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Tips to Keep Sound Credit Records
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After the implementation of the Regulation of the Credit Reporting Industry on March 15, 2013, what should you watch out for in your daily economic activities so that you may maintain a good credit record? Let’s take a look.

I. Your mobile number is the primary way for banks to reach you. Make sure that you update your mobile phone number with the banks in a timely manner when there are any changes.
▲ Your mobile number is the most convenient and the most efficient mode of contact between banks and consumers.
▲ Before a bank reports your negative credit information to the CCRC, it will inform you of such a pending move via the phone number or address you have provided in the credit application form. Therefore, please ensure that the bank is in possession of your current contact information so that you may receive any such notifications.
▲ Please provide the banks you have accounts with the correct mobile phone number, and remember to provide updates to the bank as soon as your mobile number has been changed. This helps to ensure that you will receive negative information submission notices, payment bills or repayment reminders in time.

II. Provide banks with the correct basic information, and as well as updates in a timely manner when there are any changes.
▲ Please provide genuine and accurate information in any applications you make for loans and credit cards.
▲ In the event of any change in your demographic information (your basic information), please notify the bank concerned in a timely manner of such changes.
▲ When you find a mistake about your demographic information in the credit report, please notify the bank concerned in a timely manner for correction.

III. When you receive a negative credit information reporting notice, take active measures to reduce its impact on your credit record.
▲ If the negative credit information to be reported is indeed accurate, please make repayments as soon as possible and take active measures to avoid delinquency again. Such measures may include paying more attention to the payment deadlines, setting mobile phone reminders for bill payments, establishing automatic payments from your deposit account, etc.
▲ If the negative information to be reported is erroneous, please raise a dispute with the bank concerned.

IV. Your written authorisation is required for the submission or enquiry of your information by a third party.
▲ Authorisation for data submission
Your written consent is required for the submission of your information by a financial institution to the CCRC.
△ Such an authorisation usually takes the form of a contract.
△ Please read the contract carefully to ascertain if there will any other recipient of your financial data apart from the CCRC.
▲Authorisation for enquiry
Your written consent is required for any enquiry into your credit history.
△ The enquiring body is usually a financial institution, authorisation usually taking the form of a contract.
△ Other individuals or institutions that have economic transactions with you may also enquire into your credit history.
△ Please pay special attention to the authorised person, the specific purpose for the enquiry and the terms of authorisation in the letter of authorisation to prevent the credit report from being used for illegal purposes or for any other purposes that you do not expect.

V. Request for your credit report only when necessary.
▲ You may request your credit report free-of-charge up to a maximum of two times a year. Please make your request only when necessary.
▲ Generally, an individual makes a request for his/her credit report only when applying for a loan. Repeated queries within a short period of time may indicate the individual has a strong need for loans but has been turned down by a string of lenders.
▲ Statistics show that individuals in this category carry a higher risk of default, which means that banks may be more cautious when making credit decisions with such applicants. Therefore, your query behaviour can also affect the outcome of your loan application.

VI. Dispute any incorrect information once you are aware of it.
▲ If you believe there is any erroneous or incomplete information in your credit report, you may raise a dispute with the CCRC or the data submitting bank.
▲ Dispute via the CCRC: Visit your local PBC branch to raise a dispute.
▲ Dispute through data-submitting bank: To have your dispute handled more quickly, visit the bank concerned directly to raise a dispute.

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