What is a Credit report, and can you really get a loan without it?

A credit report is a comprehensive record of an individual’s or company’s credit history and financial behaviour (or lack thereof), compiled by credit reporting agencies using information from lenders, creditors, and other financial institutions.

When determining if you are eligible for a loan or at what quantum or interest rate, lenders look at these 5 things in a nutshell:

1. Character

2. Capacity

3. Capital

4. Collateral

5. Conditions

(We explain what each means here.) Your credit report is essential for helping lenders make a quick assessment, especially in program lending. In fact, multiple billion‑dollar companies and a wide industry exist to tabulate and provide credit reports.

But we are seeing a rise in loan brokers’ ads touting that credit reports are not required. Think about it: would you lend a friend $10 when he makes $10,000 a month? You probably would, right? But would you still do so after seeing his credit report stating that he owes $50,000 to six other friends? In fact, the Singapore government is proposing that the “buy now, pay later” industry — where your “loans” are typically not tracked in credit reports — begin reporting such data.

Credit: This is a publicly made available ad from Mirae Advisory.

From Mirae Advisory claiming no CBS reports to fake reviews by SmartLend/Smart-Towkay, the new company by the ex‑head of CIMB, to false claims that a broker can negotiate a cheaper loan for you — we are in an epidemic of misleading loan advising.

But here is the epic smoking gun. 

We raised these matters with the Monetary Authority of Singapore, the Consumers Association of Singapore, and the Commercial Affairs Department of the Singapore Police Force. These agencies manage a wide variety of cases, and broad systemic marketing issues usually take time to emerge as clear enforcement priorities. Even with the evidence submitted, we have yet to see any meaningful shift in industry behaviour. Misleading rates continue, fake reviews continue, and the public is still unable to tell who is trustworthy. Often, action only follows strong public signalling or sustained complaints showing that the issue affects many consumers.

This is why we need your support. When regulators are slow to act and marketing overwhelms the truth, only public awareness can push the industry forward. Your voice — your comments, shares, and questions — can reach borrowers far beyond our direct reach. We’ve received thank‑you messages from individuals, and while encouraging, they also highlight the scale of the challenge. A few private notes cannot counter an industry reaching tens of thousands with sleek marketing every day. Quiet appreciation does not shift anything; public visibility does 👉 https://www.mas.gov.sg/contact-us

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