MoneyHero Launches Free Credit Score-Checking MoneyHero App Set to Popularise Consumer-initiated Credit Enquiries

Personal Finance
20.04.2023 12:05 pm

MoneyHero, Hong Kong's largest and most visited digital personal finance platform, has launched its game-changing MoneyHero App, a mobile application that provides Hong Kong consumers free and ready access to individual credit score reports powered by Hong Kong's leading consumer credit reference agency, TransUnion, to make better and informed financial decisions.

MoneyHero app provides Hong Kong consumers free and ready access to individual credit scores and reports

Revolutionising "soft" credit enquiries

Unbeknownst to many, "hard" enquiries initiated by credit providers upon receiving a credit application from an individual remain on the individual's credit report for up to two years and may negatively impact the individual's credit score if these enquiries are made on a frequent basis. Whereas an individual checking their own credit score and/or report through MoneyHero App is a "soft" enquiry, which has no impact on the individual's credit score. With its partnership with TransUnion, MoneyHero strives to empower Hong Kong consumers with clarity, control, and confidence over their financial decisions via its new app.

Comprehensive credit score analysis with 3 key features

A casual financial decision may entail far-reaching impacts on one's credit condition. Many factors affect credit scores, for instance, overdue loan payments, credit utilisation rate, frequent credit enquiries by financial institutions, and the number of credit accounts, etc. It is, therefore, essential to build a habit of monitoring credit scores and reports regularly and understanding the underlying impact factors. With this in mind, MoneyHero has incorporated a comprehensive credit analysis in the new MoneyHero App that comes with three key features:

a breakdown of credit score impact factors,
credit usage summary, and
credit alert services (an alert service to notify users of the possibility of identity theft), all of which aid in making smart financial decisions and maintaining credit health.

"MoneyHero is committed to educating the public on the importance of knowing their financial identities and credit scores, especially those who have a higher tendency to apply for credit, like urgent funding recipients, young investors, online shoppers, mortgage seekers, business professionals, and credit card users in need of financial support. We aim to offer more financial advisory services to users in the coming phase to help improve their credit scores," said Shravan Thakur, Group Head of Commercial, Hyphen Group.

Popularising credit score checks

A credit score is a reflection of one's financial well-being, regardless of identity, profession, or wealth. However, credit checks have not been widespread in Hong Kong, with over 70% of respondents have never checked their credit scores, according to an online survey conducted with MoneyHero website users in 2021. In promulgating the importance of credit health and popularising personal credit checks, MoneyHero has created a one-stop credit check solution free of charge to the public via its new MoneyHero App, where detailed analysis of credit scores and reports as well as suggestions for improvement are just a few taps away.

Commitment to data privacy and security

As a user-centric company, MoneyHero emphasises privacy and information security and has been granted an ISO 27001 certification. All user data is kept strictly confidential and protected with the highest international encryption standards - using 256-bit encryption technology and Transport Layer Security (TLS) protocol.