Why is credit score important to me?

When do I need a credit score?

“Credit score? It’s none of my business because I don’t need any loan.” This is a common misconception held by many people, but it is totally wrong! In fact, credit score is closely related to our daily life!

  1. 1 Credit Products Application Applying for credit card Applying for personal loan Getting a mortgage
  2. 2 Relocation/ Overseas Investment Applying for immigration Investing overseas, such as buying properties and cars
  3. 3 Career Development Employment background check
assessed by tu

What are the benefits of having a good credit score?

On many everyday occasions, getting assessed by TransUnion and having a good credit score gives us a helping hand and makes our lives easier.

credit score
Occasions Benefits Daily examples
Credit products application
Credit products application
  • icon tick Get loan from banks / creditors more easily
  • icon tick Get a better Annual Percentage Rate (APR) & lower the cost of borrowing
  • icon dot Applying for a credit card to collect mileage or to get cashback rewards
  • icon dot Attaining personal loan for investment for setting up your own business with a lower APR which helps to reduce the cost of investment
  • icon dot Getting the mortgage you need for your dream house
Relocation / Overseas investment
Relocation / Overseas investment
  • icon tick Show your creditworthiness in foreign country / overseas
  • icon dot Applying for immigration to start anew
  • icon dot Investing overseas, such as buying properties and cars
Career development
Career development
  • icon tick Pass employment background check, especially for the finance, banking, security and hotel industries
  • icon dot Passing employee background check to get your desired job with great prospect in a multinational company, especially in banking and finance sector

Real Life Stories

Real Life Stories
HR asks to check my credit rating!?

HR asks to check my credit rating!?

Sandy recently took a job interview at a 4A advertising firm.

“Once you pass the final round of interviews, we’ll need your consent to let us review your report from TransUnion,” said the HR lady.

It was only after the interview when Sandy wondered: she’s simply applying for a designer job at an advertising firm, not a financial institution. Why would they ever need to check her credit report? Isn’t that crossing the line of personal privacy?

How low can you sink?

How low can you sink?

Sandy, who works at a beauty parlour, is one of the many who’ve been severely impacted by the pandemic. Seeing no light at the end of the tunnel, she decided to take out a bank loan.

With a bad record of maxing out her credit cards and not being able to pay them off, Sandy knew her credit history wasn’t stellar. But she’s turned over a new leaf, so the bank might approve her loan now, right?

Not. A. Chance. She got rejected.

If you were Sandy, what would you do to learn from this failure and improve on your credit score?

Should I be my husband's guarantor?

Should I be my husband's guarantor?

In this story, a married couple was planning to buy an apartment to build their dream life together.

However, the husband was in debt and he had late repayment records previously. He’s well aware that with his bad credit score, there's only a grim chance for him to take out a mortgage without a guarantor.

He then asked his wife to be the guarantor so that they could apply for a mortgage successfully. Although she trusted her husband with all her heart, she's concerned about the potential effects on her credit score if she agreed to be a guarantor...

Transunion’s credit scoring takes into account a comprehensive set of credit and public record data to ensure that consumers are reliably and fairly represented with statistic support, while helping financial institutions manage risk appropriately. Financial institutions’ risk appetites may vary, and credit scores are among many factors that lenders take into account when it comes to extending credit. Transunion’s proprietary scoring algorithms, containing dozens of data attributes, is an analysis built upon decades of market experience, industry insights and expertise in Hong Kong and around the globe. The credit-related behaviours it analyses can trigger multiple attributes that affect a person’s credit score, subject to different situations. While building credit health is always attainable, it generally takes time and consistent healthy credit habits to see an improvement.