TransUnion Launches New Credit Monitoring Service Packages To Help Consumers Manage Their Creditworthiness
Study shows one in three consumers who regularly monitored their credit also saw improvement in their credit score
Global information and insights company and Hong Kong’s leading credit reference agency, TransUnion (NYSE: TRU), is launching a new suite of Credit Monitoring Service Packages. With an aim to promote financial inclusion in Hong Kong, they are designed to help consumers manage their personal finances, access opportunities and achieve great things.
The new packages include Credit Report (a detailed account of credit histories and credit scores), Credit Score Calculator (a simulator to help consumers understand the potential impact of financial decisions on their credit scores), Debt Analysis (an overview of debt-to-income ratios), and Credit Alert (an alert service to help prevent identity thefts) services.
Creditworthiness is key to achieving financial goals
Credit scores are an indicator of creditworthiness, or more simply, how trustworthy a consumer is to receive new credit. With regular credit monitoring, consumers can make more informed decisions and take proactive steps to improve their creditworthiness. This, in turn, will help them achieve their life goals, whether that be buying property, starting a new business, or finding a new job.
In fact, a TransUnion study shows that among consumers who continuously monitored their credit reports for at least 12 months, one in three (34%) also saw an improvement to their credit scores, compared to only 15% of those who did not monitor. A good credit score not only helps consumers gain access to the credit they need, it may also allow them to obtain a lower interest rate. Consumers with a Super Prime score (AA) received on average an annual percentage rate (APR) of 4.8% on personal loans, compared to 10.7%-19% for those with a Near Prime score (DD, EE or FF).
“Just as your lifestyle choices impact your physical health, your credit health is a reflection of your credit habits,” said Irene Foo, director of Consumer Interactive at TransUnion Hong Kong. “To keep your credit health in good shape, it is important to monitor your credit reports on a regular basis. Improving credit health is not something that happens overnight. It generally requires a conscious effort in building good habits and consistent monitoring over the medium to long term to see an improvement. Now is a great time to make a New Year’s resolution to establish habits that will improve your credit health and credit worthiness.”
The packages are available at two price options for consumers to choose from based on their needs:
- Credit Monitoring Service Package for 6 months at HK$688, or HK$115 a month on average (Original fee at HK$280 per month)
- Credit Monitoring Service Package for 12 months at HK$888, or HK$74 a month on average (Original fee at HK$280 per month)
They are exclusively available on the TransUnion HK Credit Report mobile app, which can be downloaded from Apple’s App Store or Google Play.
 The TransUnion study analyzed consumer credit reference data during the period from September 1, 2020 to August 31, 2021.
 TransUnion CreditVision® risk score: Super Prime = AA; Prime Plus = BB; Prime = CC; Near Prime = DD to HH; Subprime = II to JJ