Bad credit history usually takes five years to clear. According to the "Credit Reporting Industry Management Regulations", the credit reporting agencies will retain bad information on personal loans for 5 years from the date of settlement of the loan; bad information such as credit card overdue records will be retained from the date of settlement of credit card arrears. Keep for 5 years. If it is more than 5 years old, it should be deleted.

In fact, the prerequisite for credit record cancellation after five years of overdue credit is: "the event is terminated", that is, the overdue amount and penalty interest must be paid off first. The timer starts from the date of repayment, and bad records will be deleted after five years. Thirdly, all overdue debts and penalty interest need to be paid off, and the credit stain will be eliminated after 5 years.

According to Article 16 of Chapter 3 of the "Regulations on the Administration of the Credit Reporting Industry" issued by the State Council, the retention period of bad personal information of credit reporting agencies is five years from the date of termination of the bad behavior or incident. years should be deleted. The meaning of "date of termination of bad behavior or incident" is that it will only be deleted after five years after the arrears are paid off. Sorry, these bad credit records will accompany you throughout your life if you fail to pay them back overdue! If you check your credit again in the next five years, sorry, it will take another five years to recalculate!

For example, your credit card expires in January 2020, resulting in a bad credit record. If all overdue debts and penalty interest on the overdue debt are paid off in May 2020, the bad credit record will be eliminated after May 2025; if all overdue debts and penalty interest are paid off in 2021, the bad credit record will not be eliminated until 2026.

So the statement that "overdue credit reports will be automatically eliminated regardless of whether they are more than 5 years old" is inaccurate! This misunderstanding often results in overdue records still existing five years later. To remove the stain on your credit, pay off the debt and wait for the next five years. And no one can eliminate it except yourself.

Extended information:

According to the "Credit Reporting Industry Management Regulations", the credit reporting agency's retention period for personal bad information is 5 years from the date of termination of the bad behavior or incident. If it is more than 5 years old, it should be deleted.

Here, the starting point of five years is the date the bad conduct or incident ceased, not the date the bad conduct occurred. In other words, if you have a pen

When the information in the personal credit report is incorrect, there are two ways to deal with it: bring a valid ID and the original and copy of the personal credit report and submit an X application to the local branch of the People's Bank of China; or contact directly A bank that handles banking business.

After receiving X's application, the Credit Information Center of the People's Bank of China and the handling bank will immediately check and correct the erroneous information and respond within 20 days.