When a consumer applies for a mortgage, loan or other credit product or service (such as a credit card), a bank will (or a money lender may) seek a credit reference report about the consumer from a consumer credit reference agency (CRA). The CRA collects information about the consumer’s past and present consumer credit data from various credit providers who have provided consumer credit to the consumer, and then provide this information to potential new credit providers to help them assess the consumer’s creditworthiness.
“Credit Data Smart” 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
A multiple credit reference agencies model is also adopted in a number of markets globally.
“Credit Data Smart” 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) 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 was launched on 28 November 2022 and 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.
Subscribed Members (e.g. credit providers including authorized institutions, money lenders) and Selected Credit Reference Agencies (CRAs) are participating in the Credit Data Smart.
Credit providers 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 can be viewed at the Selected CRA List here, and the list of current Subscribed Members can be viewed at the Subscribed Member List here.
Objectives of the MCRA Model
Enhance the resilience of consumer credit reference service to credit providers and prevent a single point of failure in the industry
Enhance the governance of consumer credit reference service providers and the protection of consumer credit data involved in the provision of consumer credit reference service
Strengthen the protection for consumers’ interest in respect of consumer credit reference service
Promote competition by introducing a level-playing field for credit reference agencies
| Consumers |
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Credit Providers |
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| Banking Industry |
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