Notice on the Implementation of One-Time Credit Repair Policy Arrangements Released by the People's Bank of China

Foresight News reported that the People's Bank of China has issued a notice regarding the implementation of a one-time credit repair policy. It states that in order to actively respond to the subsequent impacts of the COVID-19 pandemic and to support individuals with damaged credit who are actively repaying their debts in efficiently and conveniently rebuilding their credit, the bank has decided to implement a one-time credit repair policy. For overdue information on individuals with a single amount not exceeding 10,000 yuan from January 1, 2020, to December 31, 2025, if the individual fully repays the overdue debt by March 31, 2026 (inclusive), the financial credit information database will not display this information. If the individual fully repays the overdue debt by November 30, 2025 (inclusive), the financial credit information database will not display the relevant overdue information starting from January 1, 2026; if the individual fully repays the overdue debt between December 1, 2025, and March 31, 2026, the financial credit information database will not display the relevant overdue information by the end of the following month. The Credit Reporting Center of the People's Bank of China (hereinafter referred to as the Credit Reporting Center) is responsible for organizing the technical processing of overdue information that meets the conditions uniformly, without the need for individual applications.