New Policy of Credit Recovery in 2022

The new credit policy in 2022 is as follows:

1. Anyone who engages in personal credit reporting business shall obtain the personal credit reporting agency license of the People's Bank of China according to law; Engaged in enterprise credit information business, shall handle the enterprise credit information institutions for the record according to law; Engaged in credit rating business, it shall handle the credit rating agencies for the record according to law;

2. Financial institutions shall not engage in commercial cooperation with market institutions that have not obtained the legal qualification of credit reporting business to obtain credit reporting services. The term "financial institutions" as mentioned in these Measures refers to institutions engaged in financial business under the supervision and management of the financial management department of the State Council. The provisions of these Measures on financial institutions shall apply to local financial organizations that are supervised and managed by local financial supervision departments;

3. Engaged in credit investigation business and related activities shall protect the legitimate rights and interests of information subjects, ensure information security, prevent credit information from being leaked, lost, damaged or abused, and shall not endanger state secrets or infringe on personal privacy and business secrets.

Engaged in credit business and related activities, should follow the principles of independence, objectivity and impartiality, and shall not violate the provisions of laws and regulations, and shall not violate social public order and good customs.

laws and regulations

Measures for the administration of credit information business

Article 10 Credit institutions and information providers shall abide by the Law of People's Republic of China (PRC) on the Protection of Personal Information and other laws and regulations in their business and cooperation, and clarify the principles of information collection and their respective rights, obligations and responsibilities in obtaining customer consent, information collection, processing, information correction, objection handling and information security through agreements and other forms. Article 11 When conducting personal credit investigation, a credit investigation agency shall formulate a personal credit information collection plan, and report the collected data items, information sources, collection methods, information subject's legal rights and interests protection system and their changes to the People's Bank of China. Article 14 A personal credit reporting institution shall report to the People's Bank of China the information providers who cooperate with it in collecting, sorting, processing and analyzing personal credit information.