Xinlian was founded by Jin Mu Association and eight organizations. After completion, it will include the financial credit data of individual customers not covered by the central bank's credit information center, build a national basic database, and realize industry information sharing. After the online lending platform is authorized, it can query the personal credit data of Xinlian, which can effectively solve the problem of multi-head lending, and the information of overdue borrowers will also be included in the blacklist of the platform. The influence of credit union on mutual fund industry: fraud prevention: the establishment of credit union is helpful to prevent fraud in peer-to-peer lending. An important role of credit investigation is to prevent fraud, which will have a substantial impact on the development of P2P industry.
Resolving the information island dilemma: The establishment of Xinlian is expected to resolve the information island dilemma of various credit reporting agencies and promote the construction of social credit system. If the user has overdue repayment on any platform, his personal credit information will be synchronized to the whole platform, and it is very likely that he will not be able to obtain loans from any institution, thus completely solving the problems of "laziness" and "excessive borrowing" that plague mutual fund companies.
Improve the security of the mutual fund industry: After the establishment of Xinlian, users' debt data can be shared among institutions. For mutual fund platforms and enterprises, it is of great significance to combine and analyze these data with their own original data to form a complete big data risk control system, provide users with more comprehensive, clear and safe financial services, and improve the security of the entire mutual fund industry.