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On 18 August 2005,
The People's Bank of China has announced the "Provisional
Measures on Personal Credit Information Database".
The Measure stipulates
4 areas as below:
1. Clarify the establishment
and management duty of Personal Credit Information Database
People's Bank of China
is responsible for the setting up and operation of Personal Credit
Information Database with the cooperation of other commercial
banks.
2. Regulate the collection,
management and enquiry procedure of personal credit information.
Commercial banks will
provide personal credit information to the database based on the
standard requirement of the database. The information center will
tidy up and keep proper record for the information provided by
the commercial banks. Commercial banks are allowed to access the
personal credit information database.
3. Regulate the handling
measure of dispute
When an individual
holds a dissenting view on his personal credit, he can write an
objection letter to the information center or object through local
People's Bank of China.
4. Regulate the security
management on personal credit information
Commercial banks are
required to set up a security safeguard system to secure that
only the authorized staff could access the information. Also,
information centers are required to establish an internal operation
system and a visitor monitoring system.
So far, a nationwide
chain circuit link has been built with the participation of 127
commercial banks. 90% of the consumer credit has been recorded
in the database.
The above measure
will be effective from 01 October 2005.
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