Huabei makes progress on credit reporting

Finance | Staff Reporter 23 Sep 2021

Ant Group's virtual credit card business, Huabei, announced that it is gradually advancing the work of sending its credit records to the central bank's credit reporting center.

The records requested from Huabei include the date an account was opened, the line of credit, use of the credit and its repayment status.

The information will move along after the firm has obtained the holders' authorization, according to an open letter on Huabei's Weibo account yesterday.

But Huabei records are summarized on a monthly basis and will not contain every single transaction or specific details of personal consumption, the firm added.

Huabei also said that some users are already able to check Huabei records in their credit reports, and the reporting system will in future be available to all of them.

Being integrated into the credit reporting system can help increase the comprehensiveness of credit information of users, it said, and more than 99 percent of Huabei users have good records according to company data.

In response to user concerns that the process could affect the obtaining of other loans, Huabei said financial services including loan applications will not be affected if users have a good record of repayments money on its platform.

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