Key Takeaways
- An MLCB report records loan and repayment information submitted by licensed money lenders in Singapore, giving other lenders valuable insight into a borrower’s existing commitments.
- MLCB is not a credit score or blacklist. Having an MLCB record does not automatically mean you have poor credit.
- Licensed money lenders use MLCB information as part of their loan assessment, alongside factors such as income, employment circumstances and repayment affordability.
- Borrowers can buy their own MLCB report online through the official MLCB website to review their recorded loan information and identify potential inaccuracies.
- Responsible repayment habits matter. Making payments on time, keeping borrowing manageable and addressing missed payments promptly can help you stay on top of your financial obligations.
Taking out a loan is one thing. Knowing what lenders can see about your existing borrowing is another.
If you’ve borrowed from a licensed money lender in Singapore, your loan and repayment information may be recorded with the Moneylenders Credit Bureau (MLCB). But does having an MLCB record mean you have “bad credit”? Not necessarily.
An MLCB report provides information about borrowing from licensed money lenders and can help potential lenders understand your existing financial commitments and conduct fair credit assessments if and when you do apply for a loan.
Knowing what the MLCB report contains, why it is checked and how to review it can put you in a better position to make informed borrowing decisions. Scroll to find out more!
What Is an MLCB Report?
So, what is an MLCB report?
MLCB stands for Moneylenders Credit Bureau, a central repository for loan information submitted by licensed lenders in Singapore. For the uninitiated, Credit Bureau Singapore has been designated by the Ministry of Law to operate the MLCB.
An MLCB report provides information about a borrower’s recorded loans and repayment activity with licensed lenders. Unlike the broader credit bureau report most people are familiar with, the MLCB report focuses specifically on information reported by licensed lenders.
For example, if you have previously taken a licensed money lender loan in Singapore, relevant repayment information for that loan may be recorded with the MLCB.
Borrowers can obtain a Loan Information Report (i.e. MLCB report) to review the information recorded under their name. This can be particularly useful if you’d like to understand your existing obligations and capacity before taking on another legally binding financial commitment.
What Information Is Included in an MLCB Report?
An MLCB report contains loan and repayment information submitted by licensed lenders. The exact details in your dedicated MLCB report really depend on your borrowing history and the information reported to the Moneylenders Credit Bureau.
Borrower and Loan Details
The MLCB report associates recorded loan information with the relevant borrower. Apart from the borrower’s name, NRIC, employment details, and exclusion status, it also includes information about recorded loan accounts and outstanding obligations, where applicable.
This gives borrowers—and licensed lenders—a clearer view of the borrower’s loan history with licensed money lenders.
Repayment Information
Your MLCB report also includes relevant repayment information, helping lenders understand how you have managed your existing and/or past money lender loans. Late or missed payments will be considered for new licensed lender loan assessments.
Other Recorded Loan Information
Other loan-related details may appear depending on what licensed money lenders have reported. Keep in mind that an MLCB report only covers information submitted to the bureau and is not a complete record of your overall finances.
Case in point, your MLCB report doesn’t tell licensed lenders how much you owe to traditional banks and financial institutions or things like how much you have in your savings accounts.
Why Do Licensed Money Lenders Check Your MLCB Report?
When you apply for a new loan, the lender needs to understand your existing financial commitments and legal capacity for the loan before deciding whether to approve or reject your loan application.
An MLCB report can help licensed money lenders tremendously by identifying:
- Existing loans recorded with licensed money lenders
- Current borrowing commitments
- Relevant repayment information
- Whether you’re within your legal borrowing limits
- Self-exclusion status, if any
This information supports responsible lending by giving the lender a clearer picture of your existing obligations.
However, an MLCB report is only one part of the loan assessment. Licensed lenders may also consider factors such as your income, employment circumstances and ability to meet the proposed repayment schedule.
All in all, an MLCB report provides useful context for the lender, but it does not tell the lender everything about your financial circumstances.
Related read: How Much Can I Really Borrow From A Licensed Money Lender?
How to Buy an MLCB Report Online
Want to know what has been recorded under your name? You can obtain your Loan Information Report directly from the official MLCB website.
Step 1: Visit the Official MLCB Website
If you want to buy an MLCB report online, use the official MLCB website rather than an unofficial third-party service. Avoid sharing your personal information with anyone claiming they can retrieve the report on your behalf.
Step 2: Pay the Applicable MLCB Report Fee
It costs just S$0.50 (incl. GST) to purchase your MLCB report.
Step 3: Review Your Loan Information Report
Once you receive your MLCB report, check the recorded information carefully. Look for unfamiliar loans, incorrect outstanding amounts or repayment details that do not match your records.
What Should You Do if Your MLCB Report Contains an Error?
Spotted something incorrect in your MLCB report? Start by comparing the information with your loan agreements, payment receipts or other repayment records.
If you find a genuine error, contact your licensed money lender to request clarification or correction. If you need further assistance, you may also contact the MLCB for guidance.
⚠️ Always keep copies of your supporting documents and communications, and remember that historical loan information may remain on your report even after a loan has been fully repaid.
Related read: How To Settle Licensed Money Lender Disputes Effectively
Do You Need to Buy an MLCB Report Before Applying for a Loan?
Generally, you do not need to purchase your own MLCB report before applying for a loan. Licensed money lenders conduct the necessary checks as part of their loan assessment and due diligence.
However, getting your own report can still be useful.
It allows you to:
- Review your existing loans with licensed money lenders
- Check whether the recorded information appears accurate
- Understand your current financial commitments before taking on additional borrowing
Think of it as checking your own financial paperwork before making another major commitment. You may not need to do it every time, but it can give you greater clarity about your current position. Additionally, it costs just 50 cents!
How to Maintain a Healthy MLCB Repayment Record
You cannot change your MLCB record overnight, but consistent responsible borrowing habits can help you stay on top of your financial commitments.
Make Repayments on Time
Keep track of your repayment dates and set reminders where needed. Consider GIRO arrangements for fuss-free payments! Consistent repayments can help you avoid unnecessary arrears.
Keep Your Borrowing Manageable
Before taking out another loan, consider your existing commitments and whether you can comfortably afford the new monthly repayment.
Address Missed Payments Promptly
If you expect difficulty making a repayment, contact your lender early to discuss your situation and possible repayment arrangements rather than ignoring the impending issue.
Understand the Full Cost of Borrowing
Before accepting a loan, carefully consider the interest rate, permitted fees and total amount you will need to repay. Pay attention to the monthly instalment amount, late penalties, etc.
Is an MLCB Report the Same as a Credit Score?
No. An MLCB report is not a credit score.
Rather than assigning a borrower a single numerical score, it provides loan and repayment information submitted by licensed money lenders.
Having an MLCB record therefore does not automatically mean you have poor credit. You may simply have previously borrowed from a licensed money lender.
It is also different from the broader credit bureau report. If you are searching for a CBS report online, for example, don’t assume that you are looking for the same document as an MLCB Loan Information Report. The two distinct reporting systems contain different information and serve different purposes!
Long story short, an MLCB report should be viewed as a source of borrowing information—not a simple pass-or-fail rating.
Is the MLCB a Blacklist?
No, the MLCB is not a blacklist.
Having an MLCB record simply means that relevant borrowing information has been recorded with the bureau. It does not, by itself, place you on a list of people who cannot borrow.
Instead, the information can help licensed money lenders understand your existing financial commitments and repayment behaviour when reviewing an application.
Think of the MLCB as a record of relevant borrowing information, rather than a blacklist that decides your financial future.
Conclusion
An MLCB report records loan and repayment information submitted by licensed money lenders in Singapore. It helps lenders understand a borrower’s existing commitments but is not a credit score or blacklist.
If you’re considering applying for a loan, reviewing your MLCB information, keeping up with repayments and understanding the full cost of borrowing can help you make a more informed decision.
If you’d like to explore your borrowing options, contact 111 Credit today to discuss your needs with a licensed money lender and learn about available loan options and repayment obligations. We’re happy to listen and provide sound advice every step of the way!
