In 2013, more than five million Chinese checked their own credit reports. Among them, only 440,000 people – mostly running an individually-owned business – checked three times or more.

But the new policy may affect a growing population as the number of queries for credit information will increase with the development of market economy.

Such queries have risen rapidly since the PBOC started test running the online credit information system in March 2013. There were nine million queries that year, up from 4.43 million in 2012.

Apart from credit information, the system also collects other information, such as electricity and mobile phone payments, administrative penalty information, and court judgment on cases like bankruptcy. A large amount of information comes from various government departments.

"In the past few years, the government has made huge progress in terms of information disclosure. But we still lack clear and feasible laws and regulations that specify what kind of company and individual information should be provided to the credit information system and disclosed to the public," Wang said.

She emphasized that relevant laws and regulations should be strengthened to build long-term steady data sources for the credit information system.

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