MCRA Model Officially Named "Credit Data Smart"
A Pilot Programme to be Rolled Out
(Hong Kong, 17 November 2023) The Hong Kong Association of Banks (HKAB), The DTC Association (The Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies), and the Hong Kong S.A.R. Licensed Money Lenders Association Limited (collectively, "Industry Associations") are pleased to announce that the Multiple Credit Reference Agencies (MCRA) Model has been officially named "Credit Data Smart". Starting from 20 November, a pilot programme will be initiated to ensure the service quality of "Credit Data Smart" before it is officially commenced. Under the pilot programme, individuals invited to participate in the programme will obtain their consumer credit reports from the credit reference agencies (CRAs), in order to review the data accuracy and assess the overall service performance of the agencies.
Industry Associations aim to enhance market competition, making consumer credit reference services secure and reliable for the public
On 28 November 2022, Credit Reference Platform (CRP) began operation. Three CRAs, namely Nova Credit Limited, PingAn OneConnect Credit Reference Services Agency (HK) Limited, and TransUnion Credit Information Services Limited were selected as the CRAs under "Credit Data Smart". Under the platform, the participating credit providers and selected CRAs have completed various tasks, including the uploading and downloading, cleansing and validation of consumer credit data. The Industry Associations expect that the selected CRAs will officially offer the public secure and reliable consumer credit reference services, as well as enhance market competition, upon successful completion of the pilot programme.
HKAB said, "With support from the Hong Kong Monetary Authority, the Industry Associations are committed to promoting ‘Credit Data Smart’, with the aim of providing secure and reliable consumer credit reference services to subscribed members and consumers. The pilot programme enables us to assess the service levels of the selected CRAs in respect of corporate governance, internal control, and the use and protection of personal data, thus enhancing the security of consumer credit data. Going forward, we hope that ‘Credit Data Smart’ will facilitate the development of consumer credit reference services in Hong Kong, ultimately improve efficiency, competitiveness and flexibility of the industry."
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