Key Takeaways
- An MLCB report provides a detailed record of your borrowing history with licensed moneylenders. It contains information such as personal particulars, active loans, repayment history, and self-exclusion records.
- Unlike credit reports from the Credit Bureau Singapore, MLCB reports do not include a credit score or risk grade. Instead, they present factual borrowing and repayment data for lenders to assess your financial situation.
- Licensed moneylenders use the MLCB report to evaluate creditworthiness and prevent over-borrowing. The information can influence loan approvals, loan amounts, and your overall borrowing capacity.
- Borrowers can easily buy an MLCB report online through the official MLCB website for S$0.50 (inclusive of GST) using Singpass. Reports can also be obtained in person at designated offices.
- Maintaining good repayment habits, reducing outstanding debts, limiting unnecessary loan applications, and regularly reviewing your report can help improve your MLCB records and support future loan applications.
Many borrowers focus on interest rates and loan amounts when applying for financing, but few realise that their MLCB report can significantly affect whether their application gets approved. Before a licensed moneylender decides to extend your credit, they will typically evaluate your borrowing history and creditworthiness by reviewing this report.
Understanding your MLCB records can help you assess your financial standing, improve your chances of securing a loan, and avoid taking on more debt than you can comfortably manage. So, what exactly is an MLCB report, and what does it contain? What can you do to improve your MLCB report before your next loan application? Keep reading to find out.
What Is an MLCB Report?
If you’ve ever wondered what an MLCB report is and why it matters, an MLCB report is issued by the Moneylenders Credit Bureau, a central database that stores borrowing records for all licensed moneylender loans in Singapore.
Operated by the Credit Bureau Singapore, the MLCB was established to promote responsible lending and borrowing practices within Singapore’s licensed moneylending industry. Licensed moneylenders are mandated by law to review a borrower’s MLCB Loan Information Report before granting any loan.
It is important to note that an MLCB report differs significantly from a Credit Bureau Singapore credit report. Unlike CBS reports, which utilise a predictive scoring model, an MLCB report does not assign a numerical credit score or risk grade; instead, it serves as a factual summary of your actual borrowing and repayment records with all licensed moneylenders in Singapore.
What Does an MLCB Report Show?
If you’ve searched for “MLCB report sample“, you’re not alone; many borrowers want to know what the MLCB report contains before paying for it. Let us break it down for you:
#1 Personal Details
The report includes the borrower’s basic personal information, such as:
- NRIC or identification details
- Employment information
- Residential address
- Contact details
These particulars help ensure that loan records are matched accurately to the correct individual.
#2 Active Loan Information
The report also contains details of your existing loans with other licensed moneylenders, including:
- Current outstanding balances
- Loan commencement dates
- Status of active loan accounts
This section allows lenders to assess your current debt obligations and repayment capacity before approving additional financing.
#3 Repayment History
One of the most important sections in an MLCB report is the repayment history.
Borrowers will typically see a 12-month repayment record showing whether instalments were paid on time, were overdue, or were in default. Persistent late payments may lead lenders to perceive you as a higher-risk borrower, reducing your eligibility for new loans.
#4 Self-Exclusion Records
If a borrower has voluntarily opted into the Self-Exclusion Listing, this information will be reflected in the MLCB report. Licensed moneylenders rely on these records to ensure compliance with lending restrictions, such as the maximum borrowing limits established by MinLaw.
Why Is the MLCB Report Important?
An MLCB report, sometimes loosely referred to as a moneylender report or moneylender credit report, plays a vital role in Singapore’s lending ecosystem.
Helps Lenders Assess Creditworthiness
Licensed moneylenders use the report to evaluate a borrower’s existing debt commitments and repayment behaviour. This enables lenders to make more informed lending decisions while reducing the risk of extending loans to borrowers who may not be suitable.
Prevents Over-Borrowing
Because information on borrowing is shared among all licensed moneylenders, the MLCB system helps prevent borrowers from taking on excessive debt from multiple lenders simultaneously.
Influences Loan Outcomes
Information contained within a moneylender credit report may influence:
- Loan approval decisions
- The final approved loan amount and terms
- A borrower’s overall borrowing capacity under regulatory limits
Who Can Access Your MLCB Report?
Access to MLCB records is restricted to authorised parties only:
#1 Borrowers
Individuals have the right to purchase and review their own MLCB reports to gain a fuller picture of their financial standing and verify the accuracy of the information. If there are inaccurate or outdated records, borrowers are encouraged to report the discrepancies to MLCB as soon as possible.
#2 Licensed Moneylenders
Licensed moneylenders are required to access a borrower’s report during the loan assessment process and for regulatory compliance purposes.
#3 Ministry of Law
The Ministry of Law may access relevant information in the MLCB database for regulatory oversight, industry supervision, and enforcement purposes.
Strict privacy and data protection measures are in place to safeguard borrowers’ personal information, and access is restricted to authorised parties for legitimate purposes only.
How to Buy an MLCB Report in Singapore
If you wish to review your loan records, there are several ways to buy your MLCB report in Singapore.
Buy Your MLCB Report Online
The most convenient option is to buy the MLCB report online through the official MLCB website.
The online process is straightforward:
- Visit the official MLCB portal (https://www.mlcb.com.sg/).
- Click on “Buy My Loan Information Report”.
- Log in using your Singpass account.
- Verify your identity.
- Make payment of S$0.50 (inclusive of GST).
- Download your MLCB report.
Other Ways to Get Your MLCB Report
Borrowers may also obtain their MLCB reports in person at the following locations:
Moneylenders Credit Bureau Office
2 Shenton Way, #20-02, SGX Centre 1
Singapore 068804
Hotline: 6335 5897
Credit Counselling Singapore (CCS) Office
51 Cuppage Road, #07-06
Singapore 229469
Hotline: 6225 5227
How to Improve Your MLCB Report
Maintaining healthy borrowing habits can strengthen your financial profile and improve future loan prospects.
Conclusion: Check Your MLCB Report Before Your Next Loan Application
Your MLCB report provides a detailed overview of your borrowing and repayment history with licensed moneylenders, making it a critical tool for both borrowers and lenders. However, unlike traditional CBS reports, MLCB reports do not contain credit scores or risk grades and should be interpreted differently.
Before applying for new loans from a licensed lender, take the time to review your records and ensure that the information reflected is accurate and up to date.
If you’re considering a loan and would like professional guidance, Credit Empire is a trusted licensed moneylender committed to responsible lending practices. Reach out to our team today to learn more about your options or submit your loan application online today!
