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. During the retention period of bad information, the information subject may explain the bad information, and the credit reporting institution shall record it.

The information source of the credit information system is mainly financial institutions such as commercial banks, and the collected information includes basic information of enterprises and individuals, credit information such as loans and guarantees in financial institutions, and major financial indicators of enterprises.

According to the current regulations of credit reporting agencies, personal credit records will generally be cleared after 5 years. But the bad records that have not been returned for a long time will be kept for a long time. In other words, the normal loan records and overdue records that have been paid off will be kept in the credit records for five years. After the records are kept for 5 years, the system will automatically delete the credit records.

Therefore, for those friends whose credit information is consumed or stained, after waiting patiently for five years, the negative impact of bad records will no longer exist, and everyone can go ashore completely.

While waiting for the personal credit record to be cleared, we must do three things well.

1. Settle all outstanding loan bills and credit card bills;

2. Protect personal credit, and no longer generate new records of non-performing loans or other records of dishonesty;

3. Keep good borrowing habits and don't apply for loans and credit cards in large quantities in the short term.

Important tips

There is no way to artificially eliminate personal credit information. Don't trust the so-called "insiders" and "intermediaries" to avoid revealing important personal information and causing economic losses.

Generally speaking, personal credit information is cleared once every five years, that is, the credit information record will be cleared after five years. For friends who have generated bad records, wait patiently for the relevant records to be automatically eliminated.

The time to clear credit records is as follows

1. Credit inquiry record: the inquiry record is kept for 2 years, and will be cleared automatically after 2 years.

2. Normal loan record: Normal loan record means that each installment is repaid on time, and there is no overdue record. The record will be kept in the credit information for 5 years, and will be automatically cleared after 5 years.

3. loans overdue records: the records of overdue credit cards and loans overdue are kept for 5 years from the date of repayment, and will be automatically deleted after 5 years. However, if the overdue records are not settled, the records will always be kept, and the unsettled overdue records will not be deleted.

The benefits of credit reporting are as follows

gain time

A lot of information the bank needs to know is in your credit report, so you don't have to spend so much time investigating and verifying the authenticity of the information you filled in the loan application form. So the first advantage of credit reporting is to save your time and help you get a loan faster.

Convenient borrowing books

As the saying goes, it is not difficult to borrow again. If your credit report reflects that you are a person who pays on time and earnestly fulfills the contract, the bank will definitely like you. Not only can we provide credit services such as loans and credit cards, but we may also give preferential treatment on the amount and interest rate.

Credit reminder

If it is recorded in the credit report that you borrowed money and didn't pay it back, the bank must be cautious when considering whether to provide you with a loan. Banks are very likely to let you provide mortgage, guarantee, or reduce the loan amount, or raise the loan interest rate, or refuse to give you a loan. If the credit report shows that you have borrowed a lot of money, the bank will be very cautious, for fear that you may refuse to provide you with more loans because you have too much debt to bear. This reminds you to cherish your credit history and consciously accumulate your credit wealth.

Fair credit

Another great advantage of credit report is that it can help you get a fairer credit opportunity. The Credit Information Center provides the bank with an objective record of your credit history, which allows the facts to speak for themselves, reduces the influence of subjective feelings and personal emotions of loan officers on your credit card application results, and gives you a fairer credit opportunity.