Following the implementation of the central bank's one-time personal credit repair policy, social media platforms have erupted with discussions. In recent days, users on Xiaohongshu and Weibo have been sharing their credit reports en masse, seeking online advice to determine whether their overdue records qualify for the policy benefits.
The credit reports shared by netizens vary widely. Some show overdue records too old to fall within the policy's time frame, while others exceed the 10,000 yuan single-overdue limit. A few fortunate users find their overdue records fully compliant with the policy conditions.
Key questions dominate the discussions: Who qualifies for credit repair? How is the "single overdue under 10,000 yuan" threshold defined? How are installment loan delinquencies assessed? What constitutes full repayment of overdue debts?
The policy specifies three core requirements for eligible overdue records: 1) The overdue occurred between January 1, 2020 and December 31, 2025 2) The single overdue amount does not exceed 10,000 yuan 3) Full repayment must be completed by March 31, 2026 Records meeting these criteria will not be displayed in the central bank's credit system.
Industry experts clarify that "single overdue under 10,000 yuan" refers to the cumulative unpaid amount (including principal, interest, and penalties) for a particular loan in a given month. For installment loans, the unpaid amounts accumulate monthly until they either stay below 10,000 yuan (repairable) or exceed this threshold (non-repairable).
Different credit products follow different rules. For example: - Multiple simultaneous overdue loans under 10,000 yuan each can all be repaired, even if their total exceeds 10,000 yuan - Mortgage installments under 10,000 yuan qualify, while those above don't - Credit card overdues are assessed based on monthly statements - a single statement over 10,000 yuan cannot be repaired
"Full repayment" requires settling all historical overdue amounts (including penalties) plus current monthly payments by the deadline. Borrowers should confirm exact amounts with lenders due to varying interest calculations and reporting practices among institutions.
The policy particularly benefits consumer loan and credit card users, as most temporary small overdues in these categories fall below the 10,000 yuan threshold. While some mortgage borrowers may qualify, those with monthly payments exceeding 10,000 yuan won't benefit.
Financial institutions have responded swiftly, with major banks and consumer finance companies updating systems and launching dedicated service channels. The policy is expected to: 1) Improve short-term asset quality for banks by increasing recovery rates on small overdue loans 2) Release consumption and borrowing capacity for "non-malicious defaulters" 3) Potentially stimulate new lending in consumer loans, mortgages, and business loans
Analysts note the policy's one-time nature prevents moral hazard while helping lenders better identify creditworthy customers. The central bank's credit system currently covers 810 million individuals, processing 20 million daily queries with consent.
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