Credit Bureau Act 2016 · 2020 Revised Edition · Part 2 · Licensing of Credit Bureaus
6. Licensing of credit bureaus
Feedback & supportSubject to the provisions of this Act, a person must not carry on any type of credit reporting business unless the person is licensed by the Authority under this Act in respect of that type of credit reporting business.
credit reporting business
“credit reporting business” means —(a)a business in Singapore (whether routine or recurrent) that involves preparing, providing or maintaining, for profit or gain, credit reports regardless of whether the primary function of the business is connected with credit reports;(b)the business of preparing, providing or maintaining credit reports on a routine, non‑profit basis as an ancillary part of a business carried on for profit or gain; or(c)any other business that may be prescribed;
Any person that contravenes this section shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction; or
in any other case, to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.