FAQs
General
A TransUnion is a privately owned credit reference agency. We work with business customers and consumers to maintain credit data provided by our members (such as banks and finance companies). In turn, we provide information on financial health that helps businesses make more informed decisions and minimize risk, and helps consumers enjoy greater financial well-being.
Q How does TransUnion handle personal information?
A Nothing is more important than the safety and security of the consumer information TransUnion is entrusted with. Credit information held by TransUnion is highly confidential. To keep your information protected, TransUnion acts in accordance with the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong in the handling of credit data and the providing of credit reports to its members.
Call the hotline of the Office of the Privacy Commissioner for Personal Data at (852) 2827 2827 if you have any questions about the Code.
Q What personal information can TransUnion collect and disclose?
A According to the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong, TransUnion can collect and provide the following personal information to its members:
- General personal data such as name, address, contact telephone number, date of birth, Hong Kong Identity Card number and the travel document number
- Credit card and personal loan data, such as types of credit accounts, repayment history records, credit limits and outstanding balances
- Delinquent account information provided by its members, such as type of credit, the amount involved, date of default and date of repayment
- Hire-purchase information on vehicles, vessels and equipment provided by its members
- Public records such as action relating to recovery of debt, judgment entered for money owed, bankruptcy and discharge of bankruptcy
- Individual credit enquiries made by TransUnion's members
Q What other types of information can members request from TransUnion?
A TransUnion may also:
- Provide individual credit reports, which include individual credit information and account information on a credit line guaranteed by an individual.
- Inform members who use our watch-list service when an individual in default reappears in the system, to assist them with debt collection.
- Inform members upon being notified by the Transport Department that application for duplicate vehicle registration documents has been received.
A In accordance with the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong, retention time limits are as follows:
- TransUnion can retain current credit card and personal loan records for credit reference purposes.
- TransUnion can retain normal closed credit card and personal loan records up to five years from the date of account termination.
- TransUnion can retain delinquent records for up to a five-year period from the date of full settlement, or five years from the discharge of bankruptcy, as notified by the individual in accordance with the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong (whichever occurs first).
- TransUnion can retain records for filed bankruptcy petitions for eight years and other public records for seven years from the dates of legal proceedings.
- TransUnion can retain enquiries made by its members for two years from the dates of such enquiries.
- TransUnion will promptly delete terminated accounts in our database, upon receiving appropriate notification from members, when the amount due has not been in any payment default for more than 60 days within a five-year period.
Q Can I contact TransUnion about a credit enquiry after receiving notice from my bank or financial institution?
A Yes, you can contact TransUnion directly. Members of TransUnion might contact us for credit checks when you approach them to apply for credit. In accordance with the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong, the relevant member has a duty to inform you that it has sought your personal information for credit reference.
Q How does TransUnion help credit applicants?
A TransUnion provides updated credit information to credit providers to help them make fast, objective and accurate decisions so they can approve loans and grant credit efficiently. Credit applicants with a credit record reflecting prompt payment find it comparatively easy to obtain new credit and more favourable pricing terms.
A No, TransUnion does not make credit decisions. Each credit provider has different requirements for the extension of credit, so it is impossible for anyone to create an overall rating. TransUnion does not approve or reject applications for credit. We simply report the information provided by the credit providers.
Q Are there adequate safeguards to protect personal data stored and processed by TransUnion?
A Yes, TransUnion is a global leader in developing and implementing best practices in data security to safeguard business and personal records. Our Web site supports browsers that use 128-bit encryption, the highest level of encryption generally available, and Secure Socket Layer (SSL) protocol for the online security of your personal information. In addition, we follow the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong. This includes commissioning an independent compliance audit annually to safeguard the personal data privacy rights of individuals.
Q Do I have a choice about the sharing of my credit data by credit providers?
A When your credit account is terminated by full repayment, with no default data exceeding 60 days within 5 years, then you have the choice to "opt-out".
If you choose not to "opt-out", the closed account data will remain available to other credit providers with whom you already have a credit relationship. When you subsequently apply for credit with other credit providers, your closed account information, with record of no late payments, may put you in a stronger position to negotiate better terms of credit.
If you do choose to "opt-out", however, you have to instruct your credit provider to make a request to TransUnion to delete the data relating to your terminated account.
Credit Reports
A A credit report is a record of a consumer's credit history. A TransUnion Credit Report contains information provided by members (such as banks and finance companies). With a credit report, you can learn about your own credit record, take control of your financial health and alert yourself to potential identity theft and credit fraud. See a sample TransUnion Credit Report.
Q Who can access my credit report?
A Credit information held by TransUnion is highly confidential. To keep your information protected, access is limited to the following:
You - You can access your credit report. You can also order a copy of your credit report and authorize us to mail it to another party.
Credit providers - With your credit report, credit providers may review your credit status when you submit an application or they offer you credit.
"Relevant persons" and others - Apart from you and Members, TransUnion can provide your credit report only to "relevant persons" (including companies) for the purposes of the Personal Data (Privacy) Ordinance (Cap. 486) and to anyone to whom TransUnion is required by law to provide a copy of the report (for example, under a court order).
Q How can I check my own credit report?
A You can order your credit report online. Or you can call TransUnion and make an appointment to meet with our Consumer Relations Officer. When you come in, you will fill out a Consumer Credit Report Access Form or Credit Report Package Application Form, choose a credit report and pay a fee, which depends on whether you choose a single credit report or package plan. The Consumer Relations Officer will then check your proof of identity before giving you a copy of your credit report.
- Completed Consumer Credit Report Access Form to order a single report, or Credit Report Package Application Form to order a package plan
- Legible photocopy of your Hong Kong ID Card or current Travel Document
- A cheque made payable to "TransUnion Limited" for the fee, which depends on whether you choose a single credit report or package plan. The cheque should be drawn on a bank in Hong Kong.
A For the security of your personal data, TransUnion requires proof of your identity before releasing a credit report. Therefore, any requests for credit reports made over the telephone or by another party will not be accepted. You may, however, order a copy of your credit report and authorize us to mail it to another party of your choice by registered mail.
Q When I find an issue in my credit report and want to amend it, what should I do?
A You can download a Personal Data Correction Form, fill it out, include any appropriate and required documents, and mail it back to us. If you have any questions, please contact our Consumer Relations Department at (852) 2577 1816. We are available Monday-Friday 0900-1730, and are closed Saturday, Sunday and public holidays.
Q Can I re-apply for credit from the relevant credit provider after my data is amended? Will my application for credit be granted after the amendment to my credit report?
A Yes, you can re-apply for credit from the credit provider after the data is amended. In accordance with the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong, if your credit application is rejected due to issues concerning your data, the relevant credit provider should, upon your request, reconsider your credit application based on the updated data. TransUnion is only responsible for providing credit information to its members for reference purposes.
It is the sole decision of the relevant credit provider whether to grant you credit. TransUnion does not approve or deny credit applications.
Credit Monitoring
ACredit monitoring enables you to know when key information appears in your credit report. With TransUnion Credit Monitoring, you receive an alert by e-mail and/or SMS when one of the following occurs:
- An application enquiry is performed
- An account is opened
- An address is reported
- A telephone number is reported
Q Why is it important to monitor my credit report?
A Monitoring your credit report enables you to detect unauthorized changes that may indicate fraud, as well as errors that may appear on your credit report. With the growing threat of identity fraud, it's important to keep a close eye on your credit. Credit monitoring can give you added peace of mind.
Q How to order Credit Monitoring?
A You can order TransUnion Credit Monitoring online. Or you can call TransUnion and make an appointment to meet with our Consumer Relations Officer. When you come in, you will choose a plan and pay the corresponding fee. The Consumer Relations Officer will check your proof of identity and open a credit monitoring account for you.
Q If TransUnion Credit Monitoring alerts me to activity that looks as if it could be fraudulent or to information that appears to be in error, what should I do?
A If you find something suspicious, you should order a credit report immediately for more information and report the suspicious activity or error to each of your credit providers. If you have further questions, please contact us.
In addition, credit monitoring can keep you informed when key information appears in your credit report. If you find something suspicious, you should order a credit report immediately for more information and report the suspicious activity or error to each of your credit providers.
In addition, credit monitoring can alert you to signs of potential fraudulent activity and identity theft.
Credit Score
A A credit score is a numerical snapshot of your credit report at a particular time. It is used to help companies better understand your financial health. Your credit score is generated by a mathematical formula utilizing the data from your TransUnion credit history. Credit scoring represents the probability of an event happening in the future, but does not indicate that an event will happen. Credit scoring gained wide acceptance among the credit community in the United States during the 1950s.
Today, credit scoring is a best practice among credit providers and is commonly used in many countries, including the United States, the United Kingdom, Australia, Korea and China. While the financial sector has been the primary industry to use scoring technology, utilities, retailers, telecommunication companies and the insurance industry in many countries also employ it.
Q What type of information is used to generate my credit score?
A There are many scoring formulas for various evaluation purposes. Most of them use much of the same data from your credit report to generate their unique scoring system.
A basic scoring formula uses several elements of a credit report:
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Payment history - Accounts with a history of on-time payments are considered valuable assets that will boost a credit score.
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Outstanding debt - High balance-to-credit-limit ratios may lower credit scores. Maintain reasonable balances on available credit.
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Credit account history - An established credit history makes you a more reliable borrower.
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Recent enquiries - When a credit provider checks your credit, it implies that you may be taking on additional debt. As this slightly reduces your credit score, apply for new credit in moderation.
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Public records - Public records (including bankruptcies and legal actions) may negatively affect a credit score. All public records are kept on your report for seven years; bankruptcies, eight years.
The existing credit score in Hong Kong is largely based on: credit account information, account delinquency data, credit enquiry, history data and public record data.
Please note that review by TransUnion members of their own existing accounts or review of your own credit has no impact on your score.
A The credit score is only one of the pieces of information used by credit providers in their credit assessment process. Besides the credit score, credit providers may also consider their own risk acceptance level in lending, their own internal credit score, the applicant's demographic and financial information, their relationship with the applicant, collateral, and the availability of a guarantor, etc., to make a decision.
Credit providers may or may not choose to use the credit score. TransUnion merely provides the score for a credit provider's reference when they make credit decisions, a process that credit reference agency is not involved in. The same credit applicant with the same score may be accepted by one credit provider, but rejected by another, depending on the internal policy of the credit provider and what other information is available.
Q How does a credit score benefit consumers?
A Without a credit score acting as a universal assessment standard, each credit provider would only have its own rules and criteria to interpret a credit report. Unequal assessments would reduce the bargaining power of a credit applicant.
When there is no validated industry-wide standard for assessing risk, credit providers tend to mitigate their risk by setting interest rates that are higher than the market would bear. A lack of a universal risk-assessment standard can also lead to inaccurate credit decisions. Since a credit score is a statistically validated risk indicator, it helps both credit applicants and credit providers avoid such inefficiencies.
Q Does my credit score change?
A A credit score is a fluid number and it will vary as elements in the credit report change. The credit file of a consumer will be updated with new information provided by their credit providers over time. A credit score is calculated based on the latest information contained in a credit file at the time the score is requested, so a score generated previously will probably not be the same as one calculated today.
A By improving your credit score you can increase the likelihood that you will be approved for a loan and receive better interest rates. It is not that difficult to improve your score. Here are five basic steps:
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Pay bills punctually. Pay all your bills on time, each month. Late payments, collection and bankruptcies have the greatest negative effect on your credit score.
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Check your credit reports regularly. Do not let your credit health suffer due to inaccurate information. If you find any inaccuracy on your credit report, contact your credit provider to correct it immediately. TransUnion can also help clear inaccuracies by following up with credit providers for you.
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Manage your debts responsibly. Keep your credit card account balances well below your available credit limits. Responsible debt management plays a key role in your financial well-being.
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Establish a strong credit history. Time is one of the most significant factors in improving your credit score. Establish a good history by paying bills on time and using credit responsibly.
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Avoid applying for too much credit. A large number of credit provider enquiries for new applications within a short time may be interpreted as two signals that can make you being considered as having high credit risk. Are you opening numerous accounts due to financial difficulties? Are you taking on more debt than you can easily repay? Apply for new credit in moderation. Keep in mind that multiple personal enquiries (that is, requests of your credit report) do not affect your credit score.
Q What can I do to maintain a healthy credit score?
A Before opening any credit account, you should understand how the credit system works and the factors that help you maintain a good credit score. These practices can help you build a healthy credit history and credit score:
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Know where you stand. Before deciding what you need to build your credit history, it is a good idea to evaluate your current finances. Check your credit report for signs of identity theft. In addition, credit monitoring can keep you informed when key information appears in your credit report. If you find something suspicious, you should order a credit report immediately for more information and report the suspicious activity or error to each of your credit providers. If you have further questions, please contact us.
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Research your options. Review each offer carefully for high interest rates, annual fees and hidden catches. Keep in mind that if you are not financially stable enough to use credit responsibly, it may be best to wait until your finances improve before opening an account.
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Open an account. Once you have selected a credit offer, submit your application to the credit provider. If you are accepted and assuming the credit provider reports information to TransUnion, the new account should start to be reported shortly after.
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Be responsible. Using your new credit responsibly each month will help you build a healthy credit score. For example, the best way to build your credit score with a credit card is to use your card prudently and pay the balance on time each month. It is possible to improve your credit score in 6 to 12 months.
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Review and move forward. As you continue to build a healthy credit profile, your credit scores should improve fairly quickly and you'll be eligible for additional credit. When you decide you want to open another credit account, carefully review the terms before determining if it is right for you.
It is a good idea to check your credit reports and credit scores periodically to monitor your progress. In addition, credit monitoring can alert you to signs of potential fraudulent activity and identity theft.
Web/Techical Issues
A You may retrieve the same report within seven days at no additional cost.
Q After making the payment, I received a message that the "system is currently under maintenance". What should I do?
A You may follow the instructions on the screen and login to our system to retrieve your report after our service is resumed, or contact our hotline at (852) 2577 1816 during office hours and we will assist you.
Q How will the online authentication be processed?
A Online authentication is processed by e-Cert (Personal) authentication issued by the Hongkong Post. If you cannot provide the correct information when ordering a credit report, our system will not proceed with the transaction.
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