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SINGAPORE GETS NEW CREDIT BUREAU - Competition to benefit lending institution and
individuals
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25 May 2007 [Singapore] - DP Credit Bureau Pte Ltd (DPCB) is today
recognised by the Monetary Authority of Singapore (MAS) as a credit bureau for the
purposes of the Third Schedule to the Banking Act. The recognition is made in today’s
Government gazette.
DPCB is a wholly owned subsidiary of DP Information Group (DP Info), Singapore’s
leading provider of credit and business information.
DPCB will help Singapore’s banks and financial institutions make better lending
decisions by providing comprehensive information on an applicant’s payment history
and credit standing.
The Managing Director of DP Info, Ms Chen Yew Nah, welcomed the decision saying
the new credit bureau will benefit banks as well as individuals.
“A new credit bureau will enhance Singapore’s reputation as a global leader in the
provision of financial services.”
“By introducing competition into the market for credit bureau services, standards
across the industry will be kept high, prices kept competitive and product innovation
encouraged.”
”A strong and effective credit management sector will increase the attractiveness
of Singapore as a base for international financial institutions, as well as help
local financial institutions better manage their risks through improved credit management
techniques.”
“We already have support from seven financial institutions and we are in active
discussions with the others.”
CONSUMER BENEFITS
“DPCB will work in partnership with Singaporeans to help them better manage and
improve their credit standing. DP Info’s 30 years experience in the credit information
field has given us extensive experience with individuals, sole proprietors and businessmen
interested in improving their creditworthiness and obtaining credit,” Ms Chen said.
DP Info has implemented the latest data-security system and standards to ensure
the privacy and accuracy of consumers’ personal information. In 2006, the Group
was awarded the prestigious ISO/IEC 27001 Information Security & Data Management
certification.
DP Info and DPCB will offer banks and financial institutions a wide range of innovative
products to help them make credit decisions. These products will dramatically improve
their ability to manage risk and optimize their business proposition to different
customer segments.
DP Info has a long and established history of providing credit and business information
services to individuals and business owners in Singapore – especially SMEs. DP Info’s
major achievements include:
· Providing credit and litigation information services and checks to 95% of all
banks and financial institutions and 75% of all leading law firms in Singapore;
· Assisting over 80,000 SMEs and individuals to set up businesses or to comply with
regulations and filing requirements since 2002;
· Designing a DP Credit Rating methodology that more accurately reflects the credit
standing of local firms by taking into account Singapore’s size and economic behaviour.
To date, more than 10,000 companies have been credit rated;
· DP Info works very closely with authorities, agencies and companies in the construction
sector on their credit standing using the DP Credit Rating model;
· Ranking and publishing the Singapore 1000 and SME 500 Rankings and Awards for
the last 20 years;
· Undertaking the annual SME Development Survey;
. Establishing Singapore's first on-line real-time information system, ‘QuestNet
- a system extensively used by financial institutions for corporate and consumer
credit checks;
· Appointed by ACRA as an official service bureau for BizFile; and
· Appointed by MOF as a bureau for Government Supplier Registration Services.
DPCB aims to be operational by January 2008. For a start, members of the public
can expect to access their own consumer credit report for free during a limited
period. Details on individual access to information and participating members will
be announced at a late date.
For further clarifications, please contact:-
General Manager
DP Credit Bureau Pte Ltd
3 Killiney Road #04-08
Winsland House I
Singapore 239519
Email: dpcb@dpgroup.com.sg
Telephone: +65 6738 1900
END
ABOUT
DP INFORMATION GROUP
DP Information Group (DP Info) is Singapore’s leading credit and
business information bureau. A veteran of nearly 3 decades, we currently service
95% of Singapore’s financial institutions and some 75% of leading law firms. Through
our 24/7 online information portal, QuestNet, we enable our clients to make confident
credit management decisions everyday based on comprehensive, accurate and reliable
information.
DP Info Group is a partner with NYSE-listed credit analytics corporation, Fair Isaac,
offering DP-FICO® Score, a credit management score for the national credit consumer
market. It is also a developer of DP Credit Ratings, its own proprietary corporate
credit ratings model based on the global probability of default approach.
DP Info is a strong advocate for the SME and entrepreneurial segment, managing and
operating an ACRA-appointed service bureau, DP Bureau, which assists SMEs and entrepreneurs
in starting their business and operating them effectively and efficiently through
their initial years.
Information Services
- Corporate / Individual Information & Litigation Searches
- Industry Research & Survey Management
- Singapore 1000 & SME 500, Singapore International 100 & Fastest Growing
50 Rankings & Certification
- Marketing Lists & Campaign Management
- Credit and Legal Monitoring
Credit Management Services
- Corporate Credit Rating & Consumer Scoring
- Corporate & Consumer Credit Bureau
- Debt Recovery & Account Receivables Management & Training
- Credit Portfolio Analysis & Consultancy
SME Bureau & Advisory Services
- Registration & Filing of Local & Foreign Companies/Business
- SME Regulatory / Application / Business Services
- SME Advisory Services
- ACRA Appointed Service Bureau for BizFILE
- MOF Appointed Bureau for Government Supplier Registration Services (GSRS)
- Corporate Secretarial Services
DP Information Network Pte Ltd is an ISO/IEC 27001 Information Security & Data
Management certified company. Certification No. GB06/68548
www.dpgroup.sg
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