Page:Unauthorised Access to Credit Data in the TE Credit Reference System.pdf/3

 With the aim of providing services to money lending companies and borrowers with access to and processing of credit data, Softmedia developed two systems and a mobile application, respectively known as the TE Credit Reference System and the Loan Management System for money lending companies, and the "MyLoan" mobile application for borrowers. Softmedia also used independent cloud servers for each of its systems and the mobile application to store the data collected.

TE Credit Reference System

Softmedia stated that it established the TE Credit Reference System in January 2016, which was developed for the purpose of providing a platform on which money lending companies could assess the credit data of borrowers before deciding whether to approve or reject their loan applications. The TE Credit Reference System does not prescribe credit scores of individual borrowers.

As of December 2022, around 680 money lending companies participated in the TE Credit Reference System, which involved credit data of about 180,000 data subjects. 

"MyLoan" Mobile Application

Borrowers can check their credit records through the "MyLoan" mobile application via its "View the TE credit report application" function.

TE Credit Reference System contained "personal data" as defined under the Ordinance

Softmedia stated that the TE Credit Reference System only involves the HKID numbers and credit data of borrowers (i.e., data subjects) and does not store their names, addresses, phone numbers, dates of birth, or other personal data. The HKID numbers stored in the TE Credit Reference System are transformed into codes by an algorithm instead of complete HKID numbers.</li> </ol>