Life in Singapore

Every nation has its own credit bureau that has direct access to the entire credit information of all the citizens. They are always accessing the credit information from the companies with whom you have credit and from the government agencies like the legal court system. They also provide information to its members whether or not they qualify for a new line of credit. By helping the members, the credit bureau helps the lenders to take better lending decisions as they find it easy to determine the risk of a particular borrower. If a person wants to go for credit repair before applying for credit he must check his credit report from the credit bureaus. Read on to know how you could rectify inaccurate information from your credit report in Singapore and in the US.

Rectifying inaccurate information in your credit report in Singapore

Every month, an approximate amount of 7.7 million account’s payment performance is uploaded by the Banking and Financial Institutions to the Credit Bureau in Singapore. Here’s how you could rectify the inaccurate information in Singapore.

• Obtain a credit report from the Credit Bureau: Obtaining a credit report from the credit report from the Credit Bureau of Singapore is the first step to credit repair. Unless you obtain a copy of your credit report, you cannot understand where the errors lie.

• Contact the credit bureau for filing dispute: As you find the errors in your credit report, you need to contact the credit bureau so that the Bureau can process your request and carry out an investigation. After the investigations, if it is revealed that there is an error, the Credit Bureau will amend your information. They will cross check with the source of the data, post a notice of dispute to the Credit Bureau and inform you about the progress and the result of the investigation.

• Contact the Compliance Committee for review: If you’re not even satisfied with the outcome of the above mentioned investigation, you must get in touch with the Compliance Committee and make a request to review your case.

Credit repair in the US – How is it similar to that of Singapore

Repairing credit in almost all nations involves the same process. The steps that are undertaken by a consumer in the US are therefore similar to that of Singapore. Though mentioned above, here are some specific steps taken by the US consumers.

• Look for incorrect information: You need to look for incorrect information by ordering a free credit report from any of the three credit reporting agencies, Experian, TransUnion and Equifax.

• File a dispute: The next step would be to file a dispute with the credit bureau that often involves sending your credit report by marking the incorrect areas. The bureau will file a dispute and get it repaired.

Thus, after going through the concerns of this article, you might as well conclude that the credit repair process in similar in both Singapore and the US. If you’re a debtor with poor credit score, you can go for credit repair and make yourself creditworthy for your future credit requirements.

author: Maria Smith