Key Takeaways
- The Moneylenders Credit Bureau (MLCB) is a centralised database established by Singapore’s Ministry of Law, operating under Credit Bureau Singapore (CBS). It collects loan and repayment information from licensed money lenders nationwide.
- A Moneylenders Credit Bureau report reflects your loan history with licensed moneylenders only — bank loans or credit card debt are not included.
- Licensed lenders must review your MLCB report before approving a loan or deciding how much you can borrow.
- Multiple active loans or late repayments recorded in the Moneylenders Credit Bureau can affect your chances of getting loan approval.
- Knowing how the MLCB works allows borrowers to approach loan applications with realistic expectations.
The Moneylenders Credit Bureau is an essential part of Singapore’s licensed moneylending system, yet many borrowers only hear about it when they apply for a loan. In most cases, it comes up when a licensed money lender explains why your approved loan amount is lower than expected or why your application cannot be approved right away.
This guide explains what the Moneylenders Credit Bureau is, why it was established, and how a Moneylenders Credit Bureau report can affect borrowers in Singapore.
What Is the Moneylenders Credit Bureau of Singapore?
The Moneylenders Credit Bureau (MLCB) is a centralised credit reporting system established by Singapore’s Ministry of Law and operating under Credit Bureau Singapore (CBS). Introduced in 2016, it maintains records of loans and repayments for licensed lenders’ loans, allowing legal lenders to assess borrowers’ credit risk and prevent excessive borrowing.
Operating independently of Credit Bureau Singapore (CBS), which manages credit records for banks and financial institutions, the MLCB serves the licensed moneylending sector exclusively. This means that bank loans, credit card debt, and other bank-issued credit facilities are not reflected in the MLCB report.
It is compulsory for all licensed lenders to check a borrower’s MLCB report before deciding whether to approve a loan and how much to lend.
Why the Moneylenders Credit Bureau Was Introduced
The Moneylenders Credit Bureau was introduced to strengthen transparency and oversight within Singapore’s licensed moneylending sector. Before its introduction, licensed lenders had limited visibility into a borrower’s existing loan obligations with other licensed lenders, making it harder to assess overall borrowing risk. By consolidating loan and repayment information from all licensed money lenders into a single system, the MLCB helps prevent borrowers from overleveraging loans or borrowing beyond their means. Thanks to the MLCB report, lenders have a more comprehensive view of a borrower’s financial commitments, allowing them to make more consistent, carefully considered, and responsible lending decisions.
As part of Singapore’s broader regulatory framework, the MLCB plays a key role in promoting responsible lending while protecting individuals from taking on unmanageable debt.
What Information Is Recorded in the MLCB Report?
A Moneylenders Credit Bureau report only contains information on loans taken from licensed lenders.
Licensed lenders regularly update MLCB records, so it’s important to make sure your information is accurate. Any errors or outdated details in your MLCB report could affect future loan applications, so discrepancies should be flagged as early as possible during the application process.
How the Moneylenders Credit Bureau Affects Borrowers
Having multiple active loans reflected in your Moneylenders Credit Bureau report may affect the outcome of your application—either reducing the loan amount you’re approved for or lowering the chances of approval.
With that being said, know that a loan application rejection isn’t necessarily permanent. As you repay existing loans and reduce outstanding balances, future applications may have a better chance of approval. Keeping track of your MLCB report and managing your loans responsibly can help improve your borrowing options over time.
Moneylenders Credit Bureau vs Credit Bureau Singapore (CBS)
Borrowers often confuse the Moneylenders Credit Bureau (MLCB) with Credit Bureau Singapore (CBS). While both track borrowing activity, they serve different purposes in Singapore’s credit ecosystem:
Key Differences at a Glance
Feature |
Moneylenders Credit Bureau (MLCB) |
Credit Bureau Singapore (CBS) |
Main Purpose |
Records loans taken from licensed money lenders, borrowers’ repayment behaviour and existing obligations | Tracks overall credit behaviour with banks and major financial institutions |
Lenders Involved |
Licensed money lenders | Banks, credit card issuers, and finance companies |
Impact |
Affects borrowing from licensed money lenders | Affects borrowing from banks (loans, credit cards, mortgages, etc.) |
Credit Score Included? |
No formal “score” | Yes — includes a credit score ranging from 1,000 to 2,000 |
Most Relevant For |
Borrowers considering a licensed money lender loan | Borrowers applying for bank loans/credit cards |
Who Can View My MLCB Report?
Only authorised parties can access your MLCB report:
- You (the borrower)
- Licensed money lenders
- Ministry of Law
- Registry of Moneylenders
How Can I Get a Copy of My MLCB Report?
The process of buying your MLCB report is quick and affordable. You can buy your MLCB report online through the official MLCB website for $0.50 (inclusive of GST), or in person at the MLCB office or Credit Counselling Singapore office during operating hours.
Final Thoughts: Understanding the Moneylenders Credit Bureau
Being familiar with the Moneylenders Credit Bureau (MLCB) empowers borrowers to make prudent, informed financial decisions. By knowing how an MLCB report works, you can approach loan applications with confidence.
Ready to take the next step? Apply now or contact us for personalised guidance on the loan options that best fit your specific needs.
