• CIMB Pulse
  • Banking With Us
  • Digital Services
  • Promotions
  • Help & Support
  • Quicklinks
Banking With Us
Digital Services
Promotions
Savings Strategies
Investing My Money
Travel Tips
Planning For My Future
CIMB F.I.R.S.T
Investments
Other Services
Latest Promotions
Rates & Charges
Download Center
FAQ
Regulations & Policies
Security & Fraud

With effect from 1 June 2014

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

Why is MAS requiring FIs to review a borrower’s aggregate credit limits and outstanding debt?

Information on a borrower’s outstanding debt and credit limits across all FIs will enable FIs to better assess whether the borrower is at risk of borrowing beyond his means.

 

After reviewing the borrower’s aggregate outstanding debt and credit limits, FIs may, at their discretion, decide not to issue new credit cards or unsecured credit facilities, decline applications for credit limit increases, or adjust existing credit facilities.

 

Before adjustments are made to existing credit facilities, FIs are encouraged to contact the borrower to allow him the opportunity to provide additional information on his financial status, such as updated income documentation.

Looking for More Questions?