Personal credit, in the traditional view, refers to the personal moral condition, that is, whether people have the will to abide by the agreement and fulfill their commitments. However, according to the category of modern economics, personal credit not only refers to people's willingness to keep their promises, but also emphasizes the ability of the parties to fulfill their credit commitments in modern market economy, and regards credit as a trust-based ability, that is, the ability to obtain funds, materials or services without immediate payment. So personal credit is not only a virtue, but also a commodity; It is not only a will, but also a ability to pay based on personal net assets and expectations of future income. Personal credit system is defined as the service industry of personal credit information, including personal information investigation, personal credit investigation, personal credit consultation, personal credit evaluation and personal credit extension management.
With the deepening of China's economic reform and China's entry into wto, the problem of low development of social credit system and general imbalance of credit has become increasingly prominent, which has become one of the outstanding problems that restrict the sustained and healthy development of the economy and improve the socialist market economic system. All walks of life have reacted strongly to the disorder of credit order, and the voice of speeding up the construction of social credit system is growing.
Second, the status of China's personal credit system
The personal credit system in western developed countries has a history of more than one hundred years. Whether it is its legal basis, regulatory system, effective financial market and risk management system, especially the opening of credit data and the government's supervision and management of credit transactions and credit management industries, it is worth learning.
China's personal credit is still in its infancy and pilot stage, and it is not mature in terms of personal credit file registration system, personal credit evaluation system, personal credit risk early warning mechanism, personal credit risk management system and personal credit risk transfer mechanism, and there is still a lot of work to be done.
At present, Shanghai and Shenzhen in China are trying to do this. In February, 20001year, Shenzhen officially started the construction of personal credit investigation and rating project. At the end of 20001,the Shenzhen Municipal Government promulgated the Measures for the Administration of Personal Credit Investigation and Rating in Shenzhen, and organized special forces to carry out data collection, service variety development, software and hardware system construction and other projects. Shanghai has made a little progress. Since July 1 2000, Shanghai has taken the lead in establishing a personal credit file database. Thousands of Shanghai residents who have dealt with banks have begun to have another important file besides personnel files: personal credit files. Through this file inquiry system, commercial banks in Shanghai only need a few seconds to find out whether lenders or credit card users have credit stains. At present, the customer information that has been entered into the database is basically related to finance, which is mainly divided into three categories: first, the customer's personal basic information; The second is the customer's bank credit, including personal credit records and credit card usage provided by commercial banks in Shanghai; The third is the customer's social credit and special records, including bad records such as financial fraud. It is worth mentioning that the bad records in the personal credit file in this system are only kept for 7 years, and after that, as long as the repayment is made on schedule, good credit records can still be obtained.
In other cities, some commercial banks are trying to establish their own credit system because of the need to carry out credit business. But because they operate independently, there are many problems: first, the evaluation is not comprehensive, and the rating can only be based on the situation of someone in their own bank; Secondly, the credit rating determined in one bank is not recognized in other banks and needs to be re-evaluated. In addition, the credit performance of the same person in different banks is likely to be different. In order to protect trade secrets, banks are neither networked nor exchange information. Although people in financial circles have the desire to establish a personal credit system in the whole region, it is still very difficult to implement it.
Third, the significance of establishing and perfecting the personal credit system.
(A) the establishment of a sound personal credit system is conducive to improving information asymmetry.
Generally speaking, the information resources of the credit subject and the entrusted subject in the credit market are different. The entrusted subject has a clear understanding of its own operating conditions and the allocation risk of credit funds, but it is difficult for the credit subject to obtain the real information in this respect, and the information between them is asymmetric. Before the credit contract is signed, information asymmetry will lead to adverse selection in the credit market. Information asymmetry increases the "friction" of economic operation and the transaction cost of credit market, which is not conducive to a series of active fiscal policies aimed at expanding domestic demand, such as housing, automobiles, education, tourism and other credit consumption. The establishment of personal credit system effectively increases the economic information of the whole society, effectively improves the state of information asymmetry, thus effectively avoiding negative phenomena such as adverse selection, and then creating a relatively "smooth" economic credit environment, which is of positive significance to China's deep-seated economic reform.