Note: Credit rating and credit score will be used interchangeably and they have the same meaning for this article.
What is a Credit Score
Credit score is a score that creditors use to determine how likely you are able to repay them in time should they decide to extend the loan to you.
The credit score calculated by the Credit Bureau Singapore (CBS) is a four-digit number based on your past payment history on your loan accounts.
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| Credit: CBS |
The score ranges from 1000 to 2000, where the higher the score by an individual, the lower the chance of individuals reaching a delinquency status. Together with the score, the risk grade and the probability of default is provided as shown in the picture.
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