Capture Credit Data Smart Opportunities With Three Essential Steps

The launch of “Credit Data Smart” ushered in a new era for the credit industry in Hong Kong, revolutionising the way lenders operate. To fully harness the platform’s potential and drive growth, here are three valuable tips to guide your transition and empower informed decision-making. 

To become a subscribed member of Credit Data Smart, lenders must first complete an Independent Assessment (IA) as mandated by regulators. In order to fully capitalise on its opportunities, lenders should thoroughly understand the requirements and procedures before applying for membership, and prepare all necessary documentation that demonstrates financial sustainability and the ability to safeguard consumer credit data integrity.

Codeveloped by industry regulators, the new operating model offers more choices for the provision of consumer credit reference while enhancing the protection of customer credit data. To transmit consumer credit data in an encrypted form to the Credit Reference Platform (CRP) and retrieve credit reports from the chosen credit reference agency (CRA), lenders must upgrade their existing technologies. This requires building a more stable and sustainable infrastructure to meet the platform’s stringent data security standards.

To effectively navigate the evolving credit landscape, it’s vital to engage consultants who are deeply knowledgeable about the Hong Kong market and can provide timely, tailored guidance. These consultants should possess extensive industry expertise and strong connections with key stakeholders and organisations, offering valuable support to lenders as they adapt to market changes.

The issue here is many lenders often lack the necessary manpower and resources to fully prepare for Credit Data Smart. Recognising these industry challenges, TransUnion developed a robust range of solutions to support lenders. Leveraging over 40 years of experience in Hong Kong — and a suite of powerful, one-stop data solutions backed by global expertise — TransUnion helps ensure seamless integration through: 

• Data Connect: Securely upload and correct consumer credit data while retaining historical files, simplifying credit data processing.
• Consultancy services: Access expert advice from TransUnion to expedite IA approvals and streamline the integration process.

To explore how our Credit Data Smart onboarding solutions can assist your business in adapting to changes in the credit industry, download the full brochure here.