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 PBC Issues the Administrative Measures for Credit Reporting Services
Category:Legislative Updates  
Keywords:PBC;  credit reporting services
Publish Date:10-14-2021
The People's Bank of China (PBC) recently issued the Administrative Measures for Credit Reporting Services, effective from January 1, 2022.
The document serves as the supporting system of the Regulation on the Administration of the Credit Reporting Industry; these two documents together with the Measures for the Administration of Credit Reporting Agencies jointly constitute an integral part of China's credit reporting legal system. This document further clarifies the rules for the whole process of credit reporting services in strict accordance with national laws and regulations.
First, in order to safeguard the lawful rights and interests of credit information subject, this document defines the methods and the principles for credit information collection, specifies the objectivity and accuracy in credit information processing, and seeks to guarantee the full exercise of all rights of the information subject such as the right to know, the right to consent, the right to dissent, and the right to complain. Second, in order to secure the lawful use of credit information, this document highlights the just and legitimate use of credit information, and stipulates that credit reporting authorities should, in compliance with relevant laws and regulations, provide all kinds of credit information services such as credit reports, graphs, scores, ratings, and anti-fraud services, and apply them to serving financing or other activities of real economy. Third, in order to ensure the safety of credit information, this document urges to further strengthen the supervision over the improvement of the internal control system for credit reporting, the safety management of the credit reporting system and the personnel management of the credit reporting authorities.
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