The governance structure of “Credit Data Smart” comprises two major categories of entities: governance and operation entities, and participation entities:
Governance and Operation Entities
| Entity | Role |
| Multiple Credit Reference Agencies User Group (MCRAUG) |
The MCRAUG is a committee established under the Industry Associations to steer the direction and facilitate the operation of “Credit Data Smart”. |
| Platform Operator |
The Platform Operator is engaged by the Industry Associations for the system operation of “Credit Data Smart”. |
| Business Operator |
The Business Operator is engaged by the Industry Associations for the administrative support of “Credit Data Smart”. |
| Applicable Authorities |
The MCRAUG may consult the Applicable Authorities as appropriate to seek comments or directions on governance and operation of “Credit Data Smart”. |
| Industry Associations |
The Industry Associations are responsible for the endorsement of certain decisions made by MCRAUG in accordance with the Credit Data Smart Governance Framework (“Governance Framework”). |
Participation Entities
Participation entities include Subscribed Members and Selected Credit Reference Agencies (Selected CRAs).
Subscribed Members are credit providers or other entities permitted to participate in the Credit Data Smart, and are categorized as either “Type One Member” or “Type Two Member”.
Selected CRA refers to a CRA, having fulfilled the relevant requirements in the Credit Data Smart, selected by the MCRAUG to be a service provider for the provision of consumer credit reference service in the Credit Data Smart pursuant to the Governance Framework, during such time as the CRA has the Selected Status.
The list of Selected CRAs cab ve viewed here, and the list of Subscribed Members can be viewed here.
All entities under “Credit Data Smart” (except Applicable Authorities) shall act in good faith and take reasonable steps to:
- ensure effective delivery and operation of “Credit Data Smart” to optimise its benefits while ensuring fairness and transparency to all other entities under “Credit Data Smart”
- promote the adoption and implementation of “Credit Data Smart” by the financial, consumer credit and consumer credit reference service sectors
- ensure risks relating to “Credit Data Smart” are identified, assessed, evaluated and managed prudently while pursuing its objectives
- help achieve the objectives of “Credit Data Smart”, including the promotion of industry competition by introducing a level-playing field for CRAs