Costs Cut for Commercial and Individual Credit Reports
20 July 2017
The cost of commercial credit reports from the Credit Reference Center, a division of the People’s Bank of China (PBOC), has been cut from RMB60 a copy to RMB40. At the same time, the charge for consumer credit reports has been reduced from RMB5 a copy to RMB4. The change was outlined in a recent circular from the National Development and Reform Commission (NDRC) and applies to the fees payable by commercial banks and other entities for such services. The new fee schedule came into effect as of 1 July 2017.
The actual charging rate, however, will be calculated on the basis of the volume of the data supplied to the credit reference body and the number of subsequent enquiries.
In further changes, the registration fee for charge on account receivable is now RMB60 per case per year, while the fee for each registration amendment or registration for opposition is RMB20. No charges apply to any enquiries related to registration information.
In the case of individuals, they are entitled to two free enquiries as to their own credit rating every year. All such enquiries can be made at the relevant Center counter or online, with an RMB10 fee chargeable for any third enquiry or subsequent request. There is, however, no charge for paper, printing or any other related expense.
Overall, the change is expected to result in a fee reduction of around 24.5%, amounting to combined savings of RMB320 million for the financial institutions concerned.
All savings on operational costs are expected to be invested in improving the efficiency and range of services on offer from the financial sector, particularly with regard to the problems of securing finance and the high associated costs experienced by many micro, small and medium-sized enterprises.
For further details (in Chinese), please refer to the following website:
- Banking Services
- Mainland China
- Mainland China