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TU-Free/No Credit Report Loans sound convenient, but do you truly understand how they work? What are the potential risks? This article delves into the pros and cons of TU-Free/No Credit Report Loans, interest rate implications, ways to improve Credit Score, and insights into the newly implemented "Credit Data Smart". This may help you to make a wise decision when applying loans.
Borrowers' credit record will not be checked by money lenders when applying TU-Free/No Credit Report Loans. Also, there will not be any impact on borrower's credit record when applying TU-Free/No Credit Report Loans Therefore, this may be helpful to applicants with low credit score, poor repayment record, or bankruptcy record.
Despite their convenience, the absence of a TU credit check means money lenders cannot assess the borrower's credit risk. To mitigate this risk, money lenders typically require for income proof or address proof. Due to the higher perceived risk, these loans often come with a higher interest rates and limited loan amount. Failing to repay on time may also lead to additional penalties.
TU stands for TransUnion, a consumer credit information company. As TransUnion was the sole credit reporting agency in Hong Kong, it is common to refer "TU" as credit report. However, TransUnion is not the only credit reporting agency in Hong Kong nowadays after the introduction of "Credit Data Smart". Public are able to access to their credit information through various channels.
A credit report generally includes:
Credit score ranges from 1000 (Grade J) to 4000 (Grade A), serving as a critical reference for money lenders to assess individual's credit risk. Credit score may change over time, loan approval results may vary among different lenders too. In general, below measures may be helpful for improving credit score:
"Credit Data Smart", named "Multi-Credit Reference Agency (MCRA) model" previously, is developed by the Hong Kong Association of Banks (HKAB), The DTC Association (The Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies) (DTCA), and the Hong Kong S.A.R. Licensed Money Lenders Association Limited (LMLA), with the support of the Hong Kong Monetary Authority (HKMA). Currently, there are two credit reference agencies participating in the Credit Data Smart, including TransUnion Credit Information Services Limited and PingAn OneConnect Credit Reference Services Agency (HK) Limited. Under "Credit Data Smart", consumer credit information will be uploaded to the Credit Reference Platform by banks and financial institutions after obtaining consumers' consent and authorization. When consumers apply for loan products or services, banks and financial institutions may retrieve consumer's credit report from the Credit Reference Platform.
"Credit Data Smart" data security is rigorously safeguarded. All consumer credit data is encrypted before being transmitted through or stored in the Credit Reference Platform in accordance with international encryption standard. Moreover, a Code of Practice is established by Industry Associations, which all subscribed members must pass through a rigorous review. Subscribed members have to comply with the requirements on various aspects, including corporate governance, internal control, use and protection of consumer credit data to ensure data security and confidentiality.
Consumer is entitled to request a free copy of credit report every 12 months from each credit reference agencies to verify the accuracy of credit information. Also, if a consumer has been denied a loan within the past 30 working days by a subscribed member, the consumer is entitled to request for a free copy of credit report from the selected credit reference agency by presenting the rejection notification.
TU-Free loans look convenient but comes with a higher interest rate and lower loan amounts, which may not be able to address your needs. Instead, PROMISE understands your urgent financial needs, whether you are looking for extra cash flow for your business or personal use, adequate loan amount and timely fund transfer are crucial to solve your urgent needs. You do not need to show up in person* when applying PROMISE low interest personal loan. Your loan application, agreement signing, and fund transfer can all be completed online. Applying for a loan amount of $100,000 or below only requires your ID card and mobile number#, no income proof documents are required. Applying loan has never been easier. Learn more about our latest offers!
