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INTRODUCTION TO MLCB

Singapore's Ministry of Law (MinLaw) will require all licensed moneylenders to provide information of their loans and the payment behaviour of their customers to the Moneylenders Credit Bureau (MLCB).

DP Information Group (DP Info) has been appointed by MinLaw to design and develop the MLCB, and manage it when it becomes operational in 2016.

The MLCB will provide critical information to licensed moneylenders by allowing them to view a debtor's unsecured loans with other licensed moneylenders. The MLCB will also give moneylenders access to up-to-date details of the applicant's creditworthiness and indebtedness, to help licensed moneylenders make an informed decision on loans. If the extension of more credit pushes the debtor's borrowing beyond acceptable risk levels, the moneylender could refuse the request for credit. This means greater protection for consumers from increasing debt levels through real-time understanding of their financial pressures.

Borrowers can also be rest assured that information submitted to the MLCB will not be made available to other entities besides licensed moneylenders, unless explicit approval has been obtained from MinLaw.