Credit risk has obvious non-systematic risk characteristics. This sentence is correct.

1. Asymmetry: Asymmetry means that when a user takes a certain credit risk, the user's expected gains and losses are asymmetric.

2. Cumulative: Cumulative refers to the fact that credit risk will continue to accumulate over time, and will explode after accumulating to a certain amount, resulting in a financial crisis.

3. Non-systematic: Non-systematic refers to the fact that credit risk is difficult to observe and there is very little data available. Compared with market risk, which is easy to observe and has a large amount of data, it is non-systematic. .

4. Endogenous: Endogenous means that the occurrence of credit risk is not only caused by objective factors, but also by many subjective factors, and objective factors cannot confirm the occurrence of credit risk.

Meaning of credit risk:

Credit risk is the risk that can arise from a debt default when a borrower fails to make the required payments. First, the risk is the lender's risk, including loss of principal and interest, disruption to cash flow, and increased costs of collections. The loss may be total or partial. In an efficient market, higher credit risk will be associated with higher borrowing costs. Therefore, borrowing cost measures such as yield spreads can be used to infer the level of credit risk based on market participants' assessments.

Losses can occur in many situations, such as: A consumer may be unable to make payments on a mortgage, credit card, line of credit, or other loan. A company cannot pay off debts owed to a fixed or floating charge over its assets. Businesses or consumers do not pay trade invoices when due. Businesses do not pay their employees' wages when due. Commercial or government bond issuers do not use coupons or principal payments at maturity. An insolvent insurance company does not pay its policy obligations. Insolvent banks do not return funds to depositors.