Credit bureau does utmost to ensure reports are accurate

Patrons using ATM machines at Changi Airport.
Patrons using ATM machines at Changi Airport.PHOTO: ST FILE

We thank Mr Ivan Teo for his letter (Independent oversight needed in banking to protect consumer interests, June 4).

Credit Bureau Singapore (CBS) offers various channels for consumers to access their credit reports.

These facilitate easy access and review of credit records by consumers, provide them with a consolidated view of their credit positions and credit standing as viewed by their creditors, and allow consumers to verify the accuracy and completeness of data.

Where disputes are raised, CBS and its members are required to conduct prompt investigations and rectify erroneous records in a timely manner.

Upon receiving feedback on any disputed information, CBS will:

•contact the data contributor for verification;

•append a notice in the consumer's credit file, where its members can note that the information is being disputed and is under investigation; and

•keep the consumer updated of the progress and outcome of investigation.

If there is any rectification of contents following an investigation, a revised copy of the credit report will be sent to the consumer.

To further ensure data accuracy and consistency across all members who may have conducted an inquiry into the consumer's credit file within the last 12 months or during the course of an investigation, a revised report will also be sent to these members to notify them of the amendment in the credit report.

Should Mr Teo's friend like to have CBS facilitate the resolution process, he may call 6565-6363 or e-mail consumer_services@creditbureau. for assistance.

Lily Tay

Business Development Director

Credit Bureau Singapore

A version of this article appeared in the print edition of The Straits Times on June 11, 2019, with the headline 'Credit bureau does utmost to ensure reports are accurate'. Print Edition | Subscribe