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What does a credit bureau check involve?
Why must another credit bureau and income check be conducted before a borrower’s credit limit can be increased? Have these checks not already been conducted when the borrower first applied for his credit card or unsecured credit facility?
Must a fresh income check be conducted before the credit limit of a borrower, who was granted a credit card or unsecured credit facility on the basis that he has an annual income of at least S$120,000 or net personal assets exceeding S$2 million, can be increased?
Must an FI conduct a fresh income and credit bureau check before issuing an additional credit card to a borrower who already holds a credit card from the same FI?
Must an FI conduct the checks upon receiving information from any person?
What must the FI do after conducting the income and credit bureau check?
If a borrower is flagged by a third party or his family member as having debt problems, why doesn’t MAS require the FI to immediately suspend his access to further credit?
Why doesn’t MAS set up a ‘blacklist’ for or ban borrowers who are flagged by third parties or their family members as having debt problems?
Why is MAS allowing individuals above 55 years old to obtain credit cards based on assets and guarantees?
Which unsecured loans were previously exempted from the unsecured credit rules?
Why has MAS extended the unsecured credit rules to unsecured loans that were previously exempted?
In what circumstances are FIs required to conduct credit bureau checks?
Why is MAS requiring FIs to review a borrower’s aggregate credit limits and outstanding debt?
How are a borrower’s aggregate credit limits and outstanding debt computed?
How can a borrower access his credit bureau reports, and how should he interpret the reports?
How can a borrower verify, or correct inaccuracies in, his aggregate credit limits and outstanding debt?
What is the purpose of this rule?
Wouldn’t it be easier for the FI to assign a credit limit and for the borrower to subsequently request for a lower credit limit?
Will borrowers always be granted their preferred credit limits?
Who will receive this disclosure statement?
Why is this only disclosed to borrowers who have not paid their unsecured debts in full in the prior month?
What is the purpose of sending borrowers the disclosure statements?
What should borrowers do with the information in the disclosure statement?
Why is MAS setting a limit on a borrower’s credit card and unsecured borrowings, aggregated across FIs?
How is a borrower’s aggregate outstanding debt computed for the purpose of this rule?
How can a borrower determine his unsecured debt, aggregated across FIs?
How is a borrower’s income determined?
Why do different FIs have different income information and records?
Why has MAS set the final borrowing limit at 12 times a borrower’s monthly income?
When can FIs lift the suspension imposed on credit cards and unsecured credit facilities (as a result of the borrowing limit)?
Is there any flexibility granted to borrowers whose aggregate unsecured interest-bearing already exceed 12 times their monthly income, before the borrowing limit is implemented on 1 June 2015?
Why is MAS prohibiting the grant of further unsecured credit to a borrower whose debt with an FI is 60 days past due? Is this too strict?
What does being “past due” mean?
How will an FI determine if a borrower has debts that are 60 days or more past due?
How can a borrower determine if he has debts that are 60 days or more past due?
If a borrower has debts that are 60 days or more past due with only one FI, are other FIs required to suspend his credit cards and unsecured credit facilities as well?
Why is a borrower whose debt with one FI is more than 60 days past due still permitted to use existing credit lines already extended by other FIs?
When can an FI lift suspensions imposed on credit cards and unsecured credit facilities (as a result of the 60 days past due rule)?
What does this rule mean?