3 micro-loan firms access credit system
Print Edition
THREE micro-credit companies in Shanghai can now access the People’s Bank of China’s credit rating system to help them review credit records of potential borrowers.
Shanghai Changning Chang Cheng Micro-Loan Co, Jiading Jishiyu Micro-credit Co and Zhabei Shibei Hi-tech Micro-Loan Co could start to inquire credit history of borrowers in the central bank’s system from yesterday.
The credit rating system was first opened to all commercial banks in 2005 and is an essential tool for lenders to evaluate risks of potential borrowers. The access has now been extended to 12 small-lending companies and six financing guarantee firms nationwide, according to Jiang Wei, an official at the Shanghai headquarters of the PBOC.
By the end of last month, small-loan companies in Shanghai have submitted information on 3,288 loans with a combined outstanding amount of 475.3 million yuan (US$76.4 million) to the central bank system. In the next six months, 50 Shanghai micro-credit companies, including the three yesterday, will have access to the central credit rating system, the Shanghai Financial Services Office said in a statement yesterday.
Shanghai had 120 registered small-loan companies at the end of April, with a combined capital of 16.7 billion yuan.
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