Nova Credit pioneers year-round access of NOVA PASS FREE Credit Reports

[Hong Kong, April 26, 2024]  

As a Selected Credit Reference Agency under “Credit Data Smart”. Nova Credit (NOVA) fully supports the official launch of “Credit Data Smart” in Hong Kong on April 26th. The introduction of “Credit Data Smart” has elevated the level of credit reference services in Hong Kong, benefiting both financial institutions and consumers. This is greatly attributed to the support and foresight of the “Industry Associations” and the Hong Kong Monetary Authority, who have opened up the market, providing more choices for credit providers and consumers. NOVA is committed to enhancing consumer awareness of personal credit data and data protection.

NOVA has always aimed to promote the credit reference market in Hong Kong and to optimize its service levels, with safeguarding personal data privacy and data security as our core principle. In line with the launch of “Credit Data Smart”, NOVA has launched a diverse range of solutions including credit scoring, and will be actively optimizing other risk management products. NOVA has brought new reforms to credit scores in Hong Kong, conforming to international standards and precise application and using three-digit credit score as the new standard for credit evaluation. The Credit Score ranges from 300 to 999, which is in line with the world’s common industry perception and more accurately presents credit status.

NOVA also launched “NOVA PASS” mobile application provides consumers with on-demand access to personal credit information, including credit reports, credit scores, and credit dashboards. New users will enjoy the exclusive welcome offers with free credit report access, allowing them to have a comprehensive understanding of their credit standing. The aim is to encourage consumers to proactively access their personal credit information, empower them in charge of their personal information, prevent identity theft and to conveniently fulfil their various life needs, such as mortgage applications, credit card applications, auto loans, entrepreneurship, and liquidity management.  NOVA PASS also supports “iAM Smart”, allowing consumers to enjoy a swift account opening experience in as little as 1 minute*, facilitating seamless access to and control of personal credit information.

NOVA PASS enables consumers to access personal credit reports and credit scores at any time for free.

NOVA’s CEO, Samuel Ho, stated, “The official launch of “Credit Data Smart” marks the beginning of a new chapter in Hong Kong’s credit data service industry. NOVA encourages consumers to use NOVA PASS to access personal credit reports anytime and anywhere. Following the launch of “Credit Data Smart”, consumers can obtain a free credit report from credit reference agencies in any 12-month period to better understand their credit status.  We have also established a professional customer service team and customer service centre to assist consumers in enquiring and resolving issues regarding their personal credit information through various channels.”

Apart from actively promoting the credit data market in Hong Kong, NOVA has also been supporting the development of the Guangdong-Hong Kong-Macao Greater Bay Area and playing an important role in making significant contributions to both the credit reference market and the residents of Guangdong and Hong Kong.  NOVA has launched several industry-leading cross-boundary services and was the first credit referencing agency to be approved for the GBA Standard Contract for both northbound and southbound data transfer as announced earlier. Its “Cross-boundary Hong Kong Consumer Credit Report” service, with the appropriate authorization of Hong Kong residents, will assist mainland banks in credit card and other credit approvals hence helps to provide better financial services for Hong Kong residents while in Mainland China. Similarly, it also assists Hong Kong financial institutions in providing better financial services to Mainland residents, thereby promoting convenience in the lives of people in both regions and expanding business opportunities for financial institutions. As an important initiative to drive economic growth and promote high-quality development in both Guangdong and Hong Kong, Nova’s cross boundary solutions will help the integration of Hong Kong into Greater Bay Area as part of the overall national development plan.

Mr Ho continued, “NOVA is committed to integrating financial technology and professional data analysis to provide consumers with secure and reliable personal credit referencing services, promoting the development of Hong Kong’s consumer credit referencing industry.  Emphasizing data protection and aiming to serve citizens and facilitate their daily lives, NOVA utilizes innovative technology to support citizens in Hong Kong and the Greater Bay Area in accessing financial services, promoting integration within the Greater Bay Area, and creating a high-quality living and working ecosystem in the Guangdong-Hong Kong-Macao region.”

NOVA is committed to supporting Hong Kong as the gateway to Belt and Road countries by promoting data connectivity within the region. We strive to foster Hong Kong’s development as a data center and digital trade hub, contributing to the “Five-Links” regional cooperation of the Belt and Road Initiative. Furthermore, NOVA is dedicated to innovating financial services in alignment with the green development principles of the Belt and Road Initiative. Our aim is to facilitate the growth of green finance and embrace the international trend of green and low-carbon development. We eagerly anticipate continued collaboration in promoting growth and development across these nations

*Actual processing time may vary depending on individual circumstances.

The screenshots above are for reference only. For details, please refer to the actual interface in the NOVA PASS mobile application.

In case of any disputes, NOVA reserves the right of final decision.

“Credit Data Smart” is a new operating model aimed at providing credit providers with more choices of credit reference agencies, moving away from the previous situation of having only a single service provider.  By introducing a fair and competitive environment, it strengthens the protection of consumers’ rights in credit data and enhances the governance of credit reference agencies, reducing the risk of single-point of failure in Hong Kong’s financial industry.

“Credit Data Smart” was developed by the Hong Kong Association of Banks (HKAB), The DTC Association (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 (HKMA).