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Members of the public may not know that whenever they make an inquiry for a credit assessment with the Credit Bureau Singapore (CBS), this can reduce their credit score as it may be seen as them being “credit hungry”, which may affect the interest rate, tenure or quantum of loan they may be eligible for. When consumers apply for multiple credit cards within a short span of time, this may also impact their credit score even though they may be applying to simply enjoy the different benefits offered by each card. All borrowers should have the right to compare and shop for the most favourable loan whether it is the quantum, tenure or interest that matters to them the most, without being penalised. Being “credit hungry” reflects the urgency of the borrower, not his creditworthiness. Our platform, which helps consumers and businesses find loans, has tried to engage Credit Bureau Singapore repeatedly about the risk of its metrics making it difficult for people to improve their means due to lack of access to credit. A loan can be a financial commitment that spans years or even decades. And by not comparing terms, a borrower may be paying thousands more in interest and fees. Penalising them by having their credit score possibly reduced when they want to just compare terms diminishes consumer rights. The UK’s Financial Conduct Authority handbook says a firm making a credit reference search should not leave evidence of an application on a credit file where a customer is not yet ready to apply. We urge CBS to consider this practice. We had also heard from our customers looking at their credit reports for the first time about, for example, unpaid yearly membership fees for credit cards that they had never applied for. Furnishing consumers a free credit report at least once a year gives them the chance to rectify any mistakes.