With effect from 1 December 2013
Financial Institutions (FIs) to conduct credit bureau and income checks before increasing credit limits.
Must a fresh income check be conducted before the credit limit of a borrower, who was granted a credit card or unsecured credit facility on the basis that he has an annual income of at least S$120,000 or net personal assets exceeding S$2 million, can be increased?
Yes. Alternatively, in place of income documents, the borrower can provide documents³ evidencing that his net personal assets exceed S$2 million. A credit bureau check is also required before his credit limit can be increased.
³ These must be dated within 3 months from the date his credit limit is to be increased.