Special NoticeHow do personal credit data and credit reports affect consumers?
Whether individuals are starting a business or considering investments, apart from the concerns of costs, they may also have questions about their personal debts and the needs for applying bank loans with unexpected interest rates to achieve their goals. Personal credit data and credit scores are crucial for such situations. In fact, even outside of entrepreneurship and investments, the public needs to develop a habit of regularly getting and reviewing credit reports to understand their financial health status.
The purpose of credit report
A credit report lists out credit records and credit scores, such as personal information, credit account information, public records and credit enquiries. It is one of the important reference factors for banks and money lenders to process loan approvals. It also affects the loan amount and interest rate of a credit application.
The price and way to get a credit report
“Credit Data Smart” is the Multiple Credit Reference Agencies Model which allows consumers to get their credit reports from more than one credit reference agency. Under “Credit Data Smart”, consumers can get a free credit report from each credit reference agency once every 12 months. As one of the personal credit reference agencies, Nova Credit aims to cultivate good financial management habits among consumers. We have launched a limited-time welcome offer allowing new NOVA PASS users to access credit reports for 365 days*.
What should consumers pay attention to?
Consumers should also regularly review their credit scores, credit records and personal data. In case of any data inaccuracies, consumers should make data correction requests to the relevant agencies that can avoid negative impacts on credit scores and approval for loan applications.
Can consumers bring their “Credit Data Smart” credit reports to banks or money lenders for loan applications?
The consumer credit report only serves the purpose of verifying personal data and credit records. However, it cannot be used for loan applications. Banks or money lenders will directly access to the applicant’s latest credit report from consumer credit reference agencies for approval. Such information will be a reference for assessing the applicant’s creditworthiness.
Is there any security issue if more agencies have access to credit information?
The data stored in the Credit Reference Platform under “Credit Data Smart” is encrypted to ensure data security. In addition to relevant regulations, participating institutions must comply with requirements such as information security and personal data privacy to ensure the protection of personal data.
*Terms and conditions apply. In case of any disputes, Nova Credit Limited reserves the right of final decision.
Download NOVA PASS for free credit report and credit score
The above information is for reference only and does not constitute any legal, financial, investment or other professional advice. Before making any decision, you should seek professional advice from third parties.
