New Personal Credit System May Cut Loan Risks
China’s online lending industry has been plagued by inexperience and bad practices, spawning a steady string of scandals around issues like excessive borrowing, defaults, exorbitant interest rates and violent debt collection.
Many problems can be traced to poor management and internal controls, but the lack of a national independent credit bureau focused on a new generation of online lenders and borrowers has left the sector without one of the most valuable tools it needs.
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