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Free checks of credit records in Q2

2015-01-26 10:42 Shanghai Daily Web Editor: Qin Dexing
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Shanghai residents will be able to check personal credit ratings and records using their smartphones for free as early as in the second quarter, which propels the city to a leading position in setting up a credit system, the regulator said yesterday.

Credit data of more than 24 million people and 1.38 million enterprises and organizations in Shanghai have been collected. The city is one of 12 provincial-level regions nationwide to have complete credit data.

"We are going to upgrade the system to make it smarter and easier to use," said Wang Jin, deputy chief of the Shanghai Credit Service Administration Office's credit service management division.

The office is developing a free mobile application which may debut in the second or third quarter this year so that residents can check their credit anytime. It also aims to connect the credit database with neighboring Jiangsu and Zhejiang provinces this year to encompass the Yangtze River Delta region, Wang added.

The office collects data from subway operators, public-utility companies and banks. It offers credit services to finance firms including banks and online peer-to-peer (P2P) lending platforms.

The central government this month asked eight firms, including Alibaba Group and Tencent Inc, to establish their own credit databases to track consumers' behavior on e-commerce and social websites. The national regulator is expected to issue credit licenses to some of the firms six months later.

While free for individual users, banks and financial companies have to pay to use the credit-checking database, according to industry insiders.

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