Personal credit system is a system that evaluates personal credit rating according to household income and assets, loans and repayments that have occurred, credit overdrafts, penalties and lawsuits when bad credit occurs, and records it at any time, so that personal credit providers can decide whether to provide credit or how much credit to provide.
There are two forms to reflect personal credit status, namely personal credit report and credit score. Under the condition of market economy, personal credit system is very important. It is more important for individuals to use credit products effectively and maintain a good credit record.
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According to the Interim Measures for the Administration of Basic Database of Personal Credit Information:
Article 12 A commercial bank may inquire personal credit reports from the personal credit database when handling the following businesses:
(1) Examining personal loan applications;
(2) Examining applications for personal credit cards and quasi-credit cards;
(3) Examining individuals as guarantors;
(4) Managing the post-loan risks of personal credit;
(five) to accept the loan application of a legal person or other organization or as a guarantor, it is necessary to inquire about the credit status of its legal representative and investor.
Article 13 In addition to the provisions of Item (4) of Article 12 of these Measures, a commercial bank shall obtain the written authorization of the inquired person to inquire about the personal credit report. Written authorization can be obtained by adding corresponding clauses in loan, credit card, quasi-credit card and guarantee application.
Article 14 A commercial bank shall formulate an internal authorization system and inquiry management process for post-loan risk management when inquiring about personal credit reports.
Fifteenth credit service centers can provide their own credit reports for compensation according to individual applications.
The credit service center shall formulate corresponding processing procedures to verify the identity of the applicant.
Baidu Encyclopedia-China People's Bank Credit Information System
Baidu Encyclopedia-Personal Credit Records