News: China Updated the Database of Loans to Individuals and Corporate Clients

The People's Bank of China has launched an updated version of the borrowers' database. New information about clients of banks was added to it. In total, the database contains information about 1 billion individuals who still have or already repaid loans, as well as about 28 million legal entities.

The new version of the database has become more functional. They improved the ability to collect and process information about clients of banks. In addition, the updated system is more advanced from a technical point of view. It improves the protection of personal data.

The system collects information from several thousand credit history bureaus, which receive information about the lendees. The information on the family status of borrowers, on guarantors for loans, information on credit cards was also added to the system.

A database of borrowers was created in China back in 2006. It was an important part of the “big credit society” project that China wanted to create in 2020. The updated version will allow the People’s Bank of China plans to increase the effectiveness of risk assessment when issuing loans, as well as take measures to combat fraud.

Law & Trust offers services for clients who wish to get a loan in China. We will help you choose a bank and attractive conditions. In addition, our lawyers will help to obtain information from the loan database, if the client is already present in it.