PBC Publishes Q&As on Second-Generation Credit Reporting System
PBC published questions and answers (Q&As) on the launch of the second-generation credit reporting system. The Q&As cover, among other factors, the purpose of building the second-generation credit reference system, advantages of the second-generation credit reporting system, changes of credit reports generated by the second-generation credit reporting system, and improvements of the second-generation credit reporting system in terms of safeguarding the information security and the rights and interests of entities.
The Credit Reference Center of PBC (CCRC) is responsible for building, operating, and maintaining the national centralized commercial and consumer credit reporting system, which constitutes an integral part of the financial infrastructure in China. The CCRC launched the second-generation credit reporting system on January 17, 2020 in a step-by-step manner in an attempt to ensure steady operation. Starting from January 19, 2020, the CCRC provides the public and financial institutions with credit reporting services in the second-generation format. Compared to credit reports of the first-generation credit reporting system, those of the second-generation contain more basic information and credit information is presented in a better format and updated in a more timely way.
Keywords: Asia Pacific, China, Banking, Credit Reporting, Q&A, Credit Reference Center, PBC
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