Nowadays, credit reporting is required for financing.

The so-called credit reporting is actually to collect, organize, preserve and process the credit information of natural persons, legal persons and other organizations in accordance with the law, and to provide external services such as credit reports, credit evaluations, and credit information consultation to help customers make judgments , control credit risks and conduct credit management activities.

As for credit reporting, your consumption records and credit records are uploaded to the central bank’s credit reporting system, and then reflected in your personal credit report.

If there is a credit report on a loan product, it usually means that the consequences of overdue payment are serious. Because when applying for a card or loan, a bank or lending institution will evaluate your personal credit by looking at your credit report. Therefore, if your personal credit report has bad credit records such as overdue or cash out, it will have a certain impact on your application for cards, loans, or other financial services. In serious cases, it may even affect your daily life and travel.