The consequences of the credit blacklist are as follows:

1, unable to apply for loans in banks, microfinance companies and other financial institutions. Not only do you want to start a business with a loan, but the capital turnover has also become futile. Even applying for a mortgage or car loan will be rejected. In modern society, owning a car and a house has become a standard of living. Imagine if you have a stable job and have the ability to repay, but you can't get a mortgage or car loan from the bank because of your bad personal credit record, then you must be devastated.

You can't apply for a credit card any more. If personal credit has a bad record, it is impossible to apply for another credit card for personal daily consumption. It's the same in all banks, because all banks can check your credit history;

3. Affect personal travel. If personal credit records are blacklisted, for example, those who maliciously default on bank loans will be prosecuted by banks. It will make it impossible for borrowers to fly and stay in star-rated hotels.

Legal basis: Article 16 of the Regulations on the Administration of Credit Information Industry.

The retention period of personal bad information by credit reporting 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.