Credit watch pays, says survey

Business | Carrie Chen 28 Jul 2017

High-risk Hong Kong consumers who self-monitor their credit reports are 26 percent more likely to improve their credit risk, says a TransUnion survey.

The survey, which observed 17,000 customers who self-monitor their credit reports between March and August, found these consumers may have seen their average interest rate for new loans fall from 23.7 percent to 18.9 percent in 10 months, saving about HK$500 to $700 a month.

Low-risk consumers, if they monitored their credit, could open seven times as many accounts compared to those who do not. About 48 percent of high-risk customers who would like to improve their credit scores attained an increase of 40 points or more, a change large enough to improve their ability to access new credit.

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