Chinese credit agency Baihang Credit has posted a roaring increase in the number of individuals included within its data system.
As of 22 May 2021 Baihang had collected information on over 200 million individuals, for an increase of 135% compared to the same period last year.
Over 20 types of financial institutions have served as sources of lending data, including China’s big state-owned banks as well as national joint-stock banks, municipal commercial banks, rural commercial banks, private banks, rural county banks, consumer finance companies, vehicle finance companies, micro-loan companies and financial leasing firms.
Baihang said that as of 22 May it had entered cooperation with a total of 2084 financial institutions in China. The agency currently provides the market with 28 credit products, including ratings products, loan conduct labels, joint loan early alerts, consumer conduct indices, and client white lists when it comes to individuals, covering the entire lending process.
Credit products for micro and small-enterprises include data sharing, risk recognition, operations analysis and solution plans.
Baihang Credit is China’s first licensed market-based personal credit agency and operates under the supervision and guidance of the Chinese central bank, being the People’s Bank of China (PBOC).
The agency was first established in by the National Internet Finance Association of China (NIFA) on 19 March 2018 in conjunction with eight other parties including Alibaba’s Zhima Credit and Tencent’s Tencent Credit.
The agency obtained an enterprise credit rating license in July 2020, making it the only organisation in China with permissions to engage in both personal and enterprise credit rating operations.
