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Consumer FAQs

Access FAQs about our online consumer services.

FAQs

Frequently Asked Question about Credit Report, Score & Alerts

Credit Myths
Account FAQs
General FAQs
Credit Reports & Data Correction FAQs
Credit Alert FAQs
Credit Report Sharing Platform FAQs
Identity Protection Service FAQs
“Credit Data Smart” FAQs

Credit Myths

TransUnion is a government agency with access to all my personal data.

TransUnion is not a government agency, but a global information and insights company. As the first Credit Reference Agency (CRA) in Hong Kong, it holds the credit information of millions of Hong Kong consumers. Based on our years of experience in the financial industry, and the use of data fusion methods to match and combine credit data with public records, we analyse credit scores of consumers in order to provide a comprehensive, accurate, and reliable credit reports to be used as reference.

Without consent and authorisation from the data subject (the person to whom the data relates), TransUnion will not access the data subject's credit data, such as name, ID number, phone number, mailing address, and loan history. In addition, we don't access data unrelated to credit, such as salaries, personal investments, or savings records.

TransUnion approves my credit applications.

TransUnion is not responsible for approving credit applications, but we will provide your credit score and credit history to the financial instituations which you have applied credit for a credit card or loan.

This financial institution makes the decision on approving your credit application based on your credit score and credit history, including its own standards, and your company records (if any). Hence, the approval results might differ for two people with the same credit score.

In addition to TransUnion, all banks issue personal credit reports.

TransUnion is the first Credit Reference Agency (CRA) in Hong Kong, and also one of the Selected Credit Reference Agencies (CRAs) under Credit Data Smart. All selected CRAs will use the same latest data provided through the Credit Reference Platform (CRP) as a basis for analysis and preparation of their respective credit reports. Although financial instituions require your credit information for reference, but they cannot access this data from CRAs like TransUnion until you authorise and consent us to do so.

Personal credit reports must accurately reflect the consumers' personal credit situations. With experience in credit data analysis, we have been maintaining close relationships with banks and various financial institutions, and taking factors such as the latest credit market trends and loan habit changes into account when performing our credit analysis, in order to make our credit reports more accurate and reliable. Since 1981, TransUnion has been committed to developing Hong Kong's credit database and credit data analysis services. Over the past years, our credit reports have been widely recognised in the industry.

I have the right to grant anyone access to my credit report.

Generally, you are the only one that can check your credit report through TransUnion. You can submit it to others by yourself if needed.

However, there is only one exception: Your prospective employer (which has signed a collaboration agreement with TransUnion) can check your credit report through TransUnion upon your authorisation and consent. You will also receive a copy of the report.

When you apply for a credit card or loan, the bank or financial agency will check your credit data rather than your credit report through TransUnion upon your authorisation and consent. For example, the bank or agency can only check how many credit cards you have, but not the banks that issued them.

Credit reports are only useful when applying for loans and credit cards. I don't have any loans or credit cards, I do not need to monitor and improve my credit score.

Apart from applying for loans and credit cards, credit reports are also required in financial checks for immigration application, employment background checks, etc. Therefore, even if you don't use loans or credit cards, you still need to keep an eye on your credit score.

I don't have any loans or credit cards, so my credit score must be high.

If you don't have any loans or credit cards, this means you have no credit history at all. However, this doesn't necessarily mean you have a good credit score. There is no reference on your credit score for TransUnion and no evidence has shown that you have developed a good repayment habit. Therefore, people with no credit history might have low credit scores or might not have a credit score at all.

In order to have a good credit score, you should develop good repayment habits, such as apply a few credit cards, use your credit appropriately, and repay on time, so that you can gradually increase your credit score.

I have cut up my credit cards with overdue repayment records. This will instantly improve my credit score.

No, this will NOT instantly change your credit score! Because:

Negative credit history such as overdue repayments will remain in your credit report for 5 years after you have cleared your debts. This means it will take 5 years for the negative credit history to disappear from your record even after you closed your credit cards and repay your debts.
If a card takes up the majority of your total credit, your credit limit will fall sharply after the credit card is closed, and your credit score will be negatively affected.
After cutting up a card, your credit limit will decrease. If your monthly spending remain the same, your total credit utilization will then increase, which might negative impact on your credit score.

The more money I borrow, the lower my credit score will be.

Credit score is a reflection your attitude towards borrwing and ability to repay. So, as long as you settle your payment on time, the loan amount might not affect your credit score; however, if you have late payment, even it is $1, this might negative affect your credit score, and negative credit records will be kept in your credit report for 5 years after you have fully settled the account.

Using only one credit card will reduce my risk of forgetting to make repayments and increase my credit score.

Using only one credit card can certainly reduce the chance of forgetting your payments; however, it can also reduce your credit flexibility. If you only have the credit limit of one card, when it comes to large purchase, such as paying an annual insurance fee, your credit utlization suddenly increases, which could lower your credit score.

I can change my loan data at any time.

No! You can't change your own credit data. Upon your authorisation or consent, your credit data will be submitted from the credit providers to the Credit Reference Platform (CRP) under Credit Data Smart. If you need to make any changes, you can submit a data correction request to TransUnion. We will conduct an investigation upon your request, please click here for more details.

Account FAQs

FOR EXISITING SUBSCRIBERS

FOR NEW SUBSCRIBERS

I forgot my online account username and/or password, what should I do?

You can click “Forgot My Username” / “Forgot My Password” on the login page and follow the instructions to verify your identity and retrieve your username and password.

What should I do if I fail to complete the online process?

Please make an appointment at your earliest convenience via our website and visit our office in person with the following documents for identity verification:

Your HKID card or other identification document
An original copy of your valid proof of address issued within the last 3 months (e.g. rates & government rent notice, water bill, electricity bill, gas bill, or credit card statement)

What will happen if I do not re-authenticate?

You will not be able to view your latest credit information online until you have completed the re-authentication process.

Why am I not able to see my credit information upon completion of the re-authentication?

If you did not maintain an active subscription on your account, you need to re-subscribe to the service to see your credit information.

How do I cancel my online subscription? Will TransUnion refund the remaining days of subscription fee?

If you would like to cancel your online subscription, please login to your online account, access “Support”, select “Service Termination”, and click “You can cancel your monthly subscription anytime by clicking this link…”. This will cancel your online account. Once your account is canceled, you will cease to access your Credit Report, Score and Alerts service. For assistance or any queries about your account, you can contact our Consumer Services and Operations at (852) 2577 1816 during office hours (Monday to Friday 9:00 AM– 5:30 PM, except public holidays) or via email at hkcontact@transunion.com.

How can I purchase a credit report?

Please visit www.transunion.hk. On the upper right hand corner, there is a BUY NOW button. You can get your credit report in a few simple steps. Click the BUY NOW button, fill in your personal information, answer a few questions for identity verification, and proceed to payment. Then you will be able get your credit report. Alternatively, please make an appointment and visit our office in person with the following documents for identity verification:

Your HKID card or other identification document
An original copy of your valid proof of address issued within the last 3 months (e.g. rates & government rent notice, water bill, electricity bill, gas bill, or credit card statement)

What should I do if I fail to complete the online process?

Please make an appointment at your earliest convenience via our website and visit our office in person with the following documents for identity verification:

Your HKID card or other identification document
An original copy of your valid proof of address issued within the last 3 months (e.g. rates & government rent notice, water bill, electricity bill, gas bill, or credit card statement)

Is OTP (one-time password) required for application of credit report online?

Yes, we will cease to release any credit reports online through our website without one-time password verification. In case the OTP verification is not applicable, the consumer can make an appointment via our website. In case you do not have a Hong Kong mobile number to receive the OTP, please contact our and visit our office in person with designated personal identification document.

I have a question or enquiry that is not answered in the above page – what should I do?

Please contact our Consumer Services and Operations at (852) 2577 1816 which, unless stated otherwise, is open during office hours (Monday to Friday 9:00 AM – 5:30 PM, except public holidays) or via email at hkcontact@transunion.com.

General FAQs

What is TransUnion? What is its main business?

A global information and insights company, TransUnion provides an accurate and comprehensive picture of each person, stewarded with care. As a result, organisations can better understand consumers in order to make more informed decisions, and consumers can be confident that their data identities will result in the opportunities they deserve. Our customers in Hong Kong include some of the top banks and money lenders.

How does TransUnion handle personal information?

Nothing is more important than the safety and security of the consumer information TransUnion is entrusted with. Credit information held by TransUnion is stewarded with care and highly confidential. We make trust possible by ensuring that each consumer is reliably and safely represented in the marketplace. We call this Information for Good. 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 us at (852) 2577 1816 for more information.

What personal information can TransUnion collect and disclose?

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, telephone number, date of birth, Hong Kong Identity Card number and 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

How long can TransUnion retain the relevant individual credit information?

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 five years 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.

Can I contact TransUnion after receiving notice about credit enquiry from my bank or financial institution?

Yes, you can contact TransUnion directly. Members of TransUnion may 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.

How does TransUnion help credit applicants?

We provide an accurate and comprehensive picture of each person, stewarded with care. As a result, organisations can better understand consumers in order to make more informed decisions, and consumers can be confident that their data identities will result in the opportunities they deserve.

TransUnion provides credit providers with updated credit information 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 favorable pricing terms.

Does TransUnion make credit decisions?

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.

Are there adequate safeguards to protect personal data stored and processed by TransUnion?

Yes, TransUnion is a global leader in developing and implementing best practices in data security to safeguard business and personal records. Our website supports browsers that use 128-bit encryption, 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.

Do I have a choice about the sharing of my credit data by credit providers?

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 & Data Correction FAQs

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 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. To learn more, please visit How to Read Your Credit Report or Credit Report, Score & Alerts Services.

Who can access my credit report?

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 authorise us to mail it to another party after your consent and authorisation is received.

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).

How can I check my own credit report?

You can order your credit report or Credit Report & Alerts online. Or you can call TransUnion and make an appointment to meet with our Consumer Service Centre. When you come in, you will fill out a Credit Report Application Form to purchase. The Consumer Service Officer will then check your proof of identity before giving you a copy of your credit report.

How much does it cost to check my credit report?

Under Credit Data Smart, which is also known as the Multiple Credit Reference Agencies (MCRA) Model, every Hong Kong consumer is eligible for a free credit report from TransUnion once per year. Please click here to learn more about Free Credit Report (Once per year).

Consumers can also subscribe to TransUnion credit report based on personal needs to monitor and maintain their credit health. To enjoy our Credit Monitoring Services or purchase a One-Off Credit Report from our office, please click here for details of our Credit Monitoring packages.

In addition, since "Credit Data Smart" is still in parallel run, the old and new models are still operating in parallel. After purchasing the TransUnion credit report (excluding any free credit report services), if customers would like to purchase the TransUnion credit report in the old model for reference, the one-off fee will be at special offer of HK$140. It is to be handled in person.

We accept payment by VISA / MasterCard or in cash (cash payment only available for purchase at TransUnion office).

When I find an issue in my credit report and want to amend it, what should I do?

You can download a Personal Data Correction Form to fill it out, include any appropriate and required documents, and mail it back to us. If you have any questions, please contact our Consumer Service Centre at (852) 2577 1816. We are available Monday-Friday 0900-1730, except public holidays.

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?

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.

How do I cancel my monthly Credit Report Subscription?

You may cancel your monthly subscription 7 days prior your next billing date through our online system. Please follow the steps below:

Login to our online portal, click "Support" > "FAQs" > "Service Termination"
Click "this link" under Service Termination to cancellation page
Click "Cancel My Subscription" to proceed cancel procedure
Follow the instructions and confirm to cancel your monthly subscription
You will receive a confirmation email to notify your monthly subscription has been canceled successfully

Credit Alert FAQs

When will I received the credit alert?

TransUnion will send you a credit alert when there is critical change in your credit information, including:

New enquiry made to your credit report, OR
New credit accounts opened under your name, OR
Address changed, OR
Phone number changed

I have registered to the Basic Credit Alert service, but I did not receive any email credit alert, why?

There are two possible reasons that you did not receive any email credit alert:

You have no major changes in your credit information (For detail of “Major Change in Credit Information”, please refer to “FAQs: When will TransUnion send me credit alert”) OR
You have not log-on to your TransUnion online account in the past 90 days. As a result, your Basic Credit Alert Service has been terminated automatically.

If you would like to receive a confirmation email that there is no credit change in the past month, please click here to subscribe our Monthly Credit Report Service.

How do I get the TransUnion Credit Alert?

TransUnion sends Credit Alert to users via email and/or SMS. Basic Credit Alert users will receive email alert only, while the Monthly Credit Report Service subscribers can receive both email and SMS alert.

Who is eligible for the Basic Credit Alert?

The Basic Credit Alert is a new FREE service that TransUnion offers to all individuals who are aged 18 or over and holders of Hong Kong Identity Card. While existing Monthly Credit Report Service subscribers are already enjoying both SMS and email alert, non-existing users are welcome to apply, please click here to register.

Is there any expiry date for the Basic Credit Alert service?

The Basic Credit Alert service will NOT expire. However, if you have not log-on to your TransUnion Online Account to check your credit alert for 90 days, this service will be terminated automatically. As such, we highly recommend you to check your credit alert via your TransUnion Online Account regularly.

How frequent will TransUnion send me Credit Alert?

TransUnion only sends out credit alert when there is major change in user’s credit information. Generally, banks and financial institutes will provide updated credit information to TransUnion on a monthly basis. As such, we highly recommend users to check their credit alert via their TransUnion Online Account every month.

My Basic Credit Alert service is being terminated, can I re-subscribe? How?

Yes, please login to your TransUnion online account to re-subscribe. Please click here for details.

After cancellation / termination of my Monthly Credit Report Subscription, will I automatically switch to enjoy the Basic Credit Alert service?

No. However you may apply for the Basic Credit Alert Service and keep monitoring the changes of your credit information for free. Please click here to activate the Basic Credit Alert.

How to terminate my Basic Credit Alert service?

If you would like to terminate your Basic Credit Alert service, please:

Login to your TransUnion online account
Click on "Yours Profile" >> "Yours Settings", then click the unsubscribe button provided to unsubscribe the service

How to re-register the Basic Credit Alert service?

If you would like to subscribe the service again, please:

Login to your TransUnion online account
Click on "Yours Profile" >> "Yours Settings", then click the subscribe button provided to subscribe the service again via payment page

Credit Report Sharing Platform FAQs

Is this a paid service?

This service is free for job seekers, and the job seeker will also receive, at the same time, a copy of the same report shared with the employer for reference.

Is the credit report sent to the employers the same as the consumer credit report?

The credit report shared with employers has a major difference from the ordinary personal credit report, in that, it will hide some personal information, such as credit card numbers, to protect the privacy of job seekers.

Can I reject to the employer's request?

If you do not wish to share the credit report, please click No, Reject Request to not share your credit report. Also, you can cancel your authorisation within the cooling-off period. Please note this selection cannot be revoked.

How can I authorise the request?

The candidate must agree and authorise TransUnion to share his/her credit report with the designated employer through the TransUnion mobile app within 14 days after receiving the email.

Identity Protection Service FAQs

Is the dark web dangerous?

Yes, the dark web can be dangerous because it's a popular place for hackers and cybercriminals. It is the hotbed of scammers, where dreadful cybercriminals would leak your secrets, sell your personal data for profits with no remorse. Make sure your cybersecurity defences are activated and updated at all times.

Who needs Dark Web Monitoring?

Dark Web Monitoring is essential and beneficial for individuals and organisations alike, especially those who care about their cybersecurity and protecting sensitive information. In simple terms, anyone who wants to be proactive in safeguarding his/her digital identity, sensitive data, and financial assets can benefit from the Dark Web Monitoring service. It provides an additional layer of protection against cyber threats that come from the dark web.

I have received an alert. What should I do?

Based on what was found in your alert, please use the list below for the next steps. We will continue to scan the dark web. If we detect your information, we will send you another alert. You can:

Change the password associated with the affected website or any other site where you've used the same password. If you don't remember your password, perform a password reset on the site.
Complete your profile by visiting the TransUnion Credit Report dashboard so we can monitor more of your information.

I don’t recognize the website or the password mentioned in my alert. What should I do?

There could be several reasons why you may not recognize the website mentioned:

The account may have been created via Facebook or Google login. Some accounts may be old, and you may not remember having used the website or service.
You may have provided login details (username/password) for one-time use, after which you may have never gone back to the website or account again.
Sometimes breached sites or services may deactivate exposed accounts which can make it difficult to remember or identify an account as belonging to you.

Even if you don’t recognize the password shown in the alert, we recommend that you change the password associated with the affected website or any other site where you've used the same password.

What is a data breach and how do I handle one?

A data breach is a security incident in which information is accessed without authorisation. Data breaches can hurt businesses and consumers in a variety of ways. They are a costly expense that can damage lives and reputations, it also takes time to repair.

In most cases, cybercriminals don't just hold on to the information they access, but they may find ways to exploit it for personal gain. So, it is important to take steps and protect your personal information.

What are the types of personal information monitored by the Dark Web Monitoring service?

Name & Date of birth
Hong Kong Identity Card number
Passport number
Email address
Telephone number
Bank account number
Credit card number
Username
Gamertag

How to update / remove my bank account, mailing address, and other personal information for Dark Web Monitoring?

Please log in to the TransUnion mobile app, under the Dark Web Monitoring menu, you can edit or remove your monitoring attributes.

How to deactivate the Identity Protection Package(s)?

The service cannot be terminated and is non-refundable once the order is placed. If you do not wish to use the service, you can pause or remove the monitoring attributes by editing the Dark Web Monitoring page on the mobile app.

Can Dark Web Monitoring service prevent my personal information to be exposed?

No, the Dark Web Monitoring service cannot prevent your personal information from being exposed. It helps to alert you when your personal information is exposed so you can take immediate action to minimize your loss.

A login username of mine has been exposed but I never use it for any financial sites. Can I just ignore it?

You might use the same username in other website(s). To ensure your identity is well protected, it is recommended to update or manage your username.

How does the Identity Insurance cooling period work?

When you purchase the Identity Protection Package or the 360 Protection Package, you agree to authorise TransUnion to register the Identity Insurance on your behalf anytime within 14 days of your subscription to the Identity Protection Service. The effective date of the Identity Insurance will be the date that you subscribe to the Identity Protection Service, even if you decide to register the Identity Insurance at a later date.

Will I know where my personal information was compromised?

Yes, the alert will show where the collected personal information maybe found.

“Credit Data Smart” FAQs

What is “Credit Data Smart” or "Multiple Credit Reference Agencies (MCRA) Model"?

Credit Data Smart is the Multiple Credit Reference Agencies (MCRA) Model developed by the Hong Kong Association of Banks (HKAB), the Hong Kong Association of Restricted License Banks and Deposit-taking Companies (DTCA), and the Hong Kong S.A.R. Licensed Money Lenders Association Limited (LMLA) (collectively, "Industry Associations"), with the support of the Hong Kong Monetary Authority (HKMA). It is a new operating model for Credit Reference Agencies.

MCRA is a common operating model adopted by many markets globally.

For more information, please refer to HKAB’s website here.

Does TransUnion provide free credit reports?

Under Credit Data Smart, which is also known as the Multiple Credit Reference Agencies (MCRA) Model, Hong Kong consumers are eligible for one free credit report from TransUnion every 12 months, so they can review the credit report regularly, and to make sure the information reported is accurate, in order to prevent and combat identity theft.

In addition, according to the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioners for Personal Data, Hong Kong (PCPD), if the credit provider declined a credit application after assessing the applicant’s credit record, TransUnion is required to provide the applicant with one free credit report.

The following are our requirements for applying for a free credit report:

A credit application has been rejected by the credit provider, including credit cards, personal loans and mortgages.
The credit provider accessed the applicant’s credit record from TransUnion before rejecting the credit application.
One must redeem his/her free credit report by following the instructions on the rejection notification one month within the issue date.

For more information, please refer to HKAB’s website here.

Will there be any difference in the credit information reflected in credit reports provided by different selected Credit Reference Agencies (CRAs)? Will the credit scores/rating by different selected CRA vary significantly?

All selected CRAs will use the same latest data provided through the Credit Reference Platform (CRP) as a basis for analysis and preparation of their respective credit reports. They may adopt different credit scoring models and/or in conjunction with data from other data sources, and the resulting credit scores they provide may vary.

For more information, please refer to HKAB’s website here.

Will my credit score change after Credit Data Smart or the Multiple Credit Reference Agencies (MCRA) Model starts operating?

It is normal to see change in the credit scores as a result of one’s changing credit behaviours and activities. After the launch of Credit Data Smart, which is also known as the Multiple Credit Reference Agencies (MCRA) Model, we will be using data on the CRP to calculate your credit score. As the information is from two different databases, your credit score may also vary.

Can I request a credit provider to obtain a credit report from a specified selected Credit Reference Agency (CRA) when applying for credit?

Credit providers will only obtain credit reports from the selected CRA that they have engaged when assessing credit applications.

Under Credit Data Smart, which is also known as the Multiple Credit Reference Agencies (MCRA) Model, a credit provider should notify its customers in the credit facility document of the selected CRA(s) that the credit provider has engaged for the assessment of the credit facility application and the contact details of the selected CRA(s).

When approving a credit application, will the credit provider inquire about the applicant’s credit history from three Credit Reference Agencies (CRAs) at the same time, or only one?

When approving a credit application, the credit provider may inquire about the applicant’s credit history from at least one or more CRAs.

How can I amend data on my credit report?

Consumers can contact either the related credit providers or TransUnion to amend the data.

According to the “Code of Practice for Multiple Credit Reference Agencies (MCRA) Model”, consumers have the right to dispute and request for a data correction to the information they found inaccurate with credit providers, selected credit reference agency(ies) (CRA), or both. The related credit providers or selected CRAs may confirm or reject the data correction request.

For more information, please refer to HKAB’s website here.

How many free credit reports am I entitled to per year under Credit Data Smart or the Multiple Credit Reference Agencies (MCRA) Model?

Each Hong Kong consumer is eligible for one free credit report from TransUnion every 12 months.

For more information, please refer to HKAB’s website here.

Why does my new credit report show different credit data from before?

The credit data on your credit report is generated from the data contributed by Credit Data Smart participants post the launch of Credit Data Smart, also known as the Multiple Credit Reference Agencies (MCRA) Model. Your credit data may look different because the information on the two reports is from two different databases.

For example, credit providers who contributed data to Credit Data Smart may not have participated in TransUnion.

How would I obtain the free credit report if I have subscribed to TransUnion’s credit reporting service?

Under the Credit Data Smart, which is also known as the Multiple Credit Reference Agencies (MCRA) Model, each Hong Kong consumer is eligible for a free credit report at TransUnion every 12 months. This rule applies to all existing subscribers as well.

Does switching to the Credit Data Smart or the Multiple Credit Reference Agencies Model affect the credit services I am currently using, including my existing credit lines and terms?

The introduction of the Credit Data Smart, which is also known as the Multiple Credit Reference Agencies (MCRA) Model, will not affect the credit services you are currently using, as your existing credit lines and terms have already been approved by your credit provider(s). Under Credit Data Smart, your credit provider(s) may take into consideration the credit report(s) and score(s) provided by different Credit Reference Agencies (CRAs) when assessing your future credit applications. The CRAs may adopt different credit scoring models.

Why is there a huge change in my credit score even though I don’t have any recent credit activity?

Consumers are advised to check the content of their credit reports to see if there are any important new changes, such as credit activities not made by themselves. If the information is incorrect, consumers can contact the relevant credit provider(s) for clarification and correction. Consumers may also directly contact TransUnion to help facilitate the needed data correction.

After the launch of Credit Data Smart, will the consumer comment in my TransUnion credit report be retained?

Under Credit Data Smart, all credit report information will be provided through the Credit Reference Platform (CRP), and such information does not include your consumer comments (if any) that currently exist in TransUnion Credit Report. If you need to retain your existing consumer comments in your credit record after Credit Data Smart is officially launched, please contact us at (852) 2577 1816 from 26 April 2024.