FIs disallowed from granting further unsecured credit to borrowers who are 60 days past due on any credit card or unsecured credit facility extended by the FI. Other FIs will also not be allowed to grant credit limit increases, or issue new credit cards or unsecured credit facilities, to such borrowers (“60 days past due rule”).
How will an FI determine if a borrower has debts that are 60 days or more past due?
An FI can determine the number of days for which a credit card or unsecured credit facility granted by the FI itself is past due based on its own records. The FI can also determine whether a borrower has any amount outstanding on any credit card or unsecured credit facility granted by other FIs that is 60 days or more past due through checks with the credit bureaus. The status of an account that is 60 to 89 days past due will be indicated as “C” or “60” in the borrower’s credit bureau report from Credit Bureau (Singapore) Pte Limited or DP Credit Bureau Pte Ltd respectively, while the status of an account that is 90 days or more past due will be indicated as “D” or “90”.