【Credit Data Smart】Explore its Benefits with X Wallet

2024.05.27

What is Credit Data Smart?

“Credit Data Smart” refers to the Multiple Credit Reference Agencies (“MCRA”) Model which is fully supported by the Hong Kong Monetary Authority and Industry Associations.

(Video source: The Hong Kong Association of Banks) (Website Link: https://www.youtube.com/watch?v=UJ07iPFzviQ)

With “Credit Data Smart”, participating banks and money lenders upload customers’ credit data to the Credit Reference Platform for credit reference agencies to analyze and prepare reports.

Who is responsible for “Credit Data Smart”?

Credit Data Smart” is developed by the Hong Kong Association of Banks, The Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies, and the Hong Kong S.A.R. Licensed Money Lenders Association Limited (collectively, “Industry Associations”), with the support of the Hong Kong Monetary Authority. It is owned by the Industry Associations.

How does “Credit Data Smart” benefit consumers?

One of the key objectives of “Credit Data Smar” is to strengthen the protection for consumers’ interest in respect of consumer credit reference service Specific benefits to consumers include the following:

enhanced protection of consumer credit data
strengthened regulation on data access and usage by CRAs
more choices of consumer credit reference service providers
a free copy of credit report from each Selected CRA every 12 months

Is my consumer credit data safe under “Credit Data Smart”

All data stored on the Credit Reference Platform is encrypted according to international standards to ensure data security. All participating institutions are required to undergo an approval process by the Industry Associations and comply with requirements of corporate governance and personal data protection to safeguard personal data.

The list of current Subscribed Members (Zero Finance Hong Kong Limited) can be viewed at the Subscribed Member List here.

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