Designed to help consumers better manage their personal finances, access opportunities, and achieve greater financial inclusion, the new credit monitoring service packages include a Credit Report, a Credit Score Calculator, a in-depth Debt Analysis, as well as a Credit Alert service that helps prevent identity thefts.
Credit scores represent the strongest indicator of one’s creditworthiness or how trustworthy an end-user is to receive a new credit line. With regular credit monitoring, consumers can make informed decisions and take the necessary proactive steps to improve their credit score eligibility, which, ultimately, can lead to a stronger financial inclusion and the achievement of one’s financial goals, whether it’s buying a property, starting a new business, or applying for a higher-paid new job.
According to a recent study conducted by TransUnion, 34% of consumers who steadily monitored their credit reports for at least 12 months saw an improvement in their credit scores. Moreover, a good credit score is imperative for those who want to benefit from lower interest rates and save money in the long run. By comparison, a Super Prime Score (AA) consumer benefits, on average, of a 4.8% annual percentage rate (APR) for personal loans, as opposed to those with a Near Prime Score (DD, EE, or FF), who will have to pay up to 19% APR to get the same loan.
Credit score worthiness doesn’t happen over night but rather requires sustained, conscious effort, and taking smart financial decisions over the years. Monitoring credit reports, staying away from debt, and paying loans on time represent the easiest ways to enhance one’s credit score.
Those who want to benefit from TransUnion’s latest packages, can choose between the Credit Monitoring Service Package for 6 months for HKD 688 (approx. USD 88) or the Monitoring Service Package for 12 months at HKD 888 (approx. USD 114).
TransUnion is a global information and insights company that helps improve customers’ trust in the modern economy. With a business model expanding over 30 countries across five continents, the company provides tailored solutions for customers who want to create economic opportunities and experience higher financial inclusion.
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