By: | Keywords: China, central bank, personal credit assessment
english.china.org.cn | Updated on 12-11-2024
Xinhua Press Agency | 12. 11. 2024
China’s central bank on Monday granted a license to a new credit scoring company for personal credit assessment.
Qiantang Credit Co., Ltd, is the third company in the country to be authorized to conduct data-intensive business.
The company, with registered capital of one billion yuan (about $139.3 million), will provide personal credit assessment services to financial institutions and individuals.
The first market-oriented consumer credit reporting company, Baihang Credit, was approved for business in 2018, followed by Pudao Credit in December 2020.
Personal credit reporting companies analyze and judge an individual’s credit status based on non-loan related information. They therefore need to have stable and abundant data resources, as well as efficient technologies in data processing and manipulation, according to analysts.
China began implementing regulations on the management of credit reporting activities in 2022. The regulations clarify the limits of individuals’ credit information and standardize the entire process of its collection, processing and provision.
Qiantang Credit affirms that it will provide personal credit assessment services in strict accordance with the law, to ensure the protection of data security and privacy.
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