Hong Kong banks will invite public comment on their controversial drive to share more customer credit information with each other.
They secured government approval for a public consultation exercise at a meeting yesterday between Privacy Commissioner Raymond Tang Yee-bong and representatives of the Hong Kong Monetary Authority and Hong Kong Association of Banks. Also present was Secretary for Financial Services Stephen Ip Shu-kwan.
A spokesperson for the commissioner's office said that depending on the outcome of the consultation process, the proposed positive credit bureau could be up and running before the end of the year.
Banks already share a blacklist of negative information that identifies loan defaulters and borrowers who have court judgments issued against them.
But soaring bankruptcies and unpaid credit-card bills have prompted a plan to pool additional information such as the number of credit cards a customer already has - together with credit limits and payment records, as well as outstanding unsecured personal loans and loan repayment history.
This will mean amendments to a code of practice administered by the Office of the Privacy Commissioner, which requires as a first step a public consultation.
