"Credit Data Smart" Will Start Service on 26 April
Public can start to access credit reports
(Hong Kong, 18 April 2024) 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") announced today that "Credit Data Smart", a multiple credit reference agencies operating model, will start service on 26 April 2024.
Since the launch of the "Credit Data Smart" pilot programme on 20 November 2023, over one thousand employees from nearly 20 institutions including banks, licensed money lenders, platform operator, the Industry Associations and governmental institution participated in the programme. The results indicated that the data accuracy of the credit reports and overall service performance of the three CRAs (namely Nova Credit Limited, PingAn OneConnect Credit Reference Services Agency (HK) Limited, and TransUnion Credit Information Services Limited) met the requirements set by the Industry Associations. Moreover, independent third-party consultants have provided assessment reports confirming that the three CRAs complied with relevant predetermined standards on information security, system and data management, etc. As a result, the Industry Associations decided that "Credit Data Smart" will start service on 26 April 2024.
HKAB said, "The introduction of 'Credit Data Smart' marks an important milestone in the development of consumer credit reference services in Hong Kong. The new approach involves the participation of multiple institutions and the establishment of a new credit reference platform. All relevant parties have been collaborating closely with the common objective of providing secure and reliable consumer credit reference services to the market."
To enhance public awareness and understanding of “Credit Data Smart”, the Industry Associations will launch promotional videos and social media content for sharing relevant details.
With the launch of service of “Credit Data Smart”, members of the public will be able to obtain a free credit report from each CRA once every 12 months to understand their personal credit status. Prior to requesting a report, the public are advised to contact individual CRAs about the application procedures, report access methods, and daily quota or appointment availability. Members of the public may not need to rush to obtain the free credit report during the launch of “Credit Data Smart”, as the free report is available on any day within a 12-month cycle. The Industry Associations also remind the public that the reports are for personal reference only and should not be used for any loan applications. When making credit decision, credit providers will take into consideration not only the credit scores provided, but also other relevant factors.
After the three CRAs start service, they will continue to collect feedback from users, enhance their services, and offer more functionalities with a view to better meeting the needs of the customers.
- END -
Contact information of the three CRAs: https://www.hkab.org.hk/en/industry-infra/selected-cra
More about "Credit Data Smart": https://www.hkab.org.hk/en/industry-infra/mcra-faqs
For media inquiries, please contact:
Hill and Knowlton
Yoyo Ko / Yury Leung
Phone: (852) 2894 6289 / (852) 2894 6248
Email: yoyo.ko@hillandknowlton.com / yury.leung@hillandknowlton.com