrowers’ loans and payment history. This data includes records of loan requests, approved loans, and the payment history of borrowers.

It is a central repository of payment history that helps licensed money lenders to assess the credit worthiness of borrowers before lending to them.

It also helps prevent borrowers from overburdening themselves with debt.

The bureau collects information from various licensed lenders and prepares the loan information report.

When a borrower applies for a loan, the lender will pay for the credit bureau report, which shows how well a borrower pays for loans.

How Does The MLCB Work?

All licensed lenders are required to maintain information on the borrowers’ loan and repayment records.

Lenders are required to provide the MLCB with reports of the borrowers’ loan information.

The information from the lender is updated regularly and is what constitutes a loan report. The borrower and the lender have access to information on active loans at any point in time.

How Do I Get My MLCB Report?

Before you take a loan, you may need to assess your creditworthiness. You can do so by accessing the moneylender report.

There are two options available when you need the moneylender report:

  • Get the report from the MLCB report from the online portal
  • Visit the MLCB offices to get the report

The report will cost you $1, and the lender will pay $0.50 to access the report.

Lenders use the moneylender report to assess a borrower’s credit risk before it grants a loan. This helps reduce the loan default rate.

What Does An MLCB Report Include?

The moneylender report is a compilation of information from various licensed money lenders.

Before a lender can offer you the loan you need, it must check the moneylender report to assess your credit worthiness.

On the other hand, you need to know the information in the report as a borrower. In case the information is incorrect, you can ensure it is rectified in good time.

The moneylender report contains the following information:

Basic Personal Information And Employment Information

The report will contain basic information such as your full name and identification. This is followed by the employment information and the monthly income.

Loan Type

This section of the report will include all the loans you have received from licensed money lenders. You will find the information below in this part of the report:

  • Loan type and tenure
  • The outstanding principal and the total payable

Payment Status

In the payment status section, you will find the 12-month payment status of your loans. In this section, you will see the following information:

  • Credit payment trends for the last 12 months, including any defaults
  • Any late payment of credit card bills and loans
  • Bankruptcy records
  • Closed or terminated credit accounts
  • Aggregated outstanding balances and credit limits

If you make timely payments, your status will be favourable.

Credit Checks By The Borrower

The report also contains any checks the borrower did while looking for credit.

Does Buying A Moneylender Report Affect Your Credit Score?

Buying your credit report does not constitute a credit inquiry, therefore it does not affect your credit score.

Checking your credit score is considered a soft inquiry and has no impact on your credit score.

It is good to check the moneylender report regularly as it helps you confirm that the information the bureau is holding is accurate.

Plus, you can confirm your credit score and take steps to improve it.

You can get your moneylender report by visiting the MLCB website or visiting the office of the MLCB for a copy.

What Is A Licensed Money Lender?

Licensed money lenders are approved companies that offer borrowers instant loans. They are licensed and regulated by the Ministry of Law.

Licensed lenders can provide instant loans to:

  • Singapore citizens
  • Permanent residents
  • Foreigners with a valid employment pass

Licensed lenders are required to follow certain rules when lending money. Here are some of the regulations they must follow:

  • The amount they can lend is capped and depends on the income of the borrower. For instance, borrowers with an income of $20,000 or below can borrow a maximum of $3,000.
  • The law requires the licensed money lender to make sure the borrower understands the loan contract. On signing the loan contract, the lender issues a copy to the borrower.
  • Licensed lenders are allowed to charge a 4% interest rate per month. The fees they charge are capped by the Ministry of Law.

To verify whether a money lender is licensed or not, check the Ministry of Law website. The list of licensed money lenders is updated regularly.

What Loans Are Not Reported To The Credit Bureau?

Most financial institutions, such as banks, report credit history to the credit bureau.

However, some types of credits don’t affect your score. Below are some of the loans or credit that will not appear on your credit report:

  • Buy Now, Pay Later (BNPL)

If you opt for a BNPL when purchasing items, the debt you owe will not appear in your credit report.

  • Business Loans 

Any loan taken for business purposes and under the name of your business will not appear in your credit report.

How Do I Get My Credit Score?

The credit bureau allocates borrowers’ credit scores based on several factors. These factors cause your credit score to change from time to time.

Credit Exposure

The more loans you have, the higher the risk of default. This will affect your credit score negatively.


Any sign of failure to pay the debt will affect your credit score negatively.

Too Many Credit Inquiries

The rate at which you enquire for credit affects your credit history. Too many inquiries could mean you are hungry for credit, or you have money management issues.

Credit History

Your credit history plays a crucial role in determining your credit score.

A negative history affects your credit score. Lack of a clean history affects your credit score negatively.

On the other hand, if you don’t have enough credit history, you will not be able to establish a good credit score.

To find out which factors contribute to your credit score, check the contributing factors section in your report. You will be able to see what has caused your credit score to drop.

In the unlikely event there is an error in your credit report, speak with the lender that provided the data.

What Is A Good Credit Score?

A credit score is a number assigned to a borrower based on their credit payment history.

It shows your creditworthiness and how likely you are to pay your debts on time. In Singapore, credit scores range from 1,000 to 2,000, with 2,000 being the highest.

Here are the credit scores and the default probabilities:

RatingScoreProbability of default
AA1911 – 2000between <= 0.27%
BB1844 – 1910between 0.27% to 0.67%
CC1825 – 1843between 0.67% to 0.88%
DD1813 – 1824between 0.88% to 1.03%
EE1782 – 1812between 1.03% to 1.58%
FF1755 – 1781between 1.58% to 2.28%
GG1724 – 1754between 2.28% to 3.48%
HH1000 – 1723between >= 3.48%

If your credit score is low, all is not lost.

How To Improve Your Credit Score

Here are some ways to get a better credit score.

Pay Your Bills On Time

Make sure you pay your bills, such as credit cards and loans, on time. This will improve your credit score.

If you can’t pay the whole amount, ensure you pay the minimum amount billed.

Avoid Making Too Many Credit Inquiries

Applying for too much credit within a short period is an indication that you are debt-hungry or you have poor money management skills.

Reduce Your Credit Lines

Too many credit lines may result in default. If you have too many credit lines, you are likely to forget the due dates, resulting in default.

Pay off credit lines that you no longer need. This will also save you annual fees.

Pay For Short-Term Credit

Paying short-term credit first will help you improve a poor credit score quickly.

If you plan on applying for a major loan, start paying off small loans first. This will help improve your credit score.

A moneylender report from the Moneylenders Credit Bureau is a powerful tool that can help you get the loan information you need to make more informed decisions about your finances.

By understanding what the moneylender report is and how it can help you, you can take control of your financial future and make smart choices about borrowing money.

If you are looking for instant cash or want to start building your credit history with a short-term loan, visit GS Credit for instant loans.

We are a licensed money lender that offers instant loans at the best interest rates. Try GS Credit today to solve your finance issues.

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