China’s First Centralized Online Personal Credit Database Takes Shape
A new company led by the National Internet Finance Association of China has submitted an application to the central bank for a license to operate the country’s first centralized database on online personal credit.
The People’s Bank of China announced the application submission on Thursday.
The database would help internet finance firms and commercial banks better analyze consumers’ credit histories before they extend loans. Calls for a centralized system became increasingly urgent after online lenders complained consumers often borrow from multiple platforms to roll over debt without the lenders’ knowledge.
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