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Got rejected? The reason is something you ought to know

 

When you make a credit application with a bank or financial institution, whether for a credit card, loan or mortgage, in addition to whether the lender should approve the credit application based on its own lending criteria, individual lenders may check your credit history through TransUnion as one of the assessment criteria. In accordance with the Code of Practice on Consumer Credit Data promulgated by the Office of the Privacy Commissioner for Personal Data, Hong Kong and the MCRA Model Code of Practice, if the lender has accessed the applicant’s credit history during the approval process and subsequently rejects the credit application, TransUnion will provide you with a free consumer credit report under the following circumstances:

  1. Your credit application is being rejected by the lender,* including credit card, personal loan and mortgage.
  2. The lender* accessed your credit record from TransUnion as part of the approval process before issuing the rejection letter
  3. One must redeem their free credit report by following the instructions on the rejection letter at earliest convenience

*Applicable to Credit Data Smart Subscribed Members only

A low credit score could be one of the many reasons that your credit application is being declined. By checking your credit report with Transunion, you can find out the core reasons that is affecting your credit score. Improving your financial health would be the way to raise your credit score, so that you are well prepared for your future credit application. If your credit application is being rejected, you can redeem a free credit report by following the instructions on the rejection letter. In addition, under Credit Data Smart, you are eligible for a free consumer credit report from TransUnion every 12 months.

Sign up now and get a free personal credit report or learn more on how to redeem your free credit report.

 

 

 

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