There is a big difference between credit repair and credit objection. Credit repair is a saying in the industrial chain, even an illegal act; Credit information objection shall be stipulated by the regulatory authorities. According to the Regulations on the Administration of Credit Information Industry, both credit information agencies and commercial banks and other information providers have the obligation to submit credit information truthfully, and have no right to arbitrarily change or delete the bad information displayed in the credit information report. However, if the information subject thinks that there are errors or omissions in the information collected, saved and provided by the credit reporting agency, he has the right to raise objections to the credit reporting agency or the information provider and ask for correction. Credit information objection is essentially an error correction mechanism to correct mistakes, which is different from the repair of rebuilding credit after breaking promises.
The so-called credit repair agencies actually force financial institutions to make concessions through illegal and malicious complaints. If this method is successful, it will lead to the distortion of credit records and affect the objectivity, independence and authenticity of the whole credit system. Specifically, the credit information system is widely used. If the bank does not strictly examine and even assist in fraud, it will not only lead to the distortion of personal credit report, but also affect other financial institutions. For example, if other banks issue credit cards, the risk control ability of banks will decrease and the risks will increase.
With the construction of social credit system and the continuous improvement of financial system, financial services are developing day by day, and the value and significance of credit information and credit data to individuals are highlighted, forming the soil for the existence of credit industry chain. It is necessary to increase the cost of violation of laws and regulations, impose corresponding penalties on credit reporting entities seeking credit reporting repair institutions, and impose strict penalties on institutions engaged in credit reporting repair.
For individuals, don't trust the so-called credit repair agencies. If you have any objection to the credit record, you can raise it through legal and compliant channels. At the same time, we should develop the habit of borrowing reasonably and living within our means, and don't borrow excessively or blindly. Personal credit information is the' second identity card', so we should cherish and maintain personal credit records.