credit reporting industry regulations

Article 16 The retention period of personal bad information of credit reporting agencies is five 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.

Extended data

Personal credit system is a system that evaluates personal credit rating according to household income and assets, loans and repayments that have occurred, credit overdrafts, penalties and lawsuits when bad credit occurs, and records it at any time, so that personal credit providers can decide whether to provide credit or how much credit to provide.

There are two forms to reflect personal credit status, namely personal credit report and credit score. Under the condition of market economy, personal credit system is very important. It is more important for individuals to use credit products effectively and maintain a good credit record.

Personal credit file is vividly called the second identity card. In developed countries or regions, every economic entity participating in credit transactions will have corresponding credit files. This file records the credit information used to evaluate personal credit value. It is a collection of various credit records, usually stored in the form of electronic data.

Personal credit files are compiled by credit institutions, such as personal credit bureaus. Personal credit reporting agencies take the initiative to make credit files for all residents in the service area. Personal credit files produced by personal credit reporting agencies are restricted by law. The legal principle is to meet the needs of the development of credit economy and protect personal privacy from infringement. Therefore, the law strictly regulates the business operations of credit reporting agencies that make personal credit files, including information collection.

References:

Personal Credit Record-Baidu Encyclopedia