MNI BRIEF: PBOC Allows Small Debtors To Repair Credit Status

The People’s Bank of China will permit one-time credit repair measures for individuals with small overdue amounts, officials told reporters on Monday. 

Information on personal overdue debts incurred between Jan 1, 2020 and Dec 31, 2025 not exceeding CNY10,000 will not be displayed in the Financial Credit Information Basic Database if the individual makes full payments by March 31, 2026, the PBOC said on its website on Monday, explaining that the move aims partly to address the effects of the Covid pandemic.

Deputy Governor Zou Lan said the policy does not differentiate between lending institutions or loan types. As of the end of November, the central bank's credit reporting system had collected credit information on 810 million individuals, and provides an average of 20 million query services per day, he said. (See MNI PBOC WATCH: Dec LPR To Hold, OMO Readied For Rising Demand)

The Bank will expand the national credit information sharing platform to micro, small, and medium-sized enterprises, he said.