| James Kon |
THE public can now obtain a credit report which contains information on their personal and car loans as well as credit cards following the launching of the Credit Bureau located at the ground floor of Dar Takaful IBB Utama building yesterday.
The bureau was launched by Pehin Orang Kaya Indera Pahlawan Dato Seri Setia Awang Haji Suyoi bin Haji Osman, the Minister of Development, who is also the Deputy Chairman of the Board of Directors of the Autoriti Monetari Brunei Darussalam (AMBD).
Awang Yusof bin Haji Abdul Rahman, the Managing Director of AMBD, said the bureau helps financial institutions to address difficulties in obtaining updated credit information.
The bureau, which is a unit under the Regulatory Department of AMBD, collects credit information to produce a credit report. The service has been available to all licensed banks, finance companies and an Islamic trust fund since September 2012.
As of September 1, 2014, 11 financial institutions are members of the bureau. They are Baiduri Bank Berhad, Hongkong and Shanghai Banking Corporation, Malayan Banking Berhad, RHB Bank Berhad, Standard Chartered Bank, United Overseas Bank, Bank Islam Brunei Darussalam, BIBD At-Tamwil Berhad, Baiduri Finance Berhad, HSBC Finance (B) Berhad and Perbadanan Tabung Amanah Islam Brunei Berhad.
The bureau collects credit information of individuals and commercial entities regularly from the members, however it does not collect information on savings/deposits, net worth of individual or commercial entities and investments made through the members.
The self-inquiry service allows borrowers to access their own credit report in order to improve transparency, credit awareness and incentivise them to build and maintain a good reputation as well as to create a healthy credit culture.
The public can verify, and if needed, rectify any information on the credit report.
The credit report is important for financial institutions in deciding whether to give credit and to determine the terms for financing.
The public can contact the Credit Bureau via the telephone number 2233369 or email to firstname.lastname@example.org to obtain more information.