Credit History

To get a glimpse of your financial future, your credit providers look at your financial past. In Hong Kong, financial institutions can refer to your consumer credit data to determine whether you qualify for credit and the level of interest rates you will pay. Consumers with poor credit data may have their applications rejected or face higher borrowing costs when they seek credit services such as credit cards, personal loans and mortgages.

What Is In Your Credit Data?
Your credit data is a record of how well you have serviced your debt, allowing financial companies to decide whether or not to do business with you. This data is contained in a credit report that is kept on file by a credit reference agency, and may include such information as:

• How promptly you have paid off credit cards and loans
• Your previous applications for credit
• Defaulted debt data

Who Can See Your Credit Data?
When you apply for credit, the financial institution can access your credit report through a credit reference agency. Your financial institution can use information in the report to assess your credit worthiness and determine how much credit they are willing to offer you and at what rate. In Hong Kong, the Code of Practice on Consumer Credit Data under the Privacy Ordinance sets out the guidelines on the use of consumer credit data by financial institutions. For example, the code prohibits financial institutions from using the data for marketing purposes.

Viewing Your Own Credit Data
You may request to review your own credit report to verify its accuracy for a fee at a credit reference agency. If your application for credit was rejected by a financial institution that made use of data from a credit reference agency, you are entitled to view your credit report for free.

Correcting information in Credit Report
Consumers who believe information in their credit report is inaccurate can request credit reference agencies to make a correction.

Source: The Office of the Privacy Commissioner for Personal Data