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Transparency Needed in Personal Credit Files
    2008-06-11 16:15:01     CRIENGLISH.com

 China's financial institutions have opened credit files for nearly 600 million individuals. But a survey shows that many people in China don't know what the files are used for, or what kind of behavior is recorded in the files.

The Beijing News quoted scholar Wang Lin as saying that the minimal knowledge about credit files is merely a by-product of public ignorance. Financial institutions are to blame for their lack of transparency when recording and publicizing information.

Wang Lin said transparency is helpful in maintaining sound credit files. It is also important for long-term economic development. To ensure transparency, information should be recorded based on facts presented by both parties.

The scholar suggested that the country improve transparency relating to personal credit files, so individuals could be informed and protected if any mistakes arise in their files.

 

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