Consumer Credit Report
According to the Regulation on the Credit Reporting Industry, the Credit Reporting System stands as the Basic Financial Credit Information Databases set up by the State, and operated by the Credit Reference Center, the People’s Bank of China (CCRC). Consumers may call the CCRC national consumer service hotline at 400-810-8866 to inquire about his/her credit report.
I. Purpose of personal data processing
The credit information sharing mechanism set up by CCRC aims to effectively address information asymmetry of financial transactions. The Basic Financial Credit Information Databases plays a positive role in preventing financial risks, promoting credit market development, supporting the growth of the real economy, improving doing business environment and enhancing creditworthiness awareness of the whole society.
II. Personal data processed
According to the Regulation on the Credit Reporting Industry, regulated credit institutions should submit credit information to the Credit Reporting System. Thus, the CCRC collects, compiles and processes credit transaction information, related basic demographic information and information on collateral and pledge from credit institutions. Besides, the CCRC collects some public record information about consumers.
• Credit transaction information
It includes (by transaction type):
-debt compensation information: the asset disposal information collected from asset disposal companies, and guarantor’s information collected from insurers or financing guarantee companies.
-information on traditional retail credit products: loan, credit card and quasi-credit card granted by commercial banks, consumer finance companies, auto finance companies, micro-loan companies, and other credit institutions.
-financial leasing information and security information: information collected from financial leasing companies, and securities trading information such as agreed repurchase and stock pledged repurchase collected from securities companies.
-joint liability information: records the guarantees a consumer provides for loans or credit cards borrowed by other consumers or businesses.
• Basic demographic information
It includes:
-identity information: name, ID type, ID number, nationality, marital status, education, employment status, registered residence, information of spouse, etc.;
-residential information: residential address, dwelling condition, home phone, etc.
-employment information: name of the employer, nature and address of the employer, etc.
Consumer basic demographic information is mainly submitted by credit institutions, and supplemented by local housing provident fund management centers.
• Collateral and pledge information
It refers to the collateral and pledge involved in an individual’s credit transactions, including
-types and the evaluated value of the collateral
-identity information of the mortgagor
-types and value of the pledge
-identity information of the pledgor
• Public records
-tax arrears
-civil judgment
-court judgment enforcement
-administrative penalty
-housing provident fund contribution
-subsistence allowance,
-career qualification
-administrative reward
Public record information comes from local tax authorities, courts, government departments responsible for administrative rewards and penalties and subsistence allowances, housing provident fund management centers and practicing qualification issuers, etc.
The Credit Reporting System collects, processes and integrates the above information to form the consumer credit report, which objectively records the credit performance of the information subject, and reflects its debt repayment, contract performance and conformance to regulations and laws.
III. Versions of consumer credit report
Depending on the needs of users, CCRC draw information from the Credit Reporting System to provide three versions of consumer credit report.
-Version for lenders: it is used for assess the creditworthiness of a prospect.
-Version for data subjects: it is used to meet consumers’ legal right to know their own credit information and their need to conduct social and economic activities. Consumers can choose to check a summarized version or a detailed version.
The summarized version is more concise in content, and easier to understand with its text description.
The detailed version is the most comprehensive report of an individual’s credit information which displays all the details and sources of credit information of the data subject in the Credit Reporting System, and is mainly used to deal with the data subject’s disputes to the consumer credit report version, and meets the needs of the data subject to know the details of his/her own credit information.
-Version for government authorities: it is used by government authorities to perform their legal duties and by judicial departments for the purpose of judicial investigation.
IV. Sections in a consumer credit report
Consumer basic information
This section consists of the identity information, spouse information, employment information and residential information of the data subject.
Lenders can cross-check such information with the basic information provided by data subjects themselves to prevent fraud, and assess the living conditions and professional stability of data subjects.
Credit summary
This section summarizes the open accounts, closed accounts, public records and inquiries.
It reflects the general creditworthiness of data subjects, including his/her historical credit structure, current debts, overdue history, arrears of post-paid business and negative public records. It helps credit institutions quickly assess the consumer’s financial health.
Credit history details
This section is the core section of a consumer credit report, and consists of a list of payment history broken down by account type. The eights accounts are:
• debt collection
• non-revolving loan account
• sub-account under revolving line
• revolving account
• credit card account
• quasi-credit card account
• joint liability
• credit-granting agreement.
This section provides detailed information about all credit accounts in a borrower’s name, including his/her current credit liabilities, historical repayment records in the past five years, joint liabilities and credit granted. It helps users to comprehensively assess the credit willingness and credit capability of the borrower.
Public records
This section contains the performance of legal obligations, involvement in court litigation and career related qualifications of the borrower.
Consumer statement
This section contains the description and explanation of facts and conditions affecting the credit report as requested by the consumer. The consumer can mail application materials to CCRC to add his/her statement, or bring the original of the ID card to the local branch of the People’s Bank of China to submit the application materials.
Dispute flag
It shows disputed personal information, reminding users that the marked information is disputed and is under investigation. Dispute flag is one of the effective means to protect the legitimate rights and interests of the consumer.
Inquiry records
This section shows the details of the inquiries of the report made by credit institutions in the last two years for purposes of loan approval, credit card approval, financing approval, security qualification examination, pre-insurance examination and other purposes; and details of the inquiry initiated by the consumer himself/herself.
V. Data display duration
Records on overdue and delinquent accounts will be displayed in the credit report for five years from the date of its settlement. Positive information is the credit wealth of the consumer and will always remain in the credit report.
VI. Consumer right
Consumers have the right to check his/her credit report, make dispute or litigation on erroneous information. CCRC provides three channels for consumers to check credit report:
-Make in-person inquiry at a local branch of the People’s Bank of China through the counter or self-service inquiry machine. This requires the original of the ID card.
-Log on the CCRC credit report inquiry website (https://ipcrs.pbccrc.org.cn) to make an online inquiry.
-Using banks’ online banking service, mobile APP and ATM of commercial banks.
Consumers have the legal right to obtain credit reports for free twice a year. At present, checking credit reports through the official website of CCRC, online banking service, mobile APP and ATM of commercial banks are all free.
When an individual believes that there are errors or omissions in his/her credit report, he/she shall have the right to contact the local branch of the PBC or the information provider and request correction.
The information provider or CCRC shall mark and check the disputed information and give a written reply to the individual within 20 days from the date of receiving the dispute.
After verification, if it is confirmed that there are any errors or omissions in the relevant information, the information provider and CCRC shall make corrections; if not, the dispute mark will be cancelled. If no confirmation can be made after verification, the verification and dispute will be recorded.
When a consumer believes that his/her legitimate rights and interests have been infringed upon, he/she may complain to the local branch of the PBC or directly bring a lawsuit to the people’s court.
VII. Contact us
Address: No.298 Fanchang Road, Pudong New Area, Shanghai 201201, P.R.China.
Website: www.pbccrc.org.cn
Consumer service hotline: 400-810-8866