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PBOC extends access to its credit rating system
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THREE micro credit companies in Shanghai are among the first to receive access to the People’s Bank of China’s credit rating system, an important tool for them to 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 can now make credit history inquiries through the central bank’s system.
The credit rating system was first opened to commercial banks in 2005 and it is an essential tool for lenders to evaluate the risks of potential borrowers. Access has also been extended to 12 small lending companies and six financing guarantee companies 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 had submitted information on 3,288 loans with a combined outstanding amount of 475.3 million yuan (US$77.3 million) to the central bank system.
Within six months, 50 Shanghai micro credit companies will have access to the central credit rating system, Shanghai Financial Services Office said today.
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