What does Credit Report & Data provide?

Credit report provides all-rounded credit data of a consumer for organization’s credit decision purposes and risk management. Credit data includes consumers’ credit accounts with current credit usage and account repayment history from credit providers in Hong Kong.

The deepened cooperation between mainland cities and Hong Kong drives significant growth of cross-boundary financial activities. However, the current barrier of cross-boundary data transfer is a critical restriction for Hong Kong financial institutions to effectively conduct risk assessments for mainland clients, including the Know You Customer (KYC) procedures for account opening and risk management of credit applications, thereby missing the huge potential market and business opportunities.

NOVA’s Cross-Boundary Customer Credit Report Verification (CBCRV) has taken the lead in establishing a compliant channel for the first-to-market cross-boundary verification service of personal credit reports issued by the Credit Reference Center, the People’s Bank of China, to address the challenges encountered in the financial industry.

Advantages of CBCRV:

The first party in the country that completed the filing of the Standard Contracts for Cross-border Transfer of Personal Information with the Chinese local cyberspace administration authority for the service