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With effect from 1 June 2014

FIs to review borrowers’ aggregate credit limits and outstanding debts in credit bureau checks.

In what circumstances are FIs required to conduct credit bureau checks?

FIs are required to conduct credit bureau checks in the following circumstances:
 

(a) before granting a new credit card or unsecured credit facility;

(b) before granting a credit limit increase;

(c) after receiving information that casts doubts on a borrower’s credit-worthiness;

(d) before reinstating a borrower’s access to credit cards and unsecured credit facilities that were suspended when the borrower became 60 days past due (see here); and

(e) before reinstating a borrower’s access to credit cards and unsecured credit facilities that were suspended when his total unsecured debt across FIs exceeded 12 times his monthly income for a period of 3 months (see here).

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