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HKCCMA Survey Result of Sharing of Positive Credit Data

Editor Contribution.  February 10 2003

Subject survey was conducted right after the consultation period for sharing of positive credit data (issued by the Office of the Privacy Commissioner for Personal Data) expired in October 2002.  The survey was meant to capture the then general opinion despite those documentary feedback from the public on said Consultation.  The issue is so sensitive and controversial that the survey yielded surprisingly sizable feedback (#1,479) in concerns and outlooks. 

Being a professional Association for local credit and collection practitioners, HKCCMA does welcome the introduction of subject to enhance a healthy credit environment.  Anyway, the introduction of sharing has undoubtedly evoked a mixture of eagerness (as it marks a significant milestone in credit management), worry (over intrusion of personal privacy) and doubt (over safekeeping of personal data).  Certain respondents might have gone through role-struggles – as being a credit practitioner and a general consumer and even a debt collection agency.  

With respect to the survey, while strong majority (86.6%) of respondents worried about the intrusion of personal privacy, three in five respondents anticipated that such sharing would alleviate bankruptcy rate and good credit customers would be offered with favorable term in borrowing.   On the whole, majority (65.7%) supported the sharing of positive credit data among banks.

Stated below are the complete survey results:

(A) Do you agree that sharing of positive credit data among banks helps reduce bankruptcy rate in HK?

- Strongly agree      35.7%

- Agree                  23.3%

- Disagree              30.2%

- Totally disagree    10.8%  

(B) Do you think that privacy of banks customers are being intruded if positive credit data is shared among banks?

- Strongly agree      49.2%

- Agree                  37.5%

- Disagree              11.8%

- Totally disagree      1.6%

(C) Do you agree that the sharing of positive credit data would help borrowers to gain loans on a easier term?

- Strongly agree      32.3%

- Agree                  30.7%

- Disagree              29.6%

- Totally disagree      7.4%

(D) In a whole, do you support the sharing of positive credit data among banks?

- Strongly agree      38.9%

- Agree                  26.8%

- Disagree              26.7%

- Totally disagree      7.6%