Regulatory Alerts2007-10-02
Added · Updated
Supervisory Policy Manual Module IC-6: The Sharing and Use of Consumer Credit Data through a Credit Reference Agency
The Hong Kong Monetary Authority reminds authorized institutions to fully utilize the consumer credit database for assessing credit applications and conducting credit reviews as mandated by SPM IC-6. Institutions are required to consider credit reference agency data when granting credit limit increases, with exceptions only for temporary or insignificant adjustments. The regulator also encourages conducting credit checks for mortgage loan applications to leverage unsecured credit repayment histories for more accurate borrower assessments.
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