My first brush with the Singapore Credit Bureau happened last year when my relative’s had to close down their business.

Prior to this, my relative’s business had not been doing well for ages and they borrowed money from multiple banks to keep the business going.

My relative recounted that it was an extremely stressful time.

Not only did they have to worry about the business, but they also had to deal with multiple banks coming after them and all the accompanying late payment fees and interest

At one point their credit score was lowered to HH, the lowest grade you can get (see below).

Thankfully, the debt situation got resolved and they are now doing fine, but it was a really difficult time for them.

However, they did not escape unscathed as due to their low credit score, they now have difficulty getting approval for loans such as personal loans