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FIs to conduct credit bureau and income checks upon receiving information that casts doubt on their borrowers’ credit-worthiness.

What must the FI do after conducting the income and credit bureau check?

If the income check reveals that the borrower’s income has fallen, such that he no longer qualifies for the credit limit granted to him, the FI is required to reduce the credit limit granted to the relevant regulatory limit.⁴  In addition, the FI should not extend further credit until the borrower’s total outstanding unsecured amount with the FI falls below the regulatory credit limit.

Remarks:
⁴ The regulatory credit limit is 4 months’ income for a borrower with an annual income of at least S$30,000 but less than S$120,000, and 2 months’ income for a borrower with an annual income of below S$30,000.

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