TransUnion has been keeping records on 4.8 million consumers’ credit ratings in Hong Kong for a decade now. They compile credit reports based on data received from its members: banks, finance companies and public sources of information. Importantly: consumers can order a copy of their personal credit report directly from TransUnion, which is invaluable if you are thinking of applying for a mortgage or loan. Members of TransUnion – banks and lenders - can access and review their customers’ credit reports before approving new loan applications or extending credit, working within the Consumer Credit Data rules issued by the Office of the Privacy Commissioner for Personal Data.
Monitor your credit health
A healthy credit history is key to getting a loan, higher credit limits and better interest rates. The credit report gives your credit score, credit record and alerts you to potential identity theft and credit fraud. You can spot suspicious changes that could mean fraud, as well as any errors. With identity fraud on the rise, it is important to keep an eye on all this. You can also check that your personal information including name, Hong Kong ID, passport, date of birth, current and previous addresses and telephone numbers are correct.
It will also tell you your repayment history, credit limits and outstanding balances and hire-purchase information. Also, you’ll get access to public records such as debt recovery action and bankruptcy details.
Check who’s been checking
Importantly, you can also check who has reviewed your credit report within the last two years. Scores range from A to J, and are generated by a mathematical formula based on payment history, outstanding debt, credit account history, recent enquiries and public records. It provides lenders with an objective standard for assessing credit applications.