Notice to Huabei users! Pay off the loan on time, or your credit rating will be low


Ant Group’s virtual credit card service Huabei said it will gradually include users’ latest credit performance and how they paid off their bills in a monthly report to the bank’s credit scoring system. central.

Ant’s microcredit subsidiary, Chongqing Ant Consumer Credit Co Ltd, and other financial institutions offering lines of credit to Ant users are responsible for filing credit rating information with the social credit system.

The personal credit report will include when the virtual credit account was created, the total line of credit and whether monthly bills are paid on time, he said on Wednesday.

It will update the credit status with the central bank on a monthly basis.

Chongqing Ant Consumer Credit Co was granted permission in June to provide lending and other consumer credit-related services from the Chongqing office of the China Banking and Insurance Regulatory Commission under the overhaul of its consumer lending business by the financial technology giant.

Huabei started rolling out an updated version of its user agreement from the beginning of the week, and those who refuse to allow Huabei’s credit information to be part of the central bank’s credit system will not be able to. no longer use the service.

He also reiterated that tracking small loans and paying monthly credit bills on time will not affect consumer credit scores or future loan applications.

Huabei’s line of credit ranges from several hundred yuan to hundreds of thousands of yuan depending on the payment and consumption habits of each user.

“Those who occasionally use the virtual credit service have nothing to worry about as long as their monthly bills are paid on time,” online commenter Zhang Yixuan said on Weibo.

Ant has also warned users to beware of crooks who claim they can improve credit rating reports or delete bad loan records.

“Keeping track of the credit rating of those who are not yet served by traditional financial institutions will be useful for a comprehensive and integrated credit system,” commented Bian Yongzu, a researcher at the Chongyang Institute of Financial Studies of Renmin University.

Ant has been ambitious in connecting the Huabei service to more online and offline merchants and offered interest-free installment payments for some big-ticket items to encourage users to use the virtual credit service, but resumed those plans afterwards. have been informed by the regulators. separate its financial offers from payment tools.

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