QВ What is TransUnion? What is its main business?
A В TransUnion is a privately owned credit reference agency. We work with business customers and consumers to maintain credit data provided by our members (such as banks and finance companies). In turn, we provide information on financial health that helps businesses make more informed decisions and minimize risk, and helps consumers enjoy greater financial well-being.
QВ How does TransUnion handle personal information?
A В Nothing is more important than the safety and security of the consumer information TransUnion is entrusted with. Credit information held by TransUnion is highly confidential. To keep your information protected, TransUnion acts in accordance with the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong in the handling of credit data and the providing of credit reports to its members.
Call the hotline of the Office of the Privacy Commissioner for Personal Data at (852) 2827 2827 if you have any questions about the Code.
QВ What personal information can TransUnion collect and disclose?
A В According to the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong, TransUnion can collect and provide the following personal information to its members:
- General personal data such as name, address, contact telephone number, date of birth, Hong Kong Identity Card number and the travel document number Credit card and personal loan data, such as types of credit accounts, repayment history records, credit limits and outstanding balances Delinquent account information provided by its members, such as type of credit, the amount involved, date of default and date of repayment Hire-purchase information on vehicles, vessels and equipment provided by its members Public records such as action relating to recovery of debt, judgment entered for money owed, bankruptcy and discharge of bankruptcy Individual credit enquiries made by TransUnion's members
QВ What other types of information can members request from TransUnion?
A В TransUnion may also:
- Provide individual credit reports, which include individual credit information and account information on a credit line guaranteed by an individual. Inform members who use our watch-list service when an individual in default reappears in the system, to assist them with debt collection. Inform members upon being notified by the Transport Department that application for duplicate vehicle registration documents has been received.
Q How long can TransUnion retain the relevant individual credit information?
A In accordance with the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong, retention time limits are as follows:
- TransUnion can retain current credit card and personal loan records for credit reference purposes. TransUnion can retain normal closed credit card and personal
loan records up to five years from the date of account termination. TransUnion can retain delinquent records for up to a five-year period from the date of full settlement, or five years from the discharge of bankruptcy, as notified by the individual in accordance with the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong (whichever occurs first). TransUnion can retain records for filed bankruptcy petitions for eight years and other public records for seven years from the dates of legal proceedings. TransUnion can retain enquiries made by its members for two years from the dates of such enquiries. TransUnion will promptly delete terminated accounts in our database, upon receiving appropriate notification from members, when the amount due has not been in any payment default for more than 60 days within a five-year period.
Q Can I contact TransUnion about a credit enquiry after receiving notice from my bank or financial institution?
A Yes, you can contact TransUnion directly. Members of TransUnion might contact us for credit checks when you approach them to apply for credit. In accordance with the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong, the relevant member has a duty to inform you that it has sought your personal information for credit reference.
Q How does TransUnion help credit applicants?
A TransUnion provides updated credit information to credit providers to help them make fast, objective and accurate decisions so they can approve loans and grant credit efficiently. Credit applicants with a credit record reflecting prompt payment find it comparatively easy to obtain new credit and more favourable pricing terms.
Q Does TransUnion make credit decisions?
A No, TransUnion does not make credit decisions. Each credit provider has different requirements for the extension of credit, so it is impossible for anyone to create an overall rating. TransUnion does not approve or reject applications for credit. We simply report the information provided by the credit providers.
Q Are there adequate safeguards to protect personal data stored and processed by TransUnion?
A Yes, TransUnion is a global leader in developing and implementing best practices in data security to safeguard business and personal records. Our Web site supports browsers that use 128-bit encryption, the highest level of encryption generally available, and Secure Socket Layer (SSL) protocol for the online security of your personal information. In addition, we follow the Code of Practice on Consumer Credit Data issued by the Office of the Privacy Commissioner for Personal Data, Hong Kong. This includes commissioning an independent compliance audit annually to safeguard the personal data privacy rights of individuals.
Q Do I have a choice about the sharing of my credit data by credit providers?