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Personal Credit Gains Popularity in Shanghai
Working in a foreign-funded enterprise, Miss Wu has just received a personal credit report from the Shanghai Credit Information Services (SCIS), which reads that she has a no bad mark on her record.
Wu is among first applicants in Shanghai to get the "economic identity card". Currently some 2.4 million Shanghai residents have received such reports about their personal credit rating.
The SCIS started providing the service when Shanghai introduced the system on June 28 last year. It collects information on personal credit from banks and other commercial institutes and establishes a database for inquiry.
Statistics with SCIS show that they have received some 100,000 inquiries from commercial banks and provided over 40,000 reports on personal credit.
New services include personal inquiries through the Internet and telephone, which is seen by insiders as the maturing of the credit service.
The prevailing report only serves applications for credit cards and for bank loans. The credit business will expand to other fields soon, according the SCIS sources.
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