Q7. Compared to the US, we started the credit system later. What are the differences between China and the US in the credit system?

Hao: The United States established its business and personal credit system earlier, in the middle of the 19th century. The specialized private enterprises emerged and Dun & Bradstreet, founded in 1933, monopolized the commercial credit industry. The personal credit industry was established later than commercial agencies. Now we have already formed a personal credit system with the three credit bureau--- Equifax, Experian and Trans Union as the main body with thousands of places across the United States.

With the rise of the Internet finance services, online inquiry headed by the Lending Club in 2005 gained a period of vigorous development. Compared with the United States, China established its credit reporting system relatively later, but now it has gained rapid development with China's reform of the financial markets. In the past, the enterprises and personal financial credit data was available in State-owned banks only, not open to the public. To change this situation, the People's Bank of China organized the national commercial banks to establish the personal credit center in 2006, providing individuals and businesses with financial credit information queries. In addition to bank credit, the credit center also collected personal and corporate social security and housing fund, tax and other public financial information.