What is Creditworthiness?

What is Creditworthiness?
What is Creditworthiness?

Assessed by TransUnion,
Make your Creditworthiness
Recognised Globally*

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

How do you determine if a person is trustworthy?

Do you know Credit Score can help?

Do you know Credit Score can help?
Quantifying Your Creditworthiness With Credit Score

Quantifying Your Creditworthiness With Credit Score

What is Credit Score

What is Credit Score
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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.

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How Is Your Credit Score
Calculated?

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Your credit score is calculated based on your financial habits. Here are the 6 KEY FACTORS that affect your credit score:

Payment History

Payment History

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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

Credit Enquiries Record

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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.

Available Credits

Available Credits

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Generally, the more available credits you have, the more positive impact they have on your credit score.

Credit Utilisation

Credit Utilisation

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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

Length Of Credit History

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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

Past Credit Usage Amount

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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.

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Why
TransUnion (TU)?

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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

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.

Local expertise

Local expertise

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!

International insights

International insights

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.

Credit score is one of the ways to assess one’s creditworthiness. It aims to impartially reflect one’s default risk in the coming one year. Credit score is for reference only, and should not be regarded as credit providers’ only reference for the approval or underwriting of credit services or products. Credit score is a dynamic indicator, which is calculated based on the most recent information (i.e. third-party information) provided by TransUnion members , namely credit providers (including banks and financial institutions), with consumer’s consent. Since the credit information of a consumer may change from time to time, the credit score obtained previously may not be the same as the current one.