China launches ‘credit repair’ scheme to boost lending
Overdue personal debt of up to 10,000 yuan to be removed from database if debtor repays by March
The People’s Bank of China has launched a one-time ‘credit repair’ scheme to remove overdue personal debt from the country’s credit records, in a bid to boost household lending.
The Chinese central bank announced today (December 22) that overdue personal debt of up to 10,000 yuan ($1,420) incurred between the start of 2020 and the end of 2025 would no longer appear on the PBoC’s credit database if the outstanding amount had been repaid already or would be repaid by the end of March next year.
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