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Security & Fraud

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

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?

As some complaints could be malicious and/or unfounded, it would be more appropriate to allow the FI to investigate the complaint by conducting fresh income and credit bureau checks. This will enable the FI to take appropriate measures based on an updated assessment of the borrower’s credit-worthiness.

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