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TransUnion Launches 'Money Lender Data Hub' Platform to Promote Broader Participation in 'Credit Reference Agency'
Credit information service provider TransUnion (TRU.US) announced the launch of a new 'Money Lender Data Hub' platform to support the measures announced by the Hong Kong government...
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TransUnion Launches 'Money Lender Data Hub' Platform to Promote Broader Participation in 'Credit Reference Agency'
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Credit information service provider TransUnion (TRU.US)      announced the launch of a new 'Money Lender Data Hub' platform to support the measures announced by the Hong Kong government in mid-March to strengthen the regulation of licensed money lenders, further protecting consumers and maintaining the stability of Hong Kong's financial system. This one-stop platform is the first solution launched by a credit information service provider in Hong Kong, aimed at facilitating and assisting licensed money lenders to participate more broadly in the 'Credit Reference Agency', thereby building a more resilient financial ecosystem in Hong Kong.

The 'Money Lender Data Hub' platform aligns with the consultation conclusions and regulatory requirements of the Financial Services and the Treasury Bureau, including the proposed requirement for all money lenders to regularly upload borrowers' personal credit information to the 'Credit Reference Agency', and for money lenders with business scales reaching a certain level to join the 'Credit Reference Agency' to obtain borrowers' personal credit information. As the integrity of consumer credit data within the 'Credit Reference Agency' gradually improves, financial institutions can make more informed credit decisions to enhance risk management. At the same time, consumers can receive more accurate assessments in the market, thereby responsibly accessing the financial services they need. This marks an important step towards more robust development in Hong Kong's credit industry and consolidates the city's status as an international financial center.

The 'Money Lender Data Hub' platform launched by TransUnion provides an uninterrupted one-stop solution, allowing money lenders to participate in the 'Credit Reference Agency' within a compliant and cost-effective framework. The 'Money Lender Data Hub' offers end-to-end support, including initial access to the 'Credit Reference Agency' platform, independent assessment, data verification, data upload and transmission, and provides a simplified consumer credit report to assist money lenders in making more informed credit decisions. (sl/j)(Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)



This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation.

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