New Scheme Paves the Way for Hongkongers to Utilize Multiple Credit Reference Agencies

Thursday, 18 April 2024, 23:30

In a bid to improve competition, a new operating model will allow Hongkongers to engage with multiple credit reference agencies concurrently starting April 26. This move, spearheaded by the Hong Kong Association of Banks alongside two industry groups, is set to offer consumers greater choice and enhanced services in their credit evaluations.

https://store.livarava.com/df79a3a3-fddb-11ee-a6bf-63e1980711b2.jpg — New Scheme Paves the Way for Hongkongers to Utilize Multiple Credit Reference Agencies

Enhancing Access to Credit Evaluation Services

A new operating model has been introduced in Hong Kong, enabling individuals to utilize multiple credit reference agencies simultaneously. This initiative, spearheaded by the Hong Kong Association of Banks and two other industry groups, aims to enhance competition and provide consumers with more reliable credit assessment services.

Benefits for Consumers

Increased Choices: Hongkongers will have the option to select from a variety of credit reference agencies, promoting competition in the industry.
Enhanced Services: With access to multiple agencies, individuals can benefit from a more comprehensive credit evaluation process.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.