synonymCredit report(The written report provided by the credit bureau to the authorized user) generally refers to the credit report
basisThe Central People's Government of the People's Republic of ChinaThe forwarded credit report of the People's Bank of China's Report on the Development of China's Credit Industry (2003-2013): collected, sorted, preserved and processed natural persons, legal persons and other organizations according to lawCredit informationA way of.[5]
In May 2019, the new version of personal credit reporting of the Central Bank was officially launched,Credit InformationThe duration and fineness of will be further improved.[1]
On January 19, 2020, the second generation credit reporting system was officially established[4]go online.
Credit report is a way to collect, sort out, preserve and process the credit information of natural persons, legal persons and other organizations according to law;[5]
Background
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According to the background introduction to the development of China's credit reporting industry in the Development Report of China's Credit Reporting Industry (2003-2013), it has been more than 80 years since the birth of the first credit reporting agency - "China Credit Reporting Institute" in 1932.However, its real development starts from reform and opening up.Since the reform and opening up, with the development and expansion of domestic credit transactions, the deepening of financial system reform, the increase of foreign economic exchanges, and the in-depth promotion of social credit system construction, China's credit reporting industry has developed rapidly.[5]
Development history
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Brief History of Domestic Development
The development of China's credit reporting industry, the firstCredit bureau——"ChinaCredit bureau”It has been more than 80 years since its birth.However, its real development starts from reform and opening up.Since the reform and opening upCredit transactionDevelopment and expansionFinancial system reformThe deepening of foreign economic exchangesSocial credit systemWith the deepening of construction, China's credit reporting industry has developed rapidly.[5]
Since the reform and opening up, China has gone through the exploration stage, the initial stageDevelopment stageStandardization stage;
History of reform and opening up of credit reporting industry
Initial stage: 1996,People's Bank of ChinaPromote enterprises nationwideL/CSystem.In 1997, Shanghai carried out enterprise credit rating.Approved by the People's Bank of ChinaShanghaiconductPersonal creditPilot, 1999Shanghai Credit Co., LtdIt was established and began to engage in personal credit and enterprise credit services.At the end of 1999,Bank credit registration and consultation systemGo live.In 2002, the bank credit registration and consultation system was built into a three-level database of local, provincial and head office, realizing nationwide online query.[5]
developmentStage: In 2003, the State Council entrusted the People's Bank of China with the responsibility of "managing the credit investigation industry and promoting the establishment of a social credit system", and approved its establishmentCredit Information Administration。In the same year, Shanghai, Beijing, Guangdong and other places took the lead in launching regional social credit industry development pilots, and a number of local credit institutions were established and developed rapidlyCredit rating agencyStart to exploitInter-bank bond marketIn new credit service fields such as credit rating, internationally renowned credit rating agencies have successively entered the Chinese market.In 2004, the People's Bank of China established a national centralized and unifiedBasic database of personal credit informationIn 2005, the bank credit registration and consultation system was upgraded to the national centralized and unifiedBasic database of enterprise credit information。In 2008, the State Council adjusted the credit reporting management responsibility of the People's Bank of China to "manage the credit reporting industry" and led the construction of the social credit systemInter ministerial joint meetingIn 2011, the National Development and Reform Commission was added as the leading unit.In March 2013《Regulations on the Administration of Credit Information Industry》Officially implemented, the People's Bank of China is defined as a credit reporting industrySupervision and management departmentThe credit investigation industry has stepped into the track of law.[5]
Specification stage: July 16, 2019《Guiding Opinions of the General Office of the State Council on Accelerating the Construction of Social Credit System and Constructing a New Credit based Supervision Mechanism》It points out that we should accelerate the construction of social credit system and build a new regulatory mechanism based on credit, and make explanations;[6]On September 27, 2021, the People's Bank of China issued:《Credit investigation businessThe Administrative Measures requires that the institutions that have not obtained the business license of individual credit investigation business or have not filed with enterprise credit investigation institutions but are actually engaged in credit investigation business before the implementation of the Measures shall complete the compliance rectification within 18 months from the date of implementation of the Measures.[7]
A Brief History of International Development
Due to different legal traditions and credit reporting models in different countries,legal systemThe design is quite different.There are two forms of legislation on credit reporting industry in foreign countries: specialized legislation and decentralized legislation.North Americaandemerging marketMost countries adopt the form of special legislationAsiaAnd South American countries adopt the form of decentralized legislation.It generally pays attention to the standardization of personal credit reporting business, and has less restrictions on enterprise credit reporting business. Most of them define the information collection scope of credit reporting agencies, attach importance to the protection of the rights and interests of information subjects, and endow information subjects with important rights in credit reporting activities.[5]
In accordance with Chapter V of the Regulations on the Administration of Credit Information Industry: the state establishes a basic database of financial credit information to provide relevant information for preventing financial risks and promoting the development of the financial industryinformation service。The basic database of financial credit information shall be built, operated and maintained by professional operating institutions and supervised and managed by the credit investigation regulatory department of the State Council.[4]
Second, the social credit system: according to Article 4 (13) of the Guiding Opinions of the General Office of the State Council on Accelerating the Construction of the Social Credit System and Building a New Credit based Supervision Mechanism, GBF [2019] No. 35, it is pointed out that eligibleThird party credit service agencyTo break faithmarket subjectProvide credit reportCredit management consultationAnd other services;[6]
details
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In order for everyone to "understand"personalcreditpresentationExperts from Chengdu Branch of the People's Bank of China stressed that the key is to understand several symbols.To this end, we take ZhangpersonalcreditpresentationMiddle HousingMortgage loanThisSome informationAs an example, give readers an explanation.
staypersonalcreditpresentationIn general, there are the following symbols:
/-- indicates that no account has been opened;
*-- It means that there is no repayment history in this month, the data with a repayment period greater than a month is marked with this symbol, the repayment frequency is irregular, and the data with no repayment behavior in this month is marked with *;This symbol is also used to indicate that no repayment is required in the month of account opening.
N -- Normal (indicating that the borrower has repaid the amount of the current month on time and in full);
1 -- means overdue for 1~30 days;
2 -- means overdue for 31~60 days;
3 -- means 61~90 days overdue;
4 -- means 91~120 days overdue;
5 -- means overdue for 121~150 days;
6 -- indicates 151~180 days overdue;
7 -- means overdue for more than 180 days;
D -- Repayment by the guarantor (indicating that the borrower's loan has been repaid by the guarantor, including the guarantor's repayment on schedule and the guarantor's repayment of part of the loan);
Z———Repayment of debts with assets(It means that the borrower's loan has been repaid by means of paying off debts with assets. It only refers to the part of paying off debts with assets);
C -- Settlement (the borrower's loan is fully repaid,Loan balanceIs 0.Including normal settlement, settlement in advance, settlement with assets for debts, and settlement with guarantor);
G -- Close (any other form of termination account except settlement).
#-- Unknown repayment
Information
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Central BankPersonal credit information systemNew version ofCredit reportIt has been put into operation, and the "validity period" of overdue records is officially set as five years.The new credit report sets the starting point of overdue information as October 2009Bad repayment recordHas been deleted.
Since the relevant departments did not clearly stipulate the timeliness of negative recordsPersonal credit reportOverdue records will be displayed no matter how many years ago.The new credit report only shows the overdue records of consumers in the last five years.
In the past, there were always complaints from citizens that they could not understand personal credit reports because they were full of tables and numerical codes, and the meaning of each number had to be understood by reference to notes.The new version of the report has changed the form based presentation, and more words are used to describe it. The public can see which cards are overdue and which payments are normal.At the same time, the new report also reservesAsset disposalDisplay area of guarantor's compensation and other information.
China's credit systemAt the initial stage of establishment, many peoplepersonal creditNot paying enough attention to the credit card orOverdue loanBehavior.Because banks and work units will refer to theseCredit record, long-term retentionNegative informationIt has had a serious impact on the lives and work of these people.The launch of the new version of the Central Bank's credit report is equivalent to giving an opportunity to rebuild and accumulate individual consumers who have overdue and paid off their debtsPersonal credit record。It is reported that if there is negative information on the personal credit report, residents are likely to be affected when applying for credit cards and housing loans.
Credit blot
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In addition to the most commonCredit card overdraftPersonal mortgage loanOverdue repaymentIn addition, some behaviors such as untimely payment and guarantee may be includedPersonal credit report。The report shows that if I have ever owed taxesCivil judgment、Enforcement、administrative sanctionOr telecommunications arrears, which may be displayed in the report.This means that in the future, the arrears of water, electricity, gas or fixed telephone charges, as well as the guarantee provided for the third party, which fails to repay the loan on time, will also be included in the bad credit record.[3]
Second generation credit report
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On January 17, 2020, the Central Bank Credit Information Center started the switching and online work of the second-generation credit information system.From January 19, 2020, the Credit Information Center willThe publicAnd financial institutions to provide second-generation format credit report inquiry services.[2]
