China issued a circular on June 22 detailing the plan to further improve the credit repair system. The plan aims to build on a unified, standardized, scientific and efficient credit repair system featuring collaborative sharing, so as to better help credit entities to efficiently and conveniently restore their credit.
According to the plan, all public credit information will be disclosed through the unified information disclosure Credit China platform, www.creditchina.gov.cn.
The plan urges the improvement of the dishonesty information classification standard, and clarifies the credit repair application channels. The Credit China website accepts all credit repair applications, including for administrative penalties, and lists of seriously dishonest entities. All regions should set up offline credit repair service windows in government service halls to assist credit entities in filling out application materials.
In addition, the plan also stresses efforts to simplify the credit repair application materials, which include proof of the completion of legal responsibilities and obligations and a credit commitment letter.
After receiving the applications, the Credit China website will promptly forward it to relevant authority for processing and provide a feedback within 10 working days from the date of application. The relevant authority shall make a decision on whether to approve the application within three working days from the date of receipt.
Upon success of credit repair, the authority shall promptly stop publicizing the relevant dishonest information on its website and simultaneously provide the credit repair results to the Credit China website. The website will then stop publicizing the same information immediately and give feedback of the credit repair results to the applicants.
According to the plan, the mechanism for handling objections and appeals will also be improved. If a credit entity disagrees with the credit information disclosed, the period of disclosure, or the results of the credit repair, it may file an objection appeal through the Credit China website or directly to the relevant authority.
Furthermore, the plan urges all relevant parties to work together to promote efficient credit repair of enterprises undergoing bankruptcy reorganization and settlement. The behavior of credit investigation agencies in using credit information will also be standardized, with the Credit China website and relevant credit investigation agencies tasked with building a result sharing system to ensure the synchronous update of information.
