The People’s Bank of China (PBOC) has been building a database of individuals’ spending and payment records for some time, and an initial version of it is expected to be ready to go into service soon, Xinhua said on Saturday.
As Beijing battles soaring corporate and personal debt levels, the aim of the project is to develop a credit rating system similar to those used in other countries.
Last year, the PBOC opened a new consumer credit bureau, Baihang Credit Scoring Co, to support the work of its Credit Reference Centre.
“In most countries, any form of debt is considered as part of your credit score. Utility bills would just be another measure that the bank would use to look at individual credit score.
Read More.. Source South China Morning Post