Credit Report has been part and parcel to you while living in China. It will affect your credit card application, house-purchasing, loans, job and so on. You may not check it once yet, but you really should learn to.
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In a word, a Credit Report is mainly used by lending institutions for the purposes of credit acquisition and management. However it can also be accessed as part of pre-employment background checks, pre-rental background checks, etc, only with consent from the individual concerned.
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Credit Report Introduction
To improve credit management efficiency in China, the Chinese Central Bank - the People’s Bank of China - has developed a robust credit reporting system.The People’s Bank of China worked in collaboration with all Chinese lending institutions to develop a convenient credit enquiry platform – the China Credit Reference Center (CCRC).
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A credit report is a credit file issued by the CCRC which is a reflection of an individual’s credit situation with information on his/her debts and repayments, compliance with financial contracts and abidance by civil laws.
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It records and integrates an individual’s credit performance in an objective way, and shows a comprehensive, accurate and updated picture of such individual’s credit status. It can be regarded as an individual’s “economic ID card”.
Why is Credit Report such important in China's live?
If your Credit Report reached a poor result：
Unable to apply for credit card.
Unable to apply for loans, including car loan and house loan.
Unable to take hight speed rail or airplane.
Unable to check in starred hotel.
Very bad influence to your career.
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Getting a Credit Report in China
In China, an individual may access his/her own credit report in three ways:
In-person. You just need to lodge a query at a local branch of the People’s Bank of China. If you don’t know the address, contact with 400-810-8866 to check.
By logging onto the CCRC credit report inquiry website (https://ipcrs.pbccrc.org.cn) to make an online inquiry. Currently, this inquiry website has two versions-Chinese version and English version
Check by online banking service or commercial bank agency.
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There are two opportunities to check Credit Report for free per year. Then the fee will be 25 RMB for once.
Checking your Credit Report
In China, a Credit Report consists of four key sections:
Basic (or demographic) information
Credit payment information
Public records
Query records
1
The basic information section lists an individual’s identification information, such as name, ID type & number and marital status.
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2
The credit payment section contains the details of an individual’s credit history on personal loans, credit cards, mortgage loans, guarantee and other credit accounts. It forms the core of the Credit Report.
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3
The public records section includes information on the individual obtained from public administration authorities which can show his/her creditworthiness in the areas of civil judgments and enforcements from courts, tax arrears and administrative penalties, etc.
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4
The query records section lists each Credit Report query that has been made by creditors in the preceding two years.
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These four sections record and integrate an individual’s credit performance in an objective way, and show a comprehensive, accurate and updated picture of an individual’s credit status.
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When an individual believes there is any incorrect or incomplete information in his/her credit report, he/she may contact the CCRC or the banks or other institutions that have submitted the information to request for a correction.
Generally speaking, once or twice Credit Report checks within a year are enough. Please don’t check it too often, which lead to bad effect to your credit.
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If some bad records has left to your Credit Report, it will be vanished auto matically after a long time-five years. So, cherish your credit in China.
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Ref | CCRC
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