Regulation drafted to govern credit bureaus | Shanghai Daily

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October 14, 2009

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Regulation drafted to govern credit bureaus

A DRAFT regulation, issued to solicit public opinion this week, bans credit bureaus in China from collecting personal information such as appearance, genetic data, finger prints, blood type and disease history.

The draft regulation was posted by the State Council Legislative Affairs Office on its Website.

Credit bureaus are also forbidden to collect information about a person's ethnic identity, family, religious beliefs and political affiliations, according to the draft.

They can collect financial data such as a person's income, savings, property and taxation only if the person approves it in writing and is well informed about the possible effects, the draft rules said.

They also need the person's approval to provide his or her information to their clients.

Credit bureaus can collect financial data about corporations and organizations but need their approval to provide the data to their clients.

However, the Credit Reference Center run by the People's Bank of China, the central bank, is exempt from the restrictions.

The center, a non-profit organization founded in 2003, is in charge of developing and operating a nationwide credit database.

Banks are required to report credit data of their clients to the center, the draft said.

The center can also collect information about individuals, corporations and organizations from companies and organizations.

The government and law enforcement agencies may be able to access the center's credit data within the existing laws, the draft said.




 

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