1. What is credit information?
Credit information (TTTD) is a collection of data related to credit granted by customers borrowing from credit institutions, foreign bank branches (TCTD), and customer loans due to voluntary organizations (TCTN) participating in TTTD management activities.
The borrower is an organization (excluding a credit institution), an individual granted credit by a credit institution or is obliged to repay the debt at a credit institution participating in credit institutions.
Negative information about borrowers is information on bad debts, violations of payment obligations and other unfavorable information affecting the results of the assessment of borrowers' repayment capacity (including information on bankruptcy, administrative violations and judgments and decisions of the Court that have come into legal effect for borrowers).
2. Credit information activities of the State Bank?
In Vietnam, the credit information activities of the State Bank of Vietnam (SBV) operated by the National Credit Information Center of Vietnam (CIC) are regulated in Circular No. 15/2023/TT-NHNN dated December 5, 2023. Accordingly, CIC performs the following functions:
- Collecting, exchanging, processing, storing, and securing TTTD;
- Create credit information products and provide credit information services of the SBV.
Currently, the Vietnam National Information Bank Database managed by CIC stores information of more than 55.6 million customers, with the participation of 100% of credit institutions and TCTN operating in Vietnam in the information report.
3. Purpose and principles of credit information activities?
Purpose of credit information activities:
- Support the State Bank to perform the function of state management in the field of currency and banking; contribute to ensuring safe and sustainable banking operations;
- Prevent and limit risks for entities participating in credit information activities;
- Improve customers' access to credit capital, meet their living, economic and social needs according to the provisions of law.
- Support Vietnamese enterprises to learn about business partners in joint ventures, associations, investments, import-export, etc.
Principles of credit information activities:
- Comply with the provisions of the law on personal data protection and other relevant legal regulations;
- Ensure objectivity and not affect the legitimate rights and interests of relevant organizations and individuals;
- Ensure accuracy, honesty, completeness, and timeliness of credit information provided to CIC.
4. Prohibited acts in credit information activities?
- Illegally collecting, providing, exchanging, and using information within the scope and list of state secrets;
- Intentionally distorting the content of the TTTD, affecting the legitimate rights and interests of related organizations and individuals;
- Exchange, provide TTTD to the wrong subjects or to third parties in violation of the law;
- Taking advantage of credit information activities to infringe upon the interests of the State, the legitimate rights and interests of organizations and individuals;
- Obstruction of legal collection and exploitation of TTTD by organizations and individuals.
5. What are credit information products and services?
- Information and Communications products are credit reports, credit scoring reports, credit ratings or other products created by CIC based on collected information, including:
- Investment products provided by credit institutions and NTTN as prescribed in Circular 15/2023/TT-NHNN dated March 29, 2024 of the Governor of the State Bank regulating the investment activities of the State Bank.
- Information from units under the SBV according to the provisions of the SBV and other relevant provisions of law.
- Information from state management agencies, other legal sources of information as prescribed by law.
- TTTD service is a service that provides TTTD products and other utilities of CIC.
6. What is voluntary organization?
Voluntary organization (CI) is an organization with a contract to exchange information with CIC on the principle of voluntary commitment to providing TTTD and using TTTD, including:
- Development Investment Fund, Development Support Fund, Environmental Protection Fund, Credit Guarantee Fund, Organization for implementing microfinance programs and projects;
- Enterprises with the function of debt trading, debt management and asset exploitation companies;
- Organize the provision of lending, insurance, property lease, late payment, installment payment, and vat hunting services with conditions on interest rates, terms, rents, and measures to ensure obligations according to the provisions of law.
In addition, to become a credit institution participating in credit information activities, organizations need to ensure correct and sufficient compliance with criteria on legal conditions, operating time, field of operation, consensus of borrowers in collecting and exploiting credit information of borrowers, minimum number of customers, information technology infrastructure, quality of data provided on CIC...
