On December 22, the People's Bank of China (PBOC) issued a notice regarding the implementation of a one-time credit repair policy and held a press conference at its headquarters to introduce the details. Attendees included PBOC Deputy Governor Zou Lan, ICBC Deputy President Zhao Guide, PBOC Credit Information Administration Bureau Director Ren Yongmei, PBOC Credit Information Center Director Zhang Zihong, and Bank of Beijing President Dai Wei.
Dai Wei explained that, in accordance with the "Credit Reporting Industry Management Regulations" and related provisions, financial institutions must report individuals' credit information to the credit reporting system in a timely, accurate, and complete manner. Following the implementation of the one-time credit repair policy, financial institutions will continue to ensure proper credit information reporting, accurately reflecting individuals' loan repayment status to provide a reliable data foundation for identifying and processing eligible overdue records.
To help individuals smoothly benefit from the policy, Dai Wei offered three key recommendations from the perspective of repaying financial institution loans:
1. **Confirm the Repayment Amount** Individuals should verify the exact repayment amount with their financial institution to avoid underpayment or missing the policy window. From the lender's perspective, full repayment of overdue debt means settling all historical overdue amounts while also paying the current month's installment on time. For example, in an equal principal and interest loan with a monthly payment of ¥1,000 due on the 10th, if ¥2,000 remains overdue as of December 31, 2025, the borrower must repay both the ¥2,000 overdue balance and the ¥1,000 current installment by January 10, 2026—totaling ¥3,000. Note that this is a simplified example; actual repayment amounts should account for interest, late fees, and other charges.
2. **Verify Repayment Status** Due to potential delays in third-party payment platforms or issues with bank account status, financial institutions may not always receive payments immediately. After repaying overdue loans in full within the stipulated period, individuals should proactively confirm successful repayment with their lender or payment platform to prevent unexpected issues from affecting policy eligibility.
3. **Beware of Illegal Intermediary Scams** If facing temporary financial difficulties, borrowers should contact their lenders in advance to negotiate feasible repayment solutions under market-based and legal principles. Avoid trusting unverified intermediaries with unclear funding sources, as they may mislead with false promises, leading to financial losses, personal data leaks, or even involvement in fraudulent loan schemes.
Dai Wei emphasized that this credit repair policy is a significant measure to help individuals and families rebuild credit and improve financial inclusion, benefiting both consumers and financial institutions. Bank of Beijing also reminds borrowers to manage debt responsibly, avoid excessive borrowing or multiple loans, repay obligations on time, and maintain a strong credit history.
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