The Ministry of Law Singapore designed the Moneylenders Credit Bureau (MLCB) in November 2015. It is the Ministry of Law consolidated effort to protect both the moneylender and the borrower. The MLCB is fully operational beginning 2016.
Under MLCB, a money lender can gain access to up-to-date details of the borrower’s creditworthiness and indebtedness that can help licensed money lenders put up a decision to whether or not a certain applicant is worthy of the certain amount to be approved. With MLCB in operation it can protect lenders from some borrowers with existing multiple loans beyond their financial limits that can greatly affect the repayment process.
This means that a centralized easy to access system like MLCB can benefit both licensed money lenders and borrowers on a more systematic and transparent loan assistance transactions.