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Why is the bad credit record not automatically eliminated after 5 years?

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

Not long ago, Mr. Zhang, a citizen of Hefei City, Anhui Province, put forward the following question on the 360 ​​Q & A platform: "I found that the overdue records of a few years ago are still not being eliminated. According to regulations,Bad credit historyIs it not only for 5 years? Why five years later, bad credit records still appear inCredit ReportWhere is it? After detailedly inquiring Mr. Zhang’s situation, it was originally due to a loan of RMB 10,000 owed by Mr. Zhang five years ago that has not yet been repaid.

Perhaps many people, like Mr. Zhang, have a "deviation" in their understanding of the automatic elimination of bad credit records after five years. In fact, the new version of the “Credit Management Regulations” stipulates that the credit information agency's retention period for personal bad information collected must not exceed five years, counted from the date of termination of the bad acts or events. In the new version of the report, the starting time of the overdue information is set to be October 2009, and only the overdue record of nearly 5 years will be displayed. In other words, the oversight information that the regulatory authorities had already paid off prior to the 10th of 2009 can be past.

According to regulations, we also took Mr. Zhang’s case as an example. Assume that he had a bad credit record on October 3, 2008. If the debt is to be paid off before September 2009, then the bad credit record will be 10 in 2009. The month was eliminated and Mr. Zhang would now become a "gold medal winner" with a good credit record. However, if the borrower defaults on loans until October 16, 2013, bad credit records will “disappear” in 2018. In the nearly 20 years of 2009-2018, Mr. Zhang is likely to make the credit stain a stumbling block to his own borrowing, even burying hidden dangers in various aspects such as work and life, which will cause negative effects on the “money”.

Specifically, there may be many aspects that may be affected, and as the new governments that have been introduced around the credit record by local governments continue to increase, the role of credit records will only become increasingly important on a today's basis. For example, Jining City in 2010housing fundThe Management Center stipulates that if employees have overdue repayment records within 12 months before they apply for the withdrawal of the housing provident fund to repay the housing loan, the employees and their spouses must not withdraw the housing accumulation fund account balance. For another example, many banks have turned down borrowers who have overdue for more than 90 days.

Therefore, in today's relatively perfect credit management system, the borrower must not be fortunate enough to think that any system will have loopholes. Even if the money is not refunded, it will not have much impact on the future. Credit stains will eventually Disappears automatically with the loss of time. Mr. Zhang used the example of iron to tell us that everyone is equal before the facts. Here, the financial 360 reminds the borrower, do not cause a bad record for a lifetime due to a bad record. At the same time, it is also necessary to inform future “gold medal winners” how to do this in order to firmly hold this medal in their hands. At least you should do the following:

Keeping in mind the maturity date of each credit and each credit card, repaying the credit, credit, mortgage, car loans and other loans on time in full and on time; moderate overdrafts within the scope of repayment ability; do not spend more than making more. After personal information such as contact information changes, contact the bank and update it in time to ensure that the bank can contact you in the first instance in an emergency. For example, when moving, you must notify the bank in a timely manner to ensure that the bill can be received as scheduled after the change of address, and you can actively query the bill through the customer service hotline and other channels.

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