A consumer credit report is a credit file issued by the CCRC which is a reflection of an individual’s credit situation with information on his/her debts and repayments, compliance with financial contracts and abidance by civil laws. It records and integrates an individual’s credit performance in an objective way, and shows a comprehensive, accurate and updated picture of such individual’s credit status. It can be regarded as an individual’s “economic ID card”.
The CCRC consumer credit report consists of four key sections: basic (or demographic) information, credit payment information, public records and query record.
The basic information section lists an individual’s identification information, such as name, ID type & number and marital status.
The credit payment section contains the details of an individual’s credit history on personal loans, credit cards, mortgage loans, guarantee and other credit accounts. It forms the core of the credit report.
The public records section includes information on the individual obtained from public administration authorities which can show his/her creditworthiness in the areas of civil judgments and enforcements from courts, tax arrears and administrative penalties, etc.
The query records section lists each credit report query that has been made by creditors in the preceding two years.
A consumer credit report is mainly used by lending institutions for the purposes of credit acquisition and management. It can be also accessed as part of pre-employment background checks, pre-rental background checks, etc. Banks, prospective employers and others may access an individual’s credit report with the consent from the individual concerned.
Currently, an individual may access his/her own credit report in one of two possible ways:
In-person query at a local branch of the People’s Bank of China; or
Logging on the CCRC credit report inquiry website (https://ipcrs.pbccrc.org.cn) to make an on-line query.
When an individual believes there is any incorrect or incomplete information in his/her credit report, he/she may contact the CCRC or the banks or other institutions that have submitted the information to request for a correction.