Introduction to Moneylenders Credit Bureau (MLCB)

The MLCB is a central repository of data on borrowers’ loans and repayment records with licensed moneylenders. It allows licensed moneylenders to assess the creditworthiness of borrowers, and help to prevent borrowers from borrowing beyond their means.

The MLCB does not collect data on borrowers’ bank credit facilities or bank deposit information, nor does it make lending decisions on behalf of LMLs.

Background on the Moneylenders Credit Bureau (MLCB)
The Ministry of Law (MinLaw) first announced that the Moneylenders Credit Bureau (MLCB) would be launched on Tuesday, 1 March 2016.

Credit reference agency DP Information Group (DP Info) was appointed by
MinLaw in November 2015 to design and develop the MLCB. DP Info also managed the operations of the MLCB.

Commencing 1 July 2021, Credit Bureau Singapore (CBS) was designated by the Ministry of Law (MinLaw) as the new operator of the Moneylenders Credit Bureau (MLCB) under Section 30D of the amended Moneylenders Act..

How the Moneylenders Credit Bureau (MLCB) works
With the launch of the MLCB, all licensed moneylenders will provide regular updates to the MLCB on borrowers’ loan information. This will allow the generation of credit reports for each and every borrower, with information on all his active loans with all licensed moneylenders at any point in time.

The credit report will include information on:
(a) The loan type, total outstanding principal amount and total amount payable; and
(b) Details of all active loans the borrower has with licensed moneylenders and the repayment status of each loan.

When is information submitted to the Moneylenders Credit Bureau (MLCB)?
1) Before granting a loan, the licensed moneylender collects information from the borrower.
2) The licensed moneylender submits the information to the MLCB.
3) The licensed moneylender purchases credit report containing details of active loans taken by the borrower
4) If the licensed moneylender decides to grant a loan, the information submitted will be stored in the MLCB and used for the generation of borrowers’ credit reports.