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Multiple Credit Reference Agencies Model
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Last updated: 10 January 2023  
Overview of the Multiple Credit Reference Agencies (MCRA) Model [print]

The Multiple Credit Reference Agencies (MCRA) Model is a new operating model aiming to provide choices for the provision of consumer credit reference service to credit providers with the objective of:

• enhancing the resilience of consumer credit reference service to credit providers and preventing a single point of failure in the industry

• enhancing the governance of consumer credit reference service providers and the protection of consumer credit data involved in the provision of consumer credit reference service

• strengthening the protection for consumers' interest in respect of consumer credit reference service

• promoting competition by introducing a level-playing field for credit reference agencies

The MCRA Model is developed by the Hong Kong Association of Banks (HKAB), The DTC Association (The Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies) (DTCA), and the Hong Kong S.A.R. Licensed Money Lenders Association Limited (LMLA) (collectively, "Industry Associations"), with the support of the Hong Kong Monetary Authority (HKMA).


The Credit Reference Platform (CRP)

The CRP is a financial infrastructure to facilitate the transmission of consumer credit information in encrypted form between the participating credit providers and the CRAs using the latest technologies (i.e. distributed ledger technology, big data architecture and API).

The CRP is under the ownership of the Industry Associations and operated by the Credit Reference Platform Limited which is a wholly owned subsidiary of Hong Kong Interbank Clearing Limited as the Platform Operator.


Participants of the MCRA Model

Subscribed Members (e.g., credit providers including authorized institutions, money lenders) and Selected CRAs will participate in the MCRA Model.

Credit providers will participate as Subscribed Members to subscribe to consumer credit reference services from one or more Selected CRAs.

Selected CRAs are selected by the Multiple Credit Reference Agencies User Group (MCRAUG) on behalf of the Industry Associations to provide consumer credit reference services through the CRP. The list of Selected CRAs are as follows:

• Nova Credit Limited

• PingAn OneConnect Credit Reference Services Agency (HK) Limited

• TransUnion Credit Information Services Limited


Key Benefits for Stakeholders


• Enhanced protection of consumer credit data

• Strengthened regulation on data access and usage by CRAs

• More stringent data security practices

• Improved arrangements to protect consumers in suspected fraud cases

• Policies and procedures to handle consumer complaints

• More choices of consumer credit reference service providers

• A free copy of credit report from each Selected CRA every 12 months (the schedule of service launch to be announced)

Credit providers (including authorized institutions, licensed money lenders and hire purchase companies)

• More effective governance on CRAs

• More choices of CRAs

• Enhanced protection of customer credit data

Banking industry

• A master database of consumer credit data with backup

• Resilience to operation halt of individual CRAs


Application Information for Credit Providers

Credit providers can apply as a Subscribed Member, either Type One Member or Type Two Member depending on their business nature, to participate in the CRP.

Type of Membership Description
Type One Member An authorized institution or a subsidiary of an authorized institution with the meaning given to that term in the Banking Ordinance, Cap. 155 of the Laws of Hong Kong.
Type Two Member A money lender under Money Lenders Ordinance, Cap. 163 of the Laws of Hong Kong or a person whose business (whether or not the person carries on any other business) is that of providing finance for the acquisition of goods by way of leasing or hire purchase.

Applicants should send an e-mail to the Business Operator who is responsible for the administrative support of the MCRA Model at mcra.application@hkab.hk, to request for a Non-Disclosure Agreement (NDA) and an application form in order to apply for the membership.

The Business Operator will provide the NDA and application form to the applicant by e-mail within 3 working days of receiving the request e-mail.


Contact Information

For general enquiries, please contact the Business Operator at mcra.enquiry@hkab.hk.

Business Operator's operating hours: 9:00 a.m. to 6:00 p.m. (Hong Kong time, Monday to Friday except for Hong Kong public holidays and adverse weather).


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