Understanding Credit reports


Credit Resources at your fingertips. Find out how to access your Credit report.

Guide to Credit reports

What is a Credit report?

 

A Credit report is a collection of information held at one or more Credit bureau service providers. Banks and other businesses that lend money, access this information with your consent.

 

This information is compiled into a single report that helps lenders determine if you are a good financial candidate.

 

Your Credit report is referred to when you apply for Credit and includes the following information:

  • Your identification: name, address, NRIC or passport number or FIN number, date of birth
  • Credit history: including Credit accounts and loans with banks, finance companies and others; balances; cash advances; on-time and late payments
  • Public records: bankruptcies, court rulings, registered items
  • Inquiries: including lenders you’ve recently sought Credit from and your employers

It is a good idea to review your Credit report once a year. If you discover any inaccurate information, it can be corrected or removed by contacting the Credit Bureau directly.

 

 

Why is my Credit report important?

 

Your Credit report is one of your most important financial tools. Understanding your Credit score can help you plan for the future and is a strong indicator of your likelihood of being approved for a Credit Card or loan.

 

Learn more about Card application >

 

 

Who can view your Credit report?

 

With your consent, your Credit report can be viewed by lenders, and of course, you.

 

As a responsible lender, American Express reviews Credit reports of our customers on a regular basis. The information reflected on Credit reports is taken into consideration to manage your Account.

 

 

How do you establish a Credit rating?

 

You begin to establish a Credit rating as soon as you apply for your first loan, line of Credit, Credit Card or overdraft facility. From that point on, the way you manage your Accounts will have a positive or negative impact on your Credit rating.

 

A good Credit rating is necessary in order to apply for Credit in the future. For example, lenders will evaluate your Credit report prior to approving your request for car loans, mortgages, line of Credit and Credit Cards.

 

Good Credit guidelines

 

Some things that lenders consider when reviewing your Credit report are:

  • Timeliness of bill payments
  • Total overdue balances
  • Total usage of Credit lines
  • Negative public records

To help keep your Credit rating in good standing you should always pay your bills on time. If you are moving, ensure you provide your lenders with your new address and other contact information to avoid late or missed payments.

 

You should also check your Credit report annually to ensure the accuracy of your information, and you are entitled to do so without charge.

 

Remember to inform your lender and the Credit Bureau immediately if you notice any inaccurate information in your Credit report.

 

 

 

More Credit resources

Online resources

 

Used wisely, Credit Cards and Charge Cards can make your life easier and offer many benefits and protections. By learning more about Credit, you’ll be in the best position possible to make informed choices about the way you manage it.

 

You can always refer back to this site for advice and guidance. Plus, there are many other online resources that can help you learn and stay informed. Just follow these links:

 

Credit bureau (Singapore)  >

DP information group >

 

How Credit Cards and Charge Cards work

 

Boost your Card knowledge with a better understanding of the differences between Credit and Charge Cards

 

Find out how Cards work >

 

Being Card smart

 

Safeguard your Card, manage your spending and maintain a good Credit score.

 

Credit Cards and Charge Cards are important financial management tools that allow you to purchase the things you want sooner - and pay for them later. But, because Cards are so convenient, it can be tempting to overuse them, and overspend your budget.

 

Learn how to be Card smart >

 

Contact us

 

Speak to our dedicated servicing team who're available 24 hours a day, 7 days a week.

 

Contact our team here >

 

Credit and Charge Cards explained

 

Has talk of interest, annual fees, rates and percentages left you feeling confused?
 

Our simple Credit and Charge Card Guides are a great place to start.

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