6. Is it compulsory for credit providers to provide all of an individual's (borrower or guarantor) loan account information to a CRA?
Going back to question 4, account data relating to a residential mortgage loan is specifically excluded from provision to the CRA, unless such account data reveal a currently outstanding material default (the mortgage repayment is overdue for more than 60 days). In the case of such a default, the credit provider may give the CRA data relating to the material default together with the account general data.
However, there is no mandatory requirement to report credit data under the Code (clause 2.4 of the Code says: ".....it may thereafter provide to a CRA any of the following items of consumer credit data....."). It is entirely a matter for the credit provider and the CRA to agree among themselves on what types of loan products will be subject to what data requirements, provided that they stay within the boundaries of the Code.
The Code sets the rules on what can or cannot be provided and shared in respect of consumer credit data and the provisions which should be followed by credit providers so that they are in compliance with the Ordinance.