This Is How You Can Prevent Identity Theft
As we all know, reputation is very important and it represents the way others look at us. In the financial world, your credit reputation is as essential.
Credit Bureau Singapore (CBS) provides personal consumer credit reports, where it displays how a consumer makes their payment monthly on their credit card bill. It is also a record of your credit payment history compiled from banks and major financial institutions.
A credit score is also displayed on your credit report and is a number used by lenders as an indicator of how likely an individual is to repay his debts and the probability of going into default. This score is based on a snapshot of your credit condition at a particular point in your life. It varies from time to time, depending on what is reflected in your credit history and how you behave when you use credit.
What is My Credit Monitor (MCM)?
My Credit Monitor (MCM) is an important step in your endeavor to fight against identity theft by detecting any suspicious activities or changes that can affect your credit reputation.
It acts as your third eye to monitor your credit report, looks out for predetermined activities and notifies through your email/SMS as soon as the lender uploads your information into your credit file thus providing the earliest possible indicator.
Benefits of MCM
- Preventing Identity Theft
It keeps you informed whenever a perpetrator assumes your identity to apply for credit or skips a payment.
- Put Your Mind at Ease
You can get to safeguard your personal finance and credit information without having to leave home.
- Manage Your Credit Reputation
It ensures the accuracy of the information uploaded onto your credit file.
Notification Alerts via SMS/Email
- Credit Enquiry
Enquiries made on your credit report by any lenders in response to your application for new credit facility. One such example is shown below.
When a search has been made on your own credit file.
- Adverse Information
Provides new and updated status on Bankruptcy Proceedings and Default records.
- Deteriorating Account Status Change
Deteriorating account status assigned to any of your credit facilities (eg. From ‘A’ to ‘B’ status)
Please see below for an example.
- Litigation Proceedings
Notifies you when a writ of summon is filed against you.
Stay Informed. Prevent Identity Fraud.
Embark on your identity theft protection experience with the monitoring alerts and updates on your credit file by signing up today.
Want to learn more about your credit score? Here’s some other recommended articles for you.
- Here’s What You Need To Know To Improve Your Credit Score In Singapore
- 5 Things You May Not Know About Your Credit Score
- 3 Credit Mistakes You Need To Stop Making Now
- Watch Out for These Credit Traps
- Know What the Lenders Know about You
This article is kindly contributed by Credit Bureau Singapore.
Credit Bureau Singapore is a joint venture between The Association of Banks in Singapore (ABS) and Infocredit Holdings. It is one of Singapore’s most reputable consumer credit bureaus, with full-industry uploads from all retail banks and major financial institutions.