Bad debts can protect rights.

Bad debt: refers to the bad debt that has passed the repayment period, can not be recovered after collection, and is in a sluggish state for a long time, which may become bad debt. Bad debts are the result of failing to clean up the accounts in time, and also refer to the finance that cannot be recovered because the other party does not pay back the money. Simply put, it is a long-term unpaid account.

The formation and identification of bad debts;

For debts that cannot be recovered after repeated collection (including loss of connection), the identification of bad debts needs to be reported to the higher authorities for approval.

The impact of bad debts on us:

Because bad debts are a serious overdue situation of Credit Insurance (much more serious than general overdue), as long as Credit Insurance keeps bad debts, it is impossible to handle banking business and apply for card loans. If you don't deal with bad debts, you will follow them for a lifetime. In some cases, even if the debts are paid off, the bad debts in letters and newspapers will remain.

Cancellation process (good records should be kept for 24 months):

1. Submit your personal data and inquire about your personal credit report;

2. Put forward personal credit objection, and the bank applies for objection;

3. Fill in the personal credit report objection application form, and then the commercial bank will submit a "corrected personal credit report";

4. Waiting for the "Personal Credit Report Objection Reply Letter" from the credit reporting department. If there is no problem, it will be cleared within 5 working days.