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

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Have you been borrowing from a licensed money lender?

You may find that your loan limit has either been reduced or increased.

The reason is that, besides your maximum borrowing limit from your monthly income, money lenders will also have a look at your credit history and your equivalent credit score.

This information is provided by the Moneylenders Credit Bureau (MLCB). However, it is available only to MLCB, unlike the Credit Bureau of Singapore (CBS) report.

Because it is derived from a database of all loans and repayments ever made with each licenced money lender in Singapore, the MLCB is the source of this report.

When you request a loan from licensed money lenders, they may consider your MLCB report before approving your loan.

If you’re looking for a higher loan facility with a longer repayment term, money lenders might take this information into account.

What Is The MLCB?

The MLCB is a centralised data repository for borrowers’ loans and licensed money lenders’ repayment information.

It enables Singapore’s licensed money lenders to make more informed decisions when reviewing loan applications from prospective borrowers.

Loan Application

It also assists borrowers to manage their loans and financial status better.

However, the MLCB does not collect information on borrowers’ bank credit facilities or bank deposits, nor does it make lending decisions on lenders’ behalf.

CBS was appointed by the Ministry of Law (MinLaw) as the new operator of the MLCB in July 2021.

The MLCB gives all authorised money lenders access to a borrower’s creditworthiness. This is to stop debtors from getting further into debt that would be difficult for them to repay.

It is worth noting the MLCB did not have this information before.

The task of creating and developing the MLCB is assigned to the DP Information Group (DP Info). As a result, the group is in charge of managing the MLCB’s everyday activities.

How MLCB works

With the establishment of the MLCB, all licensed money lenders in Singapore will supply the MLCB with frequent updates on their borrowers’ loan status.

This will enable the compilation of a moneylender report for each borrower, which will include:

  • Information on all active loans with all licensed money lenders at any time
  • The loan type and tenor
  • The total outstanding principal amount
  • The total amount (including interest) payable
  • All current loans that the borrower has
  • Each loan’s repayment status

Borrowers can keep track of and better manage their own debts by using their own credit reports.

Before making a new loan, licensed money lenders can use a borrower’s credit report to better assess credit risk and deny loans to those who are borrowing above their means.

This, in turn, can assist licensed money lenders in lowering their default rate and, as a result, their cost of doing business.

Licensed money lenders can also utilise credit reports to maintain track of borrowers who have active loan contracts with them, including whether or not the borrowers have taken out further new loans.

One moneylender report will cost licensed money lenders $0.50 and borrowers $1.

The MLCB will be used by the Ministry of Law and the Registry of Moneylenders to more effectively monitor borrowing and lending activity.

How Do I Get My MLCB Report?

It is important that you review your moneylender report at least once a year.

This is an excellent method of preventing identity theft. You may also identify anomalies in your credit score that might affect it negatively.

The credit report, like the MLCB report, lists all existing loan amounts and credit card obligations held with banks and other financial organisations.

When you request a loan, licensed money lenders obtain a moneylender report from the MLCB. If you have ongoing loans with them, licensed money lenders will also verify the report.

You can retrieve these credit reports at any time at a small fee. If you just want to find out your credit standing in the eyes of a licensed money lender, then you can purchase a report from the MLCB.

You can do so online on the MLCB website, in person at MLCB’s office, or at the office of Credit Counselling Singapore.

What Does A MLCB Report Include?

Personal information about you will be included in the report. This comprises your name, NRIC, and, if you own a business, your Unique Entity Number (UEN).

Your MLCB report will also include the loan type you took, the total outstanding amount, and total amount payable with any licensed money lender in Singapore.

In addition, it will disclose your payment status, which shows all of your active debts with regulated money lenders and how long you have to return them.

A money lender may approve or deny your loan application based on this information.

Does Buying A Credit Report Affect Your Score?

Buying your credit report several times and from different firms in a year will not have a negative impact on your credit score.

This is because checking your own credit report is not a credit inquiry, thus it has no effect on your score.

In fact, reviewing your credit report on a regular basis can ensure that the information provided to lenders by credit reporting firms is correct and up to date.

It is also the reason why every 12 months, you are entitled to a free moneylender report from each of the three major consumer reporting firms.

However, the number of credit applications you make and bank queries into your credit score does have an impact on your score.

When you apply for a new loan or credit card, the financial institution will check your credit score with the MLCB, which is also called a hard inquiry.

Loan Application

The bureau then takes note of this information and shares it with other financial institutions.

If you make several such applications in a short period of time, your credit score may suffer because it indicates that you are trying to incur additional debt.

What Is A Licensed Money Lender?

The Ministry of Law has approved licensed money lenders in Singapore. This means that these dependable money lenders would have to follow all of Singapore’s laws and regulations.

This regulates the maximum amount one can borrow based on income, the minimum age requirement, the maximum interest rate, and any additional charges on loans.

Licensed lenders can provide fast loans to Singapore citizens and permanent residents.

Regulated money lenders can also make loans to foreigners in Singapore who have valid Employment Passes.

Hence, legal money lenders in Singapore are an alternative to explore when seeking urgent loans because their processes are frequently faster and less stringent than those of traditional banks.

Licensed money lenders often make only small loans as they are often small firms that cannot afford to lose millions of dollars if a borrower fails to repay.

These loans are unsecured and based on your income, but they can be as little as a few hundred dollars or as much as $1,500.

Borrowing from a certified money lender has numerous perks and downsides.

Some examples are provided below to assist you in making an informed decision when borrowing from a legal money lender in Singapore.


  • A shorter approval process with some approvals in less than 30 minutes if you have all the requested documents
  • Loan repayments that are flexible to meet your needs
  • The application is quick and simple, and available online
  • A poor moneylender report is not an issue with money lenders, which may be open to approving your loans and providing you with a debt consolidation plan to restructure your bills


  • High monthly interest rates of up to 4%
  • Loans obtained from regulated money lenders typically have a shorter repayment duration of up to 12 months
  • The amount you can borrow is determined by your annual salary
  • Late or missing payment penalties
  • If you do not make timely payments, you risk damaging your credit score
  • Your borrowing patterns may spiral out of control

Which Loans Are Not Reported To The Credit Bureau?

All loans you take from licensed money lenders within Singapore are reported to the credit bureau.

This includes your past loans already paid, defaulted, and those being paid. Loans taken from friends and those taken out of the country will not be part of the moneylender report and scoring.

How Do I Get My Credit Score?

If you are a Singaporean and you want to know how to check your credit score, you can obtain your score in Singapore using the free or paid option.

Buying Your Credit Report

In Singapore, this is the most typical method for borrowers to obtain their credit scores.

To obtain the report, simply submit an online request to CBS. It costs around $6.40 and can be paid for using a credit card.

Getting A Free Report

You are entitled to free credit reports when applying for new credit facilities such as personal loans, vehicle financing, or wedding loans.

It is important to note that whether the loan is authorised or not, you will receive a credit report.

You are also entitled to a free credit report from each of the three major consumer reporting companies once every 12 months.

This entitlement is intended to assist consumers in checking and verifying their borrowing details to verify how thorough and accurate the data presented in the report is.

What Is A Good Credit Score in Singapore?

Credit Bureau Singapore offers credit reports and scores. A credit bureau score is a four-digit figure based on your loan payment history.

Lenders use this statistic to estimate how risky you are as a credit applicant based on your ability to repay your debts.

The score considers your credit account history, as well as how soon you make payments, the amount outstanding, and how late your payments were.

It may also consider the amount of open or current credit accounts you have, as well as how recently and frequently you applied for new credit.

The specific algorithm used to construct credit ratings in Singapore is not publicly available, but we do know some of the elements that are considered.

Your credit history is consolidated into a score ranging from 1,000 to 2,000. Those close to the bottom of the scale, or 1,000 points, are considered to be the most likely to default on a payment. They are also rated as HH.

Those near the top of the scoring range, at 2,000 points, are thought to be the safest. They would also have the finest credit rating of AA.

Both money lenders and traditional banks will consider the credit bureau score as one of several factors when making lending choices.

Other criteria may include your annual pay, tenure of employment, and information about bankruptcy or litigation.

Your credit score may also influence whether or not the lender will extend loans to you at the lowest rates available to customers with the best credit.

Unlike credit reports from the Moneylenders Credit Bureau that are meant for licensed money lenders than banks, CBS reports are accessible to both types of institutions.


The establishment of the Moneylenders Credit Bureau has benefited all parties in the financial sector, including licensed money lenders, and you as a borrower.

Licensed lenders are now able to measure the risk of default and no longer have to worry about losing money.

Borrowers, on the other hand, are less likely to default on their payments as they have a limited rate of taking loans, which keeps them from falling into serious debt.

Individuals can also file for self-exclusion with the MLCB in order to deliberately exclude themselves from applying for unsecured loans from licenced money lenders.

Are you in need of a quick loan? Then you should consider a personal loan, which allows you to make cash advances based on your next payday.

Lending Bee can help you get the best loan for you.

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