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Why bad credit records are not automatically eliminated after 5 years?

Time: 2013-10-18         Source: Financial 360 original         Author: Chen Li

Not long ago, Mr. Zhang, a citizen of Hefei, Anhui province, raised the question on the platform of financial 360 question and answer: "I found that the overdue records of several years ago are still not eliminated. According to the regulations,Bad credit historyNot only retained for 5 years? Why 5 years later, bad credit history will still be displayedCredit reportWhere's it? After asking Mr. Cheung in detail, the original result was a loan of $ 10,000 owed by Mr Cheung five years ago and so far has not yet been repaid.

Perhaps many people, like Mr. Chang, have a "bias" in understanding that bad credit records will be automatically eliminated five years from now. In fact, the new version of the "Regulations on the Administration of Credit Reporting" provides the following: The collection period of bad information collected by credit reporting agencies shall not exceed 5 years from the date of the bad behavior or the termination of the event. In the new report, the overdue information is scheduled to start in October 2009, showing only past five years of overdue records. In other words, regulators for past 10 years before 2009, overdue information can not be used to blame.

According to the regulations, we also take the case of Mr Cheung as an example. Suppose he had a bad credit record on October 3, 2008. If the debts were paid before September 2009, the bad credit record would be 10 Month was eliminated, but now Mr. Zhang will become a credit card with a good "gold medal winner." However, if the loan arrears during the period are not returned until October 16, 2013, the bad credit record will not "disappear" until 2018. In the past ten years from 2009 to 2018, Mr. Zhang is likely to make credit stains a stumbling block to his own borrowing and even conceal the hidden dangers of work and life, resulting in the unpredictable impact of "money."

Specifically, there are many areas that may be affected, and as the new policies introduced by local governments around credit histories continue to increase, the role of credit history will only become more important today. For example, Jining City in 2010housing fundManagement Center provides that workers in the application for the withdrawal of housing provident fund repayment of housing loans within 12 months of overdue repayment records, employees and their spouses shall not be withdrawn housing provident fund account balance. As another example, many banks refuse to borrow from borrowers overdue for more than 90 days.

Therefore, the credit management system is relatively perfect today, the borrower must not have luck, mistakenly believe that any system will have loopholes, even if the arrears will not have much impact on the future, the credit will eventually With the loss of time and disappear automatically. Mr. Zhang used the example of iron to tell us that everyone is equal before the truth. At this point, financial 360 to remind the majority of borrowers, do not because of a bad record, resulting in a bad record of life. In the meantime, it is also necessary to inform the future "gold medalist," and what to do to keep the medal firmly in your hand. At least you should do the following:

Keep in mind that every loan and each credit card's due date of repayment shall be fully repaid on time and on a monthly basis such as credit cards, mortgage loans, car loans and other loans; moderate overdrafts within the scope of repayment ability should not be spent more than earned ; Contact information and other personal information changes, timely contact with the bank and updated to ensure that banks can be the first time in an emergency situation to reach you. For example, when moving to promptly notify the bank to ensure that the address changes can also receive bills as scheduled, but also take the initiative through the customer service hotline and other channels check bill.

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