How Do I Obtain an MLCB Report

A man holding his MLCB report on a clipboard and checking its details

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Similar to a credit report from the credit bureau in Singapore (CBS), an MLCB report is a loan information report provided by the Moneylenders Credit Bureau (MLCB) in Singapore. The reason this report is provided by MLCB is that it’s a repository of all the loans and repayments that you’ve ever made with every licensed moneylender in Singapore.

Your MLCB report might be taken into consideration by a licensed moneylender when you’re applying for a loan with them. This is especially true if you’re applying for a larger loan amount with a longer tenure. But first, let’s find out what information an MLCB report contains.

What is an MLCB report?

An MLCB report, or loan information report, contains a summary of all your active loans, as reported by licensed moneylenders in Singapore. Licensed moneylenders might try to obtain your MLCB report to understand if you’ve got any outstanding payables. They might also want to observe your payment history.

Finally, the MLCB report also lets licensed moneylenders know whether you’ve reached the maximum loan amount in Singapore.This limit ranges from S$500 to six times your monthly income, depending on your annual income and citizenship status.

If you, a borrower, request an MLCB report, you’ll also be able to see the details of every licensed moneylender that you have an active loan with.

This information will be used by moneylenders to assess whether you’re the right fit for a particular loan. This prevents them from risking the chance of you not paying back what you’ve borrowed. On the other hand, if your MLCB report is glowing, you stand to receive quicker loan approval and even preferential interest rates and fee waivers.

What’s inside an MLCB report?

An MLCB report will contain your personal information. This information includes your full name, NRIC, and Unique Entity Number (UEN) if you’re running a company. You can take a look at a sample report here.

An MLCB report also contains the loan type, total outstanding amount, and the total amount payable for any loans that you might have with any licensed moneylender in Singapore.

Additionally, the report will also include your payment status, which shows all your active loans with licensed moneylenders. Based on all of this information, a moneylender might approve or turn down your loan application with them.

Remember, your financial capability isn’t the only thing that licensed moneylenders consider when deciding whether to approve your loan application. You have to demonstrate that you’re a responsible borrower too.

How and when is my information submitted to the MLCB?

The information in your MLCB report is usually up to date, and that’s because the MLCB usually receives loan records directly from licensed moneylenders. This means that every time you make an application with a licensed moneylender and the loan gets approved, the MLCB’s system is updated immediately.

Thereafter, the MLCB can make some additional calculations, such as your total payable loan amount.

How does the MLCB report affect me as a borrower?

With detailed information on your loan history, a licensed moneylender will use it to evaluate whether they’d approve your loan application. The licensed moneylender will use the MLCB report in conjunction with your income documents to evaluate your loan application.

For instance, an MLCB report showing that you have outstanding loan repayments might make you appear to have poor credit standing. This may also indicate that you may not be able to fulfil the repayment of the loan you’d like to take up from the licensed moneylender.

If you’re looking for emergency funds urgently, you might want to consider a payday loan. As the loan type’s name suggests, it allows you to make cash advances based on your monthly salary. Find the best payday loan for you here.

How do I get an MLCB report?

If you’re looking to take up a loan from a licensed moneylender, you may not need to obtain your own MLCB report, because the company will do so on its own as part of the loan approval process.

However, if you just want to find out your credit standing in the eyes of a licensed moneylender, then you can purchase one from the MLCB. You can do so via the MLCB’s website, in person at the MLCB’s office, or at Credit Counselling Singapore’s office.

How much does it cost?

It costs S$0.50 to buy a copy of your MLCB report, no matter where you’re purchasing it from. This amount is inclusive of GST as well. However, do note that there are no refunds for credit reports that have been processed already.

Is my data stored securely?

If you’ve got security concerns, then rest easy because the MLCB stores all borrowers’ personal information along with the data it receives on secured servers. There are also other safeguards in place to protect against hacks and data loss.

Who can see my MLCB report?

Apart from yourself, your report can also be accessed by a licensed moneylender, the Ministry of Law, and the Registry of Moneylenders.

A licensed moneylender may only request and view your report if you’ve got an active loan contract with them.

On the other hand, you can access your MLCB report at any time.

How can I improve my credit standing?

If you’ve got a poor credit standing, then you should begin your journey towards improving it to avail yourself of more loan options. Furthermore, having a good credit standing may potentially allow your loan application to be approved quicker, along with other perks as mentioned above.

To improve your credit standing, you’ll need to do your best to repay all monthly repayments on time and keep the number of loans you have at a manageable level.

That being said, if you do have a poor credit standing but need to take up a loan, check out this article and discover what types of loans are best for your situation.

Get the best interest rates when you have a good MLCB report

If you’re looking to get the lowest interest rate on a loan, one of your best bets is to have an MLCB report that presents well to a licensed moneylender.

And if you’re looking for a reputable licensed moneylender in Singapore, do consider Dio Credit. We have been operating ever since 2013, offering a wide variety of loans for individuals and businesses. Kickstart your application here and our experienced loan executives will get back to you as soon as possible.

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