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Business FAQs



How do I become a member?

Request an application and submit it to TransUnion for consideration. We evaluate each member application carefully before acceptance for membership.

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What are the benefits of being a member?

As the only centralized database of consumer credit in Hong Kong, we provide members with high quality information and analytics to reduce risk and make better decisions. We understand our members and their businesses, and put that understanding to work in helping members acquire and keep profitable customers, reduce credit risk and improve the efficiency of their lending processes.

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What are the obligations of a member?

Our members are expected to comply 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 consumer credit data, including issues concerning data collection, accuracy, use, security, access and correction. Members should provide notification to consumers upon application, default and account termination for consumer credit. Members are also expected to take reasonably practicable steps to check the accuracy of data before providing it to TransUnion, and to update it continuously, usually at least every 31 days, until the termination of the account.

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What is a credit report?

A credit report is a record of a consumer's credit history. A TransUnion Credit Report contains information provided by members (such as banks, finance companies and credit card issuers). You can use TransUnion Credit Reports to make informed decisions about offering credit. Consumers can request their own TransUnion Credit Reports to learn about their credit records, take control of their financial health and be alert to potential identity theft and credit fraud. See a sample of the TransUnion Consumer Credit Report.

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How can credit reports help my business?

Credit reports can help you better determine the level of risk for certain consumers. This enables you to make more informed lending decisions and to offer customized rates to customers, helping to increase market share.

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What are the differences between negative and positive data?

Full-file credit reporting includes both kinds of credit data, which gives credit providers a more complete picture of a borrower's credit history. For example, a credit report using only negative data may show that a consumer has no late payments. The credit provider may then assess the consumer as a low-risk borrower. If both negative and positive data are used, however, the financial institution may also see that this consumer has excessive, high lines of credit. While there may be no late payments, the consumer may be overextended. Receiving another line of credit may result in an inability to repay the debt. The use of both positive and negative data allows credit providers to determine a more accurate level of risk, decide whether to lend to this borrower and set appropriate terms.

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What is a credit score?

A credit score is a numerical snapshot of a consumer's credit report at a particular time. This credit score is generated by a mathematical formula utilizing TransUnion credit data. 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.

Credit scoring helps companies better understand the financial health of consumers and make more informed decisions.

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 use it to reduce risk and make better decisions.

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How can credit scores help my decisions?

TransUnion provides different kinds of bureau scores, which can help you predict the future credit activity of customers and prospects. For example, you can use our Payment Behaviour Score to predict the likelihood that consumers will pay in full over the next 12 months, and our Personal Loan Score to predict delinquency of unsecured loans over the next 12 months.

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What security measures do you use to protect consumer information?

We follow strict security measures to help ensure the security of personal information. These measures include restricting access to legitimate members who have permissible purpose to use the information; suppressing the account numbers and member name on certain credit reports; using private, dedicated lines for communications; and controlling our associates' database access through secured passwords and access codes and obtaining our associates' annual commitment to our security policy.

In addition, our Web site supports browsers that use 128-bit encryption, the highest level of encryption generally available, and Secure Socket Layer (SSL) protocol to help ensure the online security of your personal information. We also 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.

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Does TransUnion make credit decisions for members?

No. TransUnion simply collects and reports information to members. Members determine their own lending criteria.

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