HK’s Mtel launches free credit check app
Application also allows users to explore debt consolidation options, in what firm claims is a first for the Hong Kong market
A Hong Kong developer has launched an app which allows consumers to check their credit rating for free, after being recognised by an pan-Asian financial technology competition run by Citibank last year.
Mtel’s CreditCheck app, previously known as SmartLoan, is available for android and iOS from Tuesday. It easures credit worthiness on a scale of A to J, based on data compiled by credit reference agency Transunion.
“There are so many applications focused on expense management, but credit management or loan management is always seen as a black box for lot of people,” Mtel chief operations officer Jeff Chau said.
“We wanted a simple app to help us to crystallise, organise and monitor our loan accounts easily.”
Borrowers are usually charged a fee for a credit check, or often do not know they have a bad rating until they were declined credit by a bank.
On top of allowing users to keep track of their credit scores, the app also lets consumers view summaries of their credit accounts across different financial institutions and explore debt consolidation, in what it claims is a first for the Hong Kong market
Mtel said it plans to develop a user base for the app before exploring ways to monetise the product.