In 2006, with the approval of the Central Committee, the People's Bank of China established the Credit Information Center of the People's Bank of China as a directly affiliated institution, responsible for the construction, operation and maintenance of the credit information system. According to the Regulation on the Administration of Credit Information Industry, which came into effect on March 5, 20 13, the credit information system is the location of the basic database of financial credit information established by the state.
With the increasing use of credit in economic life, many enterprises initiated the establishment of credit information companies. Under the supervision and guidance of the People's Bank of China, China Internet Finance Association, together with many credit companies such as Sesame Credit, Tencent Credit, Qianhai Credit, Koala Credit and China Credit, established People Credit Co., Ltd..
The establishment of credit investigation companies has improved social credit awareness and public awareness of law-abiding. The application of credit information system enables individuals and enterprises with good credit records to obtain a fair and convenient development environment in financing and business transactions.
Credit companies will objectively collect the historical credit records of individuals and enterprises, and will not take the initiative to evaluate them. Credit institutions will evaluate them themselves.