Singapore DP Credit Bureau - About DP Code of Conduct

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General

The Bureau has been established to collate and/or process information relating to Individuals for purposes of assessing their credit-worthiness;
Some of that information is supplied by Members of the Bureau and relates to Customers of such Members;
In turn the Bureau will be providing Consumer Credit Reports on Individuals to its Members;
A general legal duty of confidentiality applies to information of the type that will pass between the Bureau and its Members;
The Bureau and the Members wish to address concerns relating to the protection of rights to information, privacy rights of Individuals and use of Consumer Credit Reports and to ensure transparency and accountability in the operations of the Bureau;
The Bureau and the Members agree that confidential customer information shall only be supplied to, and provided by, the Bureau in accordance with this Code;
The Members agree to request and use confidential customer information from the Bureau only in accordance with this Code;
This Code will regulate the operations of the Bureau; and
The Bureau and the Members agree to ensure compliance with this Code and to process complaints as to non-compliance of this Code through the Compliance Committee(s) in accordance with this Code,

Now, this Code of Conduct is established by the Bureau for and on behalf of itself and the Members.

Clause 1: DEFINITIONS

Clause 2: APPLICATION OF THE CODE

Clause 3: MEMBER'S SUPPLY OF CREDIT INFORMATION TO THE BUREAU

Clause 4: BUREAU'S OBLIGATIONS IN RESPECT OF INFORMATION

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Clause 5: MEMBER'S OBLIGATIONS IN RESPECT OF INFORMATION OBTAINED FROM BUREAU

Clause 6: INDIVIDUAL'S ACCESS TO OWN INFORMATION

Clause 7: INVESTIGATION INTO DISPUTED INFORMATION

Clause 8: RECTIFICATION AND UPDATING OF INFORMATION BY THE BUREAU

Clause 9: COMPLAINTS AS TO BREACH(ES) OF THIS CODE

Clause 10: COMPLIANCE COMMITTEES

Clause 11: MISCELLANEOUS

Appendix 1

CONSTITUTION OF COMPLIANCE COMMITTEES
PROCEDURES, POWERS, REPORT & IMMUNITIES OF COMPLIANCE COMMITTEES
FEES PAYABLE BY MEMBERS FOUND TO HAVE BREACHED THE CODE
REMEDY WHERE THE BUREAU OR ANY MEMBER(S) IS/ARE FOUND TO HAVE BREACHED THE CODE

Appendix 2

SPECIMEN CONSUMER CREDIT REPORT

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Definitions

1. In this Code, the following words shall have the following meaning unless the context otherwise requires:

1.1.

"the Act" means the Banking Act (Cap 19, Singapore Statutes) and as the same may be amended from time to time;

1.2.

"Authorised User" means an entity or person (other than a Bank) which is permitted by the Monetary Authority of Singapore to receive Customer Information from the Bureau;

1.3.

"Bank" means an entity which falls within the definition of a "bank in Singapore" as defined in the Act and which holds a valid license granted under the Act;

1.4.

"Board" means the board of the directors of the Bureau;

1.5.

"Bureau" means DP Credit Bureau Pte Ltd and shall include, where applicable, its officers, directors, shareholders, employees and agents;

1.6.

"Business Day" means a day on which banks in Singapore are open for business, excluding Saturdays and Sundays;

1.7.

"Code" means this Code as may be replaced, modified, amended or varied from time to time by the Bureau;

1.8.

"Compliance Committees" means a compliance committee constituted pursuant to this Code (as more particularly set out in Clause 10 and Appendix 1) to ensure compliance with this Code;

1.9.

"Complainant" means an Individual and/or Member who lodges a Complaint as to alleged breach(es) of the Code pursuant to Clause 9.1;

1.10.

"Complaint" means a complaint as to alleged breach(es) of the Code lodged by a Complainant pursuant to Clause 9.1;

1.11.

"Consumer Credit Report" means a written, electronic or other communication of a Credit File in such format as may be determined by the Bureau for providing to a Member pursuant to the terms of a Subscription Agreement (a specimen of which is set out in Appendix 2) provided always that where a Consumer Credit Report is provided to a Member or to an Individual more than six years after the last occasion that Credit Information was supplied to the Bureau by any Member relating to that natural person, such Consumer Credit Report shall be a Truncated Consumer Credit Report;

1.12.

"Credit File" means information relating to an Individual as collated, synthesised or processed by the Bureau for a Relevant Purpose from the Data;

1.13.

"Credit Information" means information and data relating to natural persons who are Customers and which is supplied to the Bureau by a Member pursuant to the terms of a Subscription Agreement and includes any updates thereto provided by such Member;

1.14.

"Customer" means the customer of a Member and includes a former customer who has been listed on a Default Record;

1.15.

"Customer Information" means such "customer information" as is defined in the Act as being able to be disclosed to the Bureau by a Member;

1.16.

"Data" means data obtained by the Bureau:

1.16.1.	from Credit Information; and/or
1.16.2.	from any public record(s) and/or other sources;
1.16.3.	and includes Customer Information which the Act permits to be disclosed to, or by, the Bureau and/or a Member for a Relevant Purpose;

1.17.

"Default Record" means a record in respect of an Individual (as maintained by the Bureau) claimed by a Member to indicate that a credit facility or credit facilities has/have been terminated with outstanding amount(s) considered to be in default;

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1.18.

"Disputed Information Notice" means such notification as may be made by an Individual and/or a Member pursuant to Clause 7.1;

1.19.

"Individual" means a natural person who is:

1.19.1.	a Customer of (or has applied for credit facilities from) a Member; or
1.19.2.	a Surety and/or prospective Surety of a Customer of (or of a party who has applied for credit facilities from) a Member, regardless of whether such Customer or party be a natural person, an unincorporated entity, a corporate entity or any other entity;

1.20.

"Information" means, collectively, all Data, Credit Files and Consumer Credit Reports and any part thereof;

1.21.

"Member" means an Authorised User or a Bank which subscribes for the Services from the Bureau by entering into a Subscription Agreement;

1.22.

“Members’ Committee” means the committee to be constituted for the purposes set forth in the Subscription Agreement and in the Code of Conduct comprising employees and/or representatives of Members and co-opted employees and/or representatives of the Bureau who are to be selected at the sole discretion of the Bureau.

1.23.

"Previous Enquiry Record" means a record of enquiries received by the Bureau in respect of an identified Individual and when the same is: (i) included in a Consumer Credit Report provided to a Member, it shall not include the names of any Member(s) who made previous enquiries; and (ii) included in a Consumer Credit Report provided to an Individual pursuant to Clause 6.1.1 or Clause 6.1.2, it shall include the names of any Member(s) who made previous enquiries;

1.24.

"Reciprocity Guidelines" means the guidelines regulating the supply and receipt of Information to or from Members as may from time to time be issued or varied by the Bureau subject to the written approval of the Members’ Committee;

1.25.

"Rectification Notice" means such notification as may be issued by the Bureau pursuant to Clause 8.3;

1.26.

"Relevant Purpose" means any one or more of the following purposes:

1.26.1.	assessing the creditworthiness of an Individual in connection with an application for credit by such Individual or a review of the account of the Individual;
1.26.2.	assessing the creditworthiness of an Individual as a surety in connection with an application for credit by a Customer or a review of the account of such Customer; or
1.26.3.	any other purpose(s) permitted by law;

1.27.

"Services" means:

1.27.1.	the provision of Consumer Credit Reports by the Bureau to Members for a Relevant Purpose; and/or
1.27.2.	the provision by the Bureau of other services from time to time to Members subject always to the same not being prohibited by this Code or the Act;

1.28.

"Subscription Agreement" means an agreement for the provision of Services made between the Bureau and a Member;

1.29

"Surety" means a person falling within the definition of a "surety" as defined in the Third Schedule of the Act; and

1.30

"Truncated Consumer Credit Report" means a Consumer Credit Report which contains only the following information from the Credit File of the natural person to whom it relates:

1.30.1.	his name;
1.30.2.	his type of identification document and its unique number;
1.30.3.	his date of birth;
1.30.4.	his Previous Enquiry Record (if any).

1.31

In this Code and in the recitals above, unless the context otherwise requires:

1.31.1.	the singular includes the plural and vice versa;
1.31.2.	reference to one gender includes all genders; and
1.31.3.	the Appendices are an integral part of this Code and reference to this Code includes reference to the Appendices

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Application of the code

2. This code applies to the following:

2.1.

the Bureau;

2.2.

all Members; and

2.3.

any person or entity who is properly authorised to have any access to Information by the Bureau or a Member subject to the terms of this Code.

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Member's supply credit information to the Bureau

3.1.

Subject to the terms of the relevant Subscription Agreement, each Member shall supply to the Bureau information and data relating to natural persons who are its Customers and in the data formats and frequency specified in the Subscription Agreement or in such other form as the Bureau may reasonably require subject always to the Act, applicable law and in compliance with the Reciprocity Guidelines.

3.2.

Subject to Clause 3.4, each Member shall regularly update all information and data supplied to the Bureau pursuant to the terms of the relevant Subscription Agreement and take all necessary steps to ensure that the Credit Information supplied by it (including all updates) is (subject to the terms of the relevant Subscription Agreement) accurate, complete, correct and current.

3.3.

Subject to Clause 3.4.3 and the terms of the relevant Subscription Agreement, each Member shall take all necessary precautions to ensure that all Credit Information supplied to the Bureau is accurate, complete, correct and current up to the relevant update cycle date provided always that the same is permitted to be disclosed to the Bureau and is so disclosed in accordance with the provisions of the Act and so as not to breach any higher duty of confidentiality as may be expressly agreed between the Member and the relevant Customer to whom such information and data relates.

3.4.

Where any Member has supplied information to the Bureau which results in a Default Record appearing in respect of a Customer , the Member may up-date the status of such information but is not obliged to do so unless:

3.4.1.	the relevant information initially supplied was inaccurate at that date;
3.4.2.	the relevant Customer has disputed the status of such information by way of a Disputed Information Notice or a Complaint, in which event the Member shall, within sixty days of receiving notification of the same, confirm the current status of such information;
3.4.3.	there has been a full settlement or negotiated settlement of all outstanding amounts(s) by the relevant Customer (in which event, the Member shall up-date the information appearing in the relevant Default Record within sixty days of such settlement occurring); or
3.4.4.	all Members are directed by the Bureau (acting with the written approval of the Members’ Committee) to so up-date the status of such information (including provision of amount outstanding after partial payment and/or any other changes if any) provided always that Members shall not be obliged to comply with any such direction until six (6) months have elapsed from the date thereof.

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Bureau's obligation in respect of information

4.1 The Bureau shall ensure that all necessary precautions are taken to ensure that all Information received or collected by the Bureau is:

4.1.1	properly and accurately recorded, maintained, collated, synthesised and/or processed;
4.1.2	protected against loss;
4.1.3	protected against unauthorised access, use, modification or disclosure;
4.1.4	(except for Credit Information or any Data obtained from public records) from reputable sources which take responsibility for the accuracy, completeness and currency of the Information provided by them to the Bureau; and
4.1.5	in respect of all updates of information and data received or collected on each Individual, updated in all Consumer Credit Reports issued from the next Business Day after the date of receipt or collection by the Bureau (unless the Bureau has reasonable grounds for doubting the accuracy of such updates and is in the process of verifying the same and provided always that all Consumer Credit Reports generated in respect of the relevant Individual during such period of verification shall contain a cautionary note to the effect that Information on the relevant Individual is under investigation and shall indicate the disputed item(s) under investigation).

4.2. The Bureau shall ensure that it provides no Information to any person or entity except that it may:

4.2.1.

provide a Consumer Credit Report on an Individual to any Member upon request for a Relevant Purpose;

4.2.2.

provide a Rectification Notice to Members who appear on the Previous Enquiry Record during the relevant period in the event of a rectification of the Credit File of the relevant Individual;

4.2.3.

notify a Member who has requested such notification (the "Requesting Member") when another Member ( the "Other Member") requests a Consumer Credit Report in respect of a natural person identified to the Bureau by the Requesting Member ( the "Identified Individual"). For the purposes of this sub-clause:

4.2.3.1.	the notification shall include the information on such Identified Individual disclosed in the Other Member's request for a Consumer Credit Report; and
4.2.3.2.	an Identified Individual must be a natural person in respect of whom the Requesting Member is entitled to request a Consumer Credit Report pursuant to Clause 5.1 and

4.2.4.

make such disclosure as may be required in accordance with law.

4.3. Without prejudice to the generality of Clauses 4.1 and 4.2, the Bureau shall take measures, including the following, to safeguard the security of Information:

4.3.1.	the establishment of controls and procedures to be applied when Members seek access to Consumer Credit Reports;
4.3.2.	the maintenance of logs of all accesses, amendments and audit trails to Information database (including Previous Enquiry Records and logs of all incidents involving proven or suspected breach(es) of security which contain particulars of the records affected and explanation(s) of the circumstance(s) and action(s) taken);
4.3.3	the regular review of password controls of all Bureau personnel and Members;
4.3.4.	the regular review of patterns of usage of the information systems, with a view to detecting and investigating any unusual or irregular patterns of access or use;
4.3.5.	the organisation of workshops in relation to the Code and, in particular, good security practices for attendance by authorised representatives of Members;
4.3.6.	the development of operational contractual guidelines and disciplinary procedures to be applied in relation to improper use of access authorities by Bureau personnel, authorised agents and/or Members and/or persons authorised by them; and
4.3.7.	the development of operational guidelines to ensure adequate protection to minimise the risk of unauthorised entry into the database or interception of communications made to and from the database.

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4.4.

The Bureau takes no responsibility for any inaccuracies contained in Data obtained by the Bureau.

4.5.

Without prejudice to the generality of Clauses 4.1 and 4.2, the Bureau may collect, assess, collate, synthesize, process, edit, re-sort and/or combine Data (or any part thereof) in such manner as it thinks fit so as to generate Consumer Credit Reports.

4.6.

Without prejudice to the generality of Clauses 4.1 and 4.2, Information held by the Bureau may be retained by it and used for the development of derivative products for Members such as scorecards, behavioral predictive models and similar products provided that it shall not thereby reveal the identity of any Customer and/or Member.

4.7

The Bureau shall ensure that Data is retained and displayed for the relevant periods as indicated in the specimen Consumer Credit Report set out in Appendix 2.

4.8.

Data which is obtained from Credit Information shall be required to be retained and displayed by the Bureau only so long as required:

4.8.1.	pursuant to sub-clause 4.7 hereof; or
4.8.2.	for the purposes of preparing and providing a Truncated Consumer Credit Report (whether or not such a Truncated Consumer Credit Report has been requested), and the Bureau shall ensure that any part of such Data which is obtained from Credit Information shall be deleted without the ability to be retrieved within the first Business Day after the same ceases to be so required.

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Member's obligations in respect of information obtained from Bureau

5.1.

Each Member shall ensure that it shall only request a Consumer Credit Report for a Relevant Purpose, in compliance with the Reciprocity Guidelines and in respect of an Individual.

5.2.

Each Member shall ensure that it retains adequate evidence to establish the existence of a Relevant Purpose in respect of each enquiry for a period of not less than seven (7) years from the date of the relevant enquiry (and it shall be adequate if the Member can establish in the case of automated operations that the relevant computer program(s) required the relevant Individual to indicate that he was a Customer or Surety or was applying for credit facilities before an enquiry was requested from the Bureau) and each Member shall ensure that all necessary precautions are taken to ensure that all Information provided to it by the Bureau is:

5.2.1.	properly and accurately recorded and maintained;
5.2.2.	protected against loss; and
5.2.3.	protected against unauthorised access, use, modification or disclosure.

5.3.

Each Member shall ensure that it:

5.3.1.	shall only use Customer Information obtained from the Bureau for a Relevant Purpose; and
5.3.2	discloses no Customer Information provided to it by the Bureau to any person or entity except that it may make such disclosure of the same as is authorized or required by the Act or applicable law.

5.4.

Without prejudice to the generality of Clauses 5.1, 5.2 and 5.3, each Member shall take measures, including the following, to safeguard the security of Information provided to it by the Bureau:

5.4.1.	the establishment of controls and procedures to be applied when access is sought to Consumer Credit Reports to ensure that there are no unauthorized requests for Consumer Credit Reports;
5.4.2.	the maintenance of logs of all accesses, amendments and audit trails to the database of Information supplied by it to the Bureau and/or provided to it by the Bureau (including logs of all incidents involving proven or suspected breach(es) of security which contain particulars of the records affected and explanation(s) of the circumstance(s) and action(s) taken);
5.4.3.	the regular review of password and other controls over all personnel (whether or not employed by the Member) authorised to access the database of Information provided to it by the Bureau so as to prevent unauthorised access to the same;
5.4.4.	the regular review of patterns of usage of the applicable information systems, with a view to detecting and investigating any unusual or irregular patterns of access or use so as to deter unauthorized use of Information;
5.4.5.	the attendance by relevant personnel (whether or not employed by the Member) at workshops organised by the Bureau relating to the Code and, in particular, good security practice for attendance by authorised representatives of Members;
5.4.6	the development of operational and contractual guidelines and disciplinary procedures and penalties to be applied in relation to improper use of access authorities and/or improper use of Information by its personnel, authorised agents and/or persons authorised by the Member; and
5.4.7.	the development of operational guidelines to ensure adequate protection to minimise the risk of unauthorised entry into the database of Information provided to it by the Bureau or interception of communications made to and from such database

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Individual's access to own information

6.1.

An Individual who establishes his identity to the reasonable satisfaction of the Bureau is entitled to request a Consumer Credit Report on himself:

6.1.1.

free of charge if the Bureau has provided a Consumer Credit Report on him within the period of one (1) month preceding the date of such request. In such case, the Individual shall as soon as practicable (and in any event within one (1) Business Day) be provided by the Bureau with (at the option of the Individual) either:

6.1.1.1.	a printed copy of the Consumer Credit Report sent to such Member as the Individual shall specify; or
6.1.1.2.	a printed copy of the most recent Consumer Credit Report which was sent to any Member; or

6.1.2.

upon payment of the fee prescribed by the Bureau. In such case, the Individual shall as soon as practicable (and in any event within one (1) Business Day) be provided by the Bureau with a printed copy of a Consumer Credit Report on himself as would be provided to a Member at the time of the request.

6.2.

The Bureau may impose conditions for the release of a Consumer Credit Report or Data to an Individual pursuant to Clause 6.1 and may require that the Individual acknowledge acceptance of such conditions in such manner as the Bureau thinks fit.

6.3.

The Bureau shall, when so requested by a Member in respect of an Individual who is a Customer of such Member, render necessary assistance to the Individual in explaining the contents of a Consumer Credit Report or Data released to an Individual pursuant to Clause 6.1.

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Investigation into disputed information

7.1.

An Individual (in respect of himself) and/or a Member (in respect of any of its Customers) may notify the Bureau in writing that the completeness or accuracy of any item of Information is disputed, specifying the particulars of the same. Upon receipt of such Disputed Information Notice the Bureau shall investigate the completeness and accuracy of the disputed Information in consultation with the Member or Members and/or other sources who or which provided the same.

7.2.

The disputed Information shall remain part of the Credit File on the relevant Individual:

7.2.1.	until such time as the investigation is completed and a determination is made as to whether the disputed Information should be rectified, updated or reaffirmed; or
7.2.2.	unless a Compliance Committee otherwise directs, provided always that all Consumer Credit Reports generated in respect of the relevant Individual during. Such period shall contain a cautionary note to the effect that Information on the relevant Individual is under investigation and disputed and shall indicate the disputed item(s) under investigation.

7.3.

The Bureau shall complete its investigation into the completeness and accuracy of the disputed item(s) specified as expeditiously as practicable and:

7.3.1.	the disputed Information shall be rectified or updated (if found by the Bureau to be incomplete or inaccurate) or re-affirmed (if found by the Bureau to be complete and accurate) and the Bureau shall compile a report including therein the results of its investigations and all measures and actions taken arising therefrom and such report shall forthwith be entered into the Bureau's operations log;
7.3.2.	if the investigation cannot be completed within three (3) Business Days from date of receipt of the Disputed Information Notice whether due to lack of resource or coordination of the Member or Members and/or other sources in question or otherwise, the Bureau shall inform the Individual concerned and the Member or Members and/or other sources in question that it requires more time to complete its investigation; and
7.3.3	if the investigation cannot be completed within ten (10) Business Days from date of receipt of the Disputed Information Notice or if the Bureau sooner determines that it cannot resolve the dispute, the matter shall forthwith be referred to a Compliance Committee.

7.4.

The Bureau and every Member shall take all reasonable efforts to ensure that all parties (including Individuals and Customers) involved in investigations under this Clause 7 and/or the proceedings of Compliance Committees agree to be bound by the provisions of this Code (including Appendix 1 hereof).

7.5.

Nothing in this Clause 7 shall be construed to prevent the Bureau from making available other opportunities (whether by tele-communications or other means) to Individuals and/or Members to provide feedback to the Bureau as to the completeness or accuracy of any item of Information or as to the efficiency of the Bureau's operations provided that (a) no Information shall be provided by the Bureau to any person by reason only of such feedback and (b) the Bureau may but shall not be obliged to commence investigations or follow the procedures set out in this Clause 7 until it receives a Disputed Information Notice.

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Rectification and updating of information

8.1.

Without prejudice to the obligations of Members under Clause 3.2 and subject to Clause 3.4, the Bureau shall take all reasonable efforts to ensure that Information regarding an Individual is updated as soon as practicable. In particular, the Bureau shall as soon as practicable (and in any event within the next Business Day after the date of receipt or collection by the Bureau of any updated Information) update Information regarding an Individual:

8.1.1.	when it receives Information from a Member that any overdue account previously notified to the Bureau has been repaid in whole or in part;
8.1.2.	when it determines that any Information is materially incomplete or inaccurate, whether or not there has been an investigation arising from a Disputed Information Notice;
8.1.3.	when so directed by a Compliance Committee; or
8.1.4.	if so required under the Act or applicable law.

8.2.

Without prejudice to Clause 8.1, the Bureau shall rectify Information regarding an Individual when it becomes aware that any Information regarding an Individual was inaccurate or incomplete the time when the same was received by the Bureau. In particular, the Credit Bureau shall:

8.2.1.	rectify Credit Information when such rectification is requested or confirmed by the Member who, or source(s) which, supplied the same; and
8.2.2.	rectify Information obtained by the Bureau from any public record(s) when there is an amendment or correction made to the public record data by the party responsible for maintaining such data.

8.3.

Whenever the Bureau rectifies any Information in accordance with Clause 8.1, 8.2 or otherwise (including where a Member is obliged to up-date a Default Record pursuant to Clause 3.4 and where the Bureau determines or it is determined by a Compliance Committee that the relevant information was inaccurate or incomplete as of the date that the same was initially received by the Bureau), it shall as soon as practicable (and in any event within two (2) Business Days) issue a notification specifying the Information rectified (a "Rectification Notice") to all Members appearing on the relevant Previous Enquiry Record as having been provided with a Consumer Credit Report on the relevant Individual during the period commencing from:

8.3.1.

(if the Bureau determines or it is determined by a Compliance Committee that the incompleteness or inaccuracy rectified arose from Credit Information and such date is ascertained by the Bureau) the date the Information rectified was initially received by the Bureau;

8.3.2.

(if the Bureau determines or it is determined by a Compliance Committee that the incompleteness or inaccuracy rectified arose from an error by the Bureau and such date is ascertained by the Bureau) the date the Information rectified was initially entered by the Bureau;

8.3.3.

(in any other case) three (3) months preceding the earlier of the following:

8.3.3.1.

the date on which the Bureau first became aware of the need to rectify such Information; or

8.3.3.2.

the date of receipt of the relevant Disputed Information Notice (if any), and ending on the date on which the Information was rectified. For the avoidance of doubt, (a) no Rectification Notice need be issued in cases where Information which was correct and accurate at the time that a Consumer Credit Report was provided by the Bureau became incorrect or inaccurate owing to a subsequent change of the relevant Individual's particulars or other circumstances and (b) no Rectification Notice shall identify the Members who are its recipients.

8.4.

Without prejudice to Clauses 8.1 and 8.2 (but subject to issuing a Rectification Notice to all Members appearing on the relevant Previous Enquiry Record as having been provided with a Consumer Credit Report on the relevant Individual during the immediately preceding period of three (3) months), the Bureau may:

8.4.1.	if so requested by the Individual concerned (and subject to such terms as the Bureau may specify, including reimbursement of the Bureau's costs and expenses); or
8.4.2.	on its own initiative, take such steps as may be required to update or rectify Information as are, in the circumstances, reasonable to ensure that (having regard to the Relevant Purpose for which the Information is authorised to be used) the Information in respect of the relevant Individual is accurate, up to date, complete and not misleading.

8.5.

Whenever the Bureau rectifies any Information in accordance with Clause 8.1, 8.2 or otherwise, the Bureau shall compile a report including therein the circumstances leading up to the rectification, the cause(s) of the inaccuracies (if the same is/are known to the Bureau), a copy of any Rectification Notice issued and all measures and actions taken arising therefrom and such report shall forthwith be entered into the Bureau's operations log.

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Complaints as to breach of this code

9.1.

an Individual in respect of himself and/or a Member in respect of itself and/or any of its Customers (such Individual and/or Member hereinafter referred to as the "Complainant") is of the opinion that the Bureau and/or any Member has breached its obligations under this Code, the Complainant may lodge a complaint in writing specifying the nature of the alleged breach(es) (hereinafter referred to as the "Complaint") with the Bureau for investigation and (when so required under this Code) reference to a Compliance Committee.

9.2.

The Bureau and/or any Member shall forthwith subject any Complaint received by them to the process as set out in Clauses 9.3, 9.4, 9.5 and 9.6 (including, where so provided, reference to a Compliance Committee pursuant to the provisions of Clause 10 and Appendix 1).

9.3.

Upon receipt of a Complaint, the Bureau shall investigate the same in consultation with the Member or Members and/or other parties (if any) as may be concerned.

9.4.

Pending resolution of the Complaint, any disputed Information as may be raised in the Complaint shall remain part of the Credit File on the relevant Individual:

9.4.1.	until such time as the investigation is completed and a determination is made as to whether the disputed Information should be rectified, updated or reaffirmed; or
9.4.2.	unless a Compliance Committee otherwise directs, provided always that all Consumer Credit Reports generated in respect of the relevant Individual during such period shall contain a cautionary note to the effect that Information on the relevant Individual is under investigation and disputed and shall indicate the disputed item(s) under investigation.

9.5.

The Bureau shall complete its investigation into the Complaint as expeditiously as practicable and shall take all measures as it may consider appropriate arising from the same (including, where the Bureau considers necessary, rectification of Information and issuance of the requisite Rectification Notice as would have been issued pursuant to Clause 8) and compile its report on the Complaint including therein the results of its investigations and all measures and actions taken arising therefrom and such report shall forthwith be entered into the Bureau's operations log.

9.6.

Without prejudice to Clause 9.5, the Bureau shall:

9.6.1.	(subject to Clauses 9.6.3 and 9.6.4) ensure that its report on the Complaint is entered into the Bureau's operations log within ten (10) Business Days from the date of receipt of the Complaint;
9.6.2.	if the investigation cannot be completed within three (3) Business Days from date of receipt of the Complaint, the Bureau shall inform the Complainant that it requires more time to complete its investigation;
9.6.3.	if the investigation cannot be completed within ten (10) Business Days from date of receipt of the Complaint or if the Bureau sooner determines that it cannot resolve the issue, the matter shall forthwith be referred to a Compliance Committee pursuant to the provisions of Clause 10 and Appendix 1; and
9.6.4.	ensure that its report on any Complaint withdrawn by a Complainant (including therein the reason(s), if any, for such withdrawal and all measures and actions taken by the Bureau arising therefrom) shall be entered into the Bureau's operations log within two (2) Business Days of such withdrawal.

9.7.

The Bureau and every Member shall take all reasonable efforts to ensure that all parties (including Individuals and Customers) involved in investigations of Complaints under this Clause 9 and/or the proceedings of Compliance Committees agree to be bound by the provisions of this Code (including Appendix 1 hereof).

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Compliance committees

10.1.

The Bureau shall from time to time establish one or more Compliance Committees to oversee the application of this Code and the operational integrity of the Bureau in accordance with the provisions of this Clause 10 and Appendix 1.

10.2.

Compliance Committees shall operate pursuant to the provisions of this Clause 10 and Appendix 1. Without prejudice to the generality of the foregoing, Compliance Committees are authorised:

10.2.1.

(on their own initiative or upon inspection of the Bureau's operations log or upon receipt of a Disputed Information Notice or a Complaint or information thereon) to investigate any alleged or possible breach of this Code;

10.2.2.

(whether or not any Disputed Information Notice or Complaint has been withdrawn) to recommend an appropriate remedy upon finding that there has been a breach of this Code and/or grounds to rectify Information and such remedy may include:

10.2.2.1.	rectification of Information and issuance of the requisite Rectification Notice as would have been issued pursuant to Clause 8;
10.2.2.2.	if the Bureau is found to be in breach of this Code, such remedial action as the Compliance Committee thinks fit with regard to the operations of the Bureau including proposing amendments to the Code; and
10.2.2.3.	if a Member is found to be in breach of this Code, such remedial action as the Compliance Committee thinks fit with regard to the operations of the Member and/or the imposition of the fees mentioned in Rule 21 of Appendix 1 and/or suspension or termination of the Services to the Member,

10.3.

All recommendations of the Compliance Committees shall be approved by the Members’ Committee before implementation. In respect of recommendations made by a Compliance Committee:

10.3.1.

any recommendation to rectify Information shall be implemented by the Bureau within two (2) Business Days of the Compliance Committee's report being received by the Bureau unless the Board (or an officer of the Bureau authorised by the Board) earlier decides otherwise;

10.3.2.

any recommendation to apply the remedy specified in Rule 24 of Appendix 1 (if applicable) and/or the refund and special payment specified in Rule 25 of Appendix 1 (if applicable) shall be implemented by the Bureau within five (5) Business Days of the Compliance Committee's report being received by the Bureau unless the Board (or an officer of the Bureau authorised by the Board) earlier decides otherwise;

10.4.

The Bureau shall forthwith inform the relevant Complainant (if any) and any Member concerned if any of the recommendations of a Compliance Committee are not implemented or if they are implemented with modifications.

10.5.

Compliance Committees shall seek to resolve all disputes and Complaints amicably and may encourage the parties involved including the Complainant (if any), the Bureau and Members to mediate a settlement by reference to alternative dispute resolution processes such as the process provided at the Consumers Association ofSingapore Mediation Centre.

10.6.

The Bureau and every Member submits to the authority of Compliance Committees constituted in accordance with the provisions of this Clause 10 and Appendix l and (subject to Clause 10.3) agrees to abide by and implement the recommendations of Compliance Committees.

10.7.

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Miscellaneous

11.1.

The Bureau shall on every Business Day maintain a help desk which shall be manned by personnel trained to respond to queries, provide feedback and process complaints.

11.2.

Each Member shall designate one or more person or persons to deal with queries, feedback or complaints and to facilitate the fair, simple, speedy and efficient resolution of complaints.

11.3.

The Bureau will provide facilities for communication with and feedback from Individuals.

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Constitution of compliance committees

For the purpose of enabling Compliance Committees to be constituted, the Board shall appoint a panel of not less than seven persons who shall be senior managerial employees of the Bureau and/or members of the Bureau's Board including associate directors (and such panel is hereinafter referred to as the "Panel").

Members of the Panel shall be appointed for such period as the Bureau's Board may specify and shall be eligible for reappointment.

Upon the nomination of the Members’ Committee, the Board shall appoint two members of the Panel as chairman and deputy chairman of the Panel (and such chairman and deputy chairman are hereinafter referred to as the "Panel Chairman" and "Panel Deputy Chairman" respectively).

In the event of the absence, incapacity or inability to act (owing to conflict of interest or otherwise) of the Panel Chairman, the functions of the Panel Chairman shall be performed by the Panel Deputy Chairman or (in the event of the absence, incapacity or inability to act of the Panel Deputy Chairman) by another member of the Panel appointed by the Board upon the nomination of the Members’ Committee.

Whenever, in the opinion of the Panel Chairman, a Compliance Committee is required to:

5.1.	make a determination (whether on a Disputed Information Notice, a Complaint or otherwise); or
5.2.	oversee the general application of this Code and the operational integrity of the Bureau (including a review of the Bureau's operations log and all reports entered therein), the Panel Chairman shall forthwith constitute a Compliance Committee and the Panel Chairman shall constitute a Compliance Committee for the purposes of Rule 5.2 not less than once every three (3) months.

A Compliance Committee constituted pursuant to Rule 5 shall consist of the following appointed by the Panel Chairman:

6.1.	a chairman, being a member of the Panel (who may be the Panel Chairman or the Panel Deputy Chairman and is hereinafter referred to as the "Compliance Committee Chairman");
6.2.	a member of the Panel; and
6.3.	another member of the Panel or (if no other member of the Panel is available for appointment) a senior managerial employee of the Bureau not personally involved in the subject-matter of the Compliance Committee's work.

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Procedures, powers, report & immunities of compliance committees

A Compliance Committee may meet for the purposes of its work, adjourn and otherwise regulate the conduct of its work as its members may think fit including but not limited to approving matters by circulation.

A Compliance Committee Chairman may at any time summon a meeting of the Compliance Committee which he or she chairs.

Any questions arising at any meeting of a Compliance Committee shall be determined by a majority of votes of its members, and in the case of an equality of votes, the Compliance Committee Chairman shall have a second or casting vote.

10.

All the members of a Compliance Committee shall be present to constitute a quorum for a meeting of the Compliance Committee.

11.

Any resolution or decision in writing signed by all the members of a Compliance Committee shall be as valid and effectual as if it had been made or reached at a meeting of the Compliance Committee where all its members were present.

12.

A member of a Compliance Committee shall, notwithstanding that he or she has ceased to be a member of a Panel on the expiry of his or her term of office, be deemed to be a member of the relevant Panel until such time as the Panel Chairman has decided that the Compliance Committee of which he or she is a member has completed its work.

13.

Subject to Rules 14 and 15, a Compliance Committee shall, within two (2) Business Days of its appointment, commence its work and shall report its findings to the Panel Chairman and the Bureau:

13.1.	in any case where the members of the Compliance Committee have decided not to call upon the Bureau or any Member to offer any explanation or to answer any Complaint made, not later than five (5) Business Days after the date of its appointment; and
13.2.	in any other case, not later than five (5) Business Days after the last meeting of the Compliance Committee or twenty (20) Business Days after the date of its appointment, whichever is the earlier.

14.

Where a Compliance Committee is of the opinion that it will not be able to report its findings within the period specified in Rule 13.2 due to the complexity of the matter or serious difficulties encountered by the Compliance Committee in conducting its work, the Compliance Committee shall (before the expiry of that period) apply in writing to the Panel Chairman for an extension of the time to report its findings.

15.

The Panel Chairman may grant an extension of time to a Compliance Committee to report its findings if he or she is satisfied that the circumstances of the case justify the grant of an extension of time except that any extension of time granted shall not extend beyond the period of two (2) months from the date of appointment of that Compliance Committee.

16.

Where in the course of its work a Compliance Committee receives information touching on the operations of the Bureau or the use of Information by a Member which may give rise to grounds for rectifying Information or holding that there has been a breach of this Code, the Compliance Committee may (after giving notice to the Bureau or Member concerned) decide on its own motion to inquire into that matter and report its findings to the Panel Chairman and the Bureau.

17.

Where a Compliance Committee is satisfied that there are no grounds for rectifying Information or holding that there has been a breach of this Code, it shall report accordingly and state the reasons for its decision. The Panel Chairman shall thereupon make a copy of the report available to the Bureau, any Member concerned and the Complainant (if any).

18.

Where a Compliance Committee is satisfied that there are grounds for rectifying Information or holding that there has been a breach of this Code, it shall report accordingly and state the reasons for its decision. The Panel Chairman shall thereupon:

18.1.	make a copy of the report available to the Bureau, any Member concerned and the Complainant (if any);
18.2.	direct the Bureau to make such rectification of Information (if any) as may be specified by the Compliance Committee and monitor the implementation of the same; and
18.3.	report the findings of the Compliance Committee to the Board of Directors of the Bureau, including any findings of a breach of this Code by the Bureau or a Member and all remedies recommended.

19.

All communications made during the proceedings of the Compliance Committee shall be made on a strictly "without prejudice" basis and shall not be used in any legal proceedings.

20.

No Compliance Committee nor any member of the Panel (including the Panel Chairman, Deputy Panel Chairman, member of the Panel acting as the Panel Chairman and all Compliance Committee Chairman) shall be liable to any party for any act or omission in connection with the constitution and/or work and/or report of a Compliance Committee unless the act or omission is fraudulent or involves willful misconduct.

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Fees payable by members found to have breached the code

21.

A fee hereinafter referred to as the "Review Fee" shall be payable to the Bureau by each Member found to have breached the Code by a Compliance Committee and subject to Rules 22 and 23:

21.1.	the Review Fee shall be S$2,000.00 for the first 5 days of work undertaken by a Compliance Committee and (unless the Compliance Committee otherwise determines) S$ 500.00 for each additional day taken by the Compliance Committee to determine a matter and make its report;
21.2.	where more than one Member is found to have breached the Code by the same Compliance Committee, each such Member shall pay S$1,000.00 for the first 5 days of work undertaken by a Compliance Committee and (unless the Compliance Committee otherwise determines) S$250.00 for each additional day taken by the Compliance Committee to determine a matter and make its report.

22.

Any Review Fee paid by a Member may be in addition to any other remedy determined pursuant to Clauses 10.2 and 10.3 of the Code.

23.

The Review Fee may be revised from time to time by the Board with the written approval of the Members’ Committee.

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Remedy where the bureau or any member(s) is/are found to have breached the code

24.

Where the Bureau or any Member(s) is/are found to have breached the Code by a Compliance Committee, the Bureau shall (unless the relevant Complainant (if any) and all party or parties concerned who have been adversely affected by such breach otherwise agree in writing to the contrary) as soon as practicable and by confidential circular notify all Members as to the nature and date(s) of the breach(es) and identifying the party or parties found to be in breach by the Compliance Committee but without revealing the identity of the Complainant (if any) or any other party or parties concerned (including the identity of the members of the Compliance Committee). The aforesaid confidential circular shall be issued on a strictly "without prejudice" basis and shall not be used in any legal proceedings.

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Refund of fees and/or reimbursements paid by individuals and special payment

25.

Where a Compliance Committee finds either the Bureau and/or any Member to have breached the Code in respect of a specific Individual, the Bureau shall:

25.1.	refund any fee paid by such Individual pursuant to Clause 6.1.2 of the Code;
25.2.	refund any reimbursement paid by such Individual pursuant to Clause 8.4.1 of the Code;
25.3.	make a special payment to him or her of a quantum equivalent to ten times such fee and/or disbursement (if any) paid by such Individual; and
25.4.	(unless the Bureau has also been found to be in breach together with any Member or Members) recover any amounts so refunded or paid to an Individual pursuant to this Rule 25 from the Member or Members found to be in breach and such Member or Members shall be obliged to reimburse such amounts to the Bureau.

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Specimen consumer credit report

Please refer to the Sample Consumer Credit Report on this website.

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