On January 11, 2021, the People's Bank of China ("PBOC") issued the Administrative Measures for Credit Reporting Business (Draft for Comment) (the "Draft for Comment") for public comments by February 10, 2021.
On credit information collection, the Draft for Comment stipulates that credit agencies should:
- follow the principle of "minimum and necessary" and credit information collection should not be excessive;
- examine the business legitimacy, information source, information quality, information security and authorization of information subject of the information provider to ensure the legality, accuracy and sustainability of credit information collection;
- clarify with the information provider their respective rights and obligations in data correction, objection of handling, information security, etc.; and
- obtain the information subject's consent, and inform the information subject clearly of the purpose, source and scope of credit information collection, as well as the possible adverse consequences of not agreeing to the information collection.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.