A Hong Kong developer has launched an app which allows consumers to check their credit rating for free, after being recognised by an pan-Asian financial technology competition run by Citibank last year. Mtel’s CreditCheck app, previously known as SmartLoan, is available for android and iOS from Tuesday. It easures credit worthiness on a scale of A to J, based on data compiled by credit reference agency Transunion.
“There are so many applications focused on expense management, but credit management or loan management is always seen as a black box for lot of people,” Mtel chief operations officer Jeff Chau said. “We wanted a simple app to help us to crystallise, organise and monitor our loan accounts easily.”
On top of allowing users to keep track of their credit scores, the app also lets consumers view summaries of their credit accounts across different financial institutions and explore debt consolidation, in what it claims is a first for the Hong Kong market
Lawrence Lo, director, consumer interactive at Transunion Hong Kong, added: “Credit scoring is powerful as it plays a key role in our major life decisions. It is very important to maintain a healthy credit score by regularly checking your credit report.”
The app is available to all in Hong Kong and is not restricted to Citi customers, but a link inside the app does take users to Citi’s online banking website where they can learn more about the bank’s products.
Source: South China Morning Post