Anyone who applies for a loan from a formal financial institution such as a bank will record the loan information such as repayment amount, repayment date and overdue date in the credit report. After the debt is paid off, the loan-related information records will not disappear, but will be permanently retained in the credit report.
However, if it is a non-performing loan record in the credit report, it will "disappear" after paying off the loan. According to Article 16 of the Regulations on the Administration of Credit Information Industry, the retention period of personal bad information by credit information agencies is 5 years from the date of termination of bad behavior or incident; More than 5 years, should be deleted. In other words, once the overdue non-performing loan information is recorded in the credit report, it will be deleted after paying off the arrears and fines for five years.
Settlement certificate
After the repayment, most people will choose to issue a "settlement certificate", indicating that their loans have been paid off in full.
credit information
Credit investigation records personal credit behavior in the past, which will affect personal economic activities in the future. These behaviors are reflected in personal credit reports, which are commonly called "credit records".
201212 on February 26th, the State Council's premier Wen Jiabao presided over the the State Council executive meeting, which deliberated and passed the "Regulations on the Administration of Credit Information Industry (Draft)". The meeting pointed out that the credit information industry is an industry that provides credit information services in the market economy. Credit information service can create conditions for preventing credit risks, ensuring transaction safety, and promote the formation of a social environment in which honest people benefit and those who break their promises are punished. China's credit information industry has grown from scratch, its role has become increasingly apparent, and the credit information market has begun to take shape.
The Regulations on the Administration of Credit Information Industry (Draft) regulates the credit information business activities of collecting, sorting, storing, processing personal or enterprise credit information and providing it to information users. The draft stipulates that the People's Bank of China and its dispatched offices shall supervise and manage the credit reporting industry according to law. The draft stipulates strict market access conditions and corresponding approval procedures for credit reporting agencies to engage in personal credit reporting business, clarifies the scope and behavior norms of credit reporting agencies to collect, store and provide credit information, and clarifies the rights of information subjects.