The SME Credit Bureau stores credit information on businesses and can help you gain better access to loans.
What Is The SME Credit Bureau?
How Does It Benefit My Business?
How Does It Work?
How Much Does It Cost?
How Do I Join?
Who Can I Contact?
What Is The SME Credit Bureau?
- The SME Credit Bureau is a central database of credit-related information on Small and Medium Enterprises (SMEs) in Singapore.
- You join the SME Credit Bureau to make your business' credit information available to banks and other member businesses of the Bureau.
- If you join the Bureau, banks and other members will be able to assess your creditworthiness and make informed decisions when dealing with your business.
back to top
How Does It Benefit My Business?
When Borrowing Money
- Your credit information will be available at the SME Credit Bureau for the banks and lenders to review.
- If your business is creditworthy, banks and lenders can make faster and more informed decisions resulting in faster loan approvals.
When Dealing With Other Members
- You can check the financial standing of your customers and suppliers if they are also members of the Bureau.
- By knowing their financial standing, you can decide whether to give them better credit terms or accept their business guarantees.
back to top
How Does It Work?
- The Bureau collects both positive and negative credit information from members on members.
- Some examples of information collected are:
- timely repayment of loans
- defaults in repayment of loans
- bankruptcies filed by members
- legal claims against members payments
- Members can search the Bureau's database to access collected information on other members.
- Members can update their own profile to highlight good credit behaviour.
back to top
How Much Does It Cost?
- There are different levels of membership. Depending on which level you choose, you may need to pay an annual fee of S$380 per year and an additional monthly fee from S$35 to S$70.
- Each membership package comes with a fixed number of free searches. If you need to conduct more searches, you will have to pay a fee of S$3.50 to S$23.50 per search.
back to top
How Do I Join?
You need to contact the SME Credit Bureau (details below) to join. The steps involved are:
- Register as a contributing member - You agree to contribute either default or payment information into the Bureau.
- Sign the Agreement Form and wait for the contract to be endorsed.
- Submit your credit information to SME Credit Bureau in the format provided.
- Receive an ID and a password to access the SME Credit Bureau system.
back to top
Who Can I Contact?
 |
The SME Cre |