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LMLA’s Response to Nova Credit Limited’s Cessation of Operation and Exit from “Credit Data Smart”
 
On July 31, 2024, The Hong Kong Association of Banks, The DTC Association (The Hong Kong Association of Restricted Licence Banks and Deposit-taking Companies), and the Hong Kong S.A.R. Licensed Money Lenders Association Limited (collectively, "Industry Associations") received a notification from Nova Credit Limited (“Nova”), one of the consumer credit reference agencies under “Credit Data Smart”, has decided to cease operation effective immediately and exit from "Credit Data Smart" due to its own circumstances.
 
The withdrawal of Nova will not affect the operation of "Credit Data Smart." The Industry Associations will adhere to the established exit protocol for consumer credit reference agencies, ensuring that Nova's withdrawal is conducted orderly. This will include oversight of Nova’s prompt destruction of all personal credit data that has been downloaded from "Credit Data Smart”, in order to safeguard the security of consumers’ personal credit information. Furthermore, an independent third party has been appointed to closely monitor the relevant work. The Office of the Privacy Commissioner for Personal Data, Hong Kong, has already been informed of the matter.
 
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