What is Creditworthiness?
Assessed by TransUnion,
Make your Creditworthiness
Being creditworthy helps your life sail with favourable wind. TransUnion’s credit score is an assessment to quantify your creditworthiness, without further ado - let’s learn more about credit score and break down the many myths about it!
*In most developed countries
Do you know Credit Score can help?
Quantifying Your Creditworthiness With Credit Score
What is Credit Score
Long story short, credit score is a reference score to assess a person’s creditworthiness. The higher your score is, the more creditworthy you are. The credit score assessed by TransUnion (TU) ranges from 1000 - 4000 (Hong Kong); while its credit rating ranges between A and J, with A being the highest grade.
Is Your Credit Score
Your credit score is calculated based on your financial habits. Here are the 6 KEY FACTORS that affect your credit score:
Your ability and attitude on paying back your debts are reflected through your payment history, e.g. if you have been paying your credit card bills on time or not.
Credit Enquiries Record
Whenever you apply for a credit product, the creditor would make a credit enquiry about you. While the number of credit enquiries could be an indicator for one’s needs of loans. If there are frequent enquiries within a short period of time, it may reflect a stronger need for financing and hence have a negative impact on your credit score.
Generally, the more available credits you have, the more positive impact they have on your credit score.
This means the calculation of the percentage of credits you have used per credit product and against your overall credits. The optimal utilisation level is at 30%-50%.
For example, if you have 2 credit cards, you should keep the credit utilisation rate of each credit card, as well as the total credits of both credit cards, under 50%.
Length Of Credit History
A longer credit history provides more data for TransUnion to compile your credit score and for financial institutions to understand your credit habits.
If you have never applied for any credit products (e.g. credit card) or a loan. We cannot provide any credit rating since your credit history is basically “404 not found”.
Past Credit Usage Amount
Vigorous increase or decrease in your credit usage may indicate a fluctuation in your expenses and could be interpreted as a sign of financial instability. This has an impact on your credit score too!
In fact, credit score calculation is complex and multi-layered, done by intricate formulas and algorithms. At TransUnion, we provide precise and comprehensive service.
Get assessed by TransUnion - your creditworthiness can be quantified and vividly outlined.
TransUnion Collects Personal Credit Data Mainly Via Two Ways:
1. TransUnion’s members
TransUnion members (i.e. credit providers, incl. banks and financial institutions) require credit service applicants (e.g. credit card, mortgage, personal loan, etc.) to give written consent on personal data collection and disclosure.
2. Public records and related data:
TransUnion collects personal credit data from publicly available records such as action relating to recovery of debt, judgment entered for money owed, bankruptcy and discharge of bankruptcy.
TU credit scores or ratings are comprehensive and advanced. With 40+ years of experience, local expertise and international insights, read more below about why TransUnion’s service stands out:
40+ years of close collaboration with financial institutions
Having operated credit rating service in Hong Kong for over 40 years, TransUnion has built an extensive network in the banking and finance industry.
Through consumers’ credit behavioural segmentation and credit data analysis, TransUnion has developed a series of algorithms to calculate credit score which can forecast consumers’ credit status in the coming year.
Long-standing experience, rich consumer database and proficiency in analysis, all these factors endorse TransUnion’s outstanding credit rating intelligence.
Do you know credit rating can be cultural specific too? TransUnion is the first and most long-standing company that offers personal credit rating service in Hong Kong.
With this amount of experience in the local market, TransUnion has excellent knowledge on Hong Kongers’ consumption habits and credit usage.
If you would like to get a comprehensive analysis of your creditworthiness, seek no further and get assessed by TransUnion now!
Apart from being a credit rating expert that is close to Hong Kongers’ heart, TransUnion also possesses rich international insights.
TU’s comprehensive algorithms are backed by expertise of a worldwide consumer credit bureau. Our “glocal” approach fits perfectly right in the increasingly globalised world and economy.