Key Takeaways
- An MLCB report records relevant borrowing information from licensed moneylenders, including loans, repayments and pending loan applications.
- MLCB is not a blacklist or conventional credit score. It provides information to support responsible lending in Singapore.
- Licensed moneylenders are required to check your MLCB report to understand your borrowing position and repayment capacity before granting a loan.
- Borrowers can check their own MLCB report to review their loan information and spot potential inaccuracies.
- Incorrect MLCB information can be disputed. Borrowers can raise inaccuracies with the relevant licensed moneylender or designated credit bureau.
Applying for a loan from a licensed moneylender? Your MLCB report gives lenders a clearer picture of your borrowing and repayment activity.
The Moneylenders Credit Bureau (MLCB) provides information licensed moneylenders can use to assess applications and make responsible lending decisions. But what exactly can a lender see in your report, and how can that information affect your application?
Understanding your MLCB report can help you make sense of the information considered when you apply for a loan. Let’s take a closer look!
What Is an MLCB Report?
The Moneylenders Credit Bureau (MLCB) is the designated credit bureau for Singapore’s licensed moneylending sector.
In simple terms, an MLCB report contains relevant information about a borrower’s dealings with licensed moneylenders. This information helps lenders assess applications and promotes responsible lending.
If you’re wondering what an MLCB report is, it is important to distinguish it from other types of credit reports. The MLCB focuses on information relating to the licensed moneylending sector rather than providing a conventional credit score.
Keep in mind that an MLCB report is also not a blacklist. The existence of an MLCB record simply means relevant borrowing information has been recorded.
What Information Does an MLCB Report Show?
An MLCB loan information report contains information relevant to a borrower’s dealings with licensed moneylenders. Here’s what you may find:
#1 Existing Loans
Your MLCB report contains information about unsecured and secured loans granted by licensed moneylenders that remain outstanding. Fully repaid or otherwise closed loans do not remain as current borrowing information indefinitely.
One important purpose of the mandatory MLCB check is to help lenders determine if a proposed unsecured loan would exceed the Aggregate Loan Cap across all licensed moneylenders imposed by MinLaw.
This helps provide lenders with an up-to-date picture of your current borrowing and whether you are legally able to take on new loan obligations.
#2 Loan and Repayment Information
You can expect to find the 12-month repayment status for each existing unsecured loan in your MLCB report.
This gives lenders information about whether repayments have been made according to the loan’s terms, as well as outstanding amounts and repayment details submitted by licensed moneylenders.
#3 Pending Loan Applications
A loan information report can also contain information about pending loan applications made by the borrower to licensed moneylenders.
This means the report can provide a more current picture of a borrower’s activity rather than only reflecting completed borrowing.
#4 Personal, Employment and Income Information
An MLCB report can also contain personal data, employment status and income information used for credit assessment.
This information helps licensed moneylenders assess your overall financial position alongside your borrowing and repayment records.
#5 Self-Exclusion Status
Your self-exclusion status will also be reflected in your MLCB loan information report. A borrower who has self-excluded is treated as an excluded person under the Moneylenders Rules and cannot obtain unsecured loans from licensed moneylenders, except for a debt consolidation loan, while the exclusion remains in force.
#6 Guarantor or Surety Information
Finally, your MLCB report can also contain information relating to your status as a guarantor or surety, where applicable.
Why Do Licensed Moneylenders Check Your MLCB Report?
An MLCB check isn’t simply a lender preference; under the Moneylenders Act, licensed moneylenders are required to submit borrower information and request a loan information report before granting a loan.
So, why does the information matter?
It helps a lender assess factors such as:
- Your creditworthiness
- Your existing borrowing position
- Your ability to manage another repayment commitment
- Whether applicable borrowing restrictions are met
- Whether the proposed loan can reasonably be granted
- Whether you’re on the self-exclusion list
In other words, an MLCB check gives the lender additional information to consider when assessing your application.
If you’d like to understand more about the role of credit checks, check out our guide on credit checks for licensed moneylender loans.
Does an MLCB Report Have a Credit Score?
No, an MLCB report does not assign credit scores to borrowers and should not be confused with a Credit Bureau Singapore (CBS) credit report.
Instead of reducing your borrowing history to a single numerical score or grade, the MLCB provides relevant information about your activity with licensed moneylenders. The lender can then consider this information alongside other parts of your application.
This also means that having an MLCB record does not, by itself, indicate that you have “bad credit”. Having a record simply means that relevant licensed moneylending information has been reported to the MLCB.
Does an MLCB Report Affect Loan Approval?
So, does your MLCB report affect loan approval? The short answer is yes, it could impact the way your loan application is assessed. For example, the lender may look at your overall borrowing position and whether you are able to manage an additional debt obligation.
That said, your MLCB report is not an automatic pass-or-fail test that determines whether you can secure a loan; it only forms part of the decision-making process.
How Can You Get Your MLCB Report?
Want to know how to check your MLCB report? Borrowers can request their own loan information report through the MLCB.
You can use the MLCB’s loan information report service to request a copy of your report at S$0.50 (inclusive of GST).
Checking your own moneylender report can be useful before submitting another application. It gives you an opportunity to review the information associated with your borrowing and identify potential inaccuracies.
What If Your MLCB Report Contains an Error?
Spot an error in your MLCB report? Check it against your loan records and raise the issue promptly.
You can contact the licensed moneylender that submitted the information and request a correction. You can also contact the MLCB directly to make the correction request.
📝 Note: Remember to keep any relevant documents and correspondence to support your request!
How to Prepare Before Applying for a Licensed Moneylender Loan
Before submitting another application, a little preparation can go a long way in boosting your chances of approval.
- Review your existing commitments. Know how much you currently owe and what repayments are due.
- Check your MLCB report. Look for information that appears incomplete or inaccurate.
- Assess your repayment capacity. Make sure a new instalment fits comfortably within your budget.
- Avoid unnecessary applications. Only apply when you have a genuine borrowing need.
- Prepare the required documents. Having the relevant information ready can make the application process smoother.
- Understand the loan terms. Review the interest rates, fees, repayment schedule and total amount payable before committing.
If you’re considering a short-term loan in Singapore, understanding your repayment obligations beforehand can help you make a more informed decision.
MLCB Report vs Credit Bureau Singapore (CBS) Report: What’s the Difference?
The MLCB and Credit Bureau Singapore (CBS) both provide information that can support credit assessment, but they serve different purposes.
| MLCB Loan Information Report | CBS Credit Report |
| Focuses on relevant borrowing information involving licensed moneylenders | Provides broader credit information from participating members |
| Used by licensed moneylenders as part of their assessment | Used by banks and other participating credit providers |
| Covers relevant loans, repayments and pending loan applications involving licensed moneylenders | Can contain credit facilities and repayment information reported by participating institutions |
| Does not use a conventional credit score or grade | Includes a CBS credit score and risk grade where applicable |
| Focused on the licensed moneylending sector | Covers information reported to Credit Bureau Singapore |
The two reports therefore shouldn’t be treated as interchangeable. If you’re applying for a loan from a licensed moneylender, the MLCB is the relevant credit-reporting database for that sector.
Common Misconceptions About MLCB Reports
Misconception 1: “Having an MLCB Record Means I Have Bad Credit”
Not necessarily! An MLCB report records relevant information about licensed moneylending activity; it does not assign a simple “good” or “bad” label to a borrower.
Misconception 2: “The MLCB Is a Blacklist”
False! The MLCB is a designated credit bureau that handles borrower information for purposes set out under the Moneylenders Act.
Misconception 3: “An MLCB Check Automatically Means My Loan Will Be Rejected”
Licensed lenders are required by law to conduct a check on your MLCB records before granting any loan. In other words, MLCB checks form part of the lender’s assessment of whether your loan application should be approved or rejected.
Misconception 4: “Only People Who Have Defaulted Appear in the MLCB”
That’s also misleading. MLCB information can cover different aspects of licensed moneylending activity, including relevant loans, repayments, instalments and pending applications.
How to Keep Your MLCB Record in Good Shape
You don’t need to obsess over your MLCB report—but you should know what it says.
Good borrowing habits can help you stay on top of your financial commitments. Make repayments on time, keep track of outstanding balances and avoid taking on more debt than you can reasonably manage.
If you discover inaccurate information, don’t leave it unresolved! Raise the issue promptly through the appropriate correction process.
Related read: How to Settle Licensed Moneylender Debt in Singapore
Final Thoughts: Check Your MLCB Report Before You Borrow
An MLCB report gives licensed moneylenders relevant information about a borrower’s activity within the licensed moneylending sector. It can include information about loans, repayments and pending applications, and forms part of the assessment process when a borrower applies for a loan.
Before taking on another financial commitment, check your information, review your existing obligations and make sure you understand the proposed loan terms.
If you’re considering applying for a loan from a licensed moneylender, understanding your existing commitments is an important first step. Our dedicated team at 1-Money can help you explore your borrowing options and understand the loan terms before you decide.
Frequently Asked Questions About MLCB Reports
What is an MLCB report in Singapore?
An MLCB report is a loan information report that includes relevant borrowing information involving licensed moneylenders, including applicable loan and repayment details.
Can I check my own MLCB report?
Yes. Borrowers can request their own loan information report through the MLCB’s report service.
How much does an MLCB report cost?
An MLCB loan information report costs S$0.50 (inclusive of GST).
