Private finance companies will no longer be able to offer personal credit information services without state oversight following the launch of China’s first nationwide unified personal-credit information platform.
The new platform, Baihang Credit Scoring, will be 36% owned by the National Internet Finance Association, with the remainder partitioned amongst major private credit rating providers such as Tencent Credit Services and Jack Ma’s Ant Financial Services.
By having all personal credit information concentrated in one area, Baihang will use data from online lenders and non-bank affiliated finance firms to advise the People’s Bank of China’s Credit Reference Center.
Customers’ existing contracts related to personal credit rating services will not be renewed, one source told Caixin, though other parts of the affected businesses will be able to continue as data service providers.
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