The website www.creditassociation.com.sg, has a feature for moneylenders [members] to enter details of their borrowers [ Name, ID, Date of Loan]. These data entered by all the moneylenders will be stored in the backend online database.
Similarly the moneylender can also enter details of their bad debtors. These data is also stored in the backend online database.
The general public, by way of an online application can request that they be informed prior to granting a loan or refuse any loan applications – made by their relatives. These data is also stored in the same database. Where such requests are made the service provider will ensure verifications to deter any abuse of this feature. The service provider may charge the “requesting” person a nominal fee.
When a moneylender receives an application for loan, he/she can check from the “search” provision in the website, by entering the applicants name or ID. The report will show as to the number of moneylenders the applicant has borrowed from, as to whether he is declared a bad debtor and as to whether the applicant is banned or need his/her relatives consent.
This valued information is very useful for moneylenders. For this to succeed moneylenders must make an effort to enter the required details.