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What is a Credit Report? Your credit report is a record of your credit activity. It includes the names of banks or financial institutions that have extended you credit and/or loans, as well as the credit limits and loan amounts. Your payment history is also part of this record. If you have delinquent accounts, bankruptcies or lawsuits, these might also be found in your credit report.

How does information get on my credit report and is it updated on a regular basis? Every month, our members (including banks and financial institutions) submit updates on your account activity to us. They report at different times of the month, a factor that might contribute to slight differences in your reports, and therefore your credit scores, at any given time.

Does my credit report contain information that is not related to credit? Yes. Your credit report also serves as an archive for certain personal information, such as public records, and your contact numbers and address.

Why is my credit report necessary? What purpose does it serve? When you apply for credit (a mortgage or car loan, even a new credit card), lenders need a way to gage whether or not you’re a safe bet. Your credit report includes a record of your financial reliability. The information on your credit report is, for the most part, private. Creditors don’t get to sift through every detail of your history. They’re also given a credit score, which is a grade that represents your credit average.

How long does negative and positive information stay on my credit report? Typically, the negative information on your credit report tends to fall off five years after the accounts are settled, or eight if you’ve been through bankruptcy. Positive information remains on your report for five years from the day its corresponding account is closed. This information applies to loans like mortgages and car loans, the types of agreements that have fixed terms on the number of years for repayment. For revolving accounts, such as credit cards, your positive history will stay on your report for as long as the account is active.

Is there a place where I can explain some of the information on my credit report? Absolutely. You have the right to attach a statement to your credit report that explains why, for example, you have a public record. This statement will be provided to anyone requesting your report.

Who can access my credit report? 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. 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, we can provide your credit report only to “relevant persons” (including companies) for the purposes of the Personal Data (Privacy) Ordinance (Cap. 486). We can also provide your credit report to anyone to whom we’re required by law (for example, under a court order).

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