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PRIVATE CREDIT BUREAU

What is a credit bureau?

A credit bureau is an organization, which collects information on credit-worthiness of individuals and companies from different resources, mainly from credit institutions. This information is synthesized and provided to credit institutions in the form of credit report to support their decisions related to credit granting.

Private credit bureau model has been successfully operating for decades in developed countries and growing strongly in developing countries.

 

What is the role of a credit bureau?

The objective of a credit bureau is to assist lenders with relevant and extensive repayment information and to enable lenders to make better and more objective decisions quickly.

 

Who are the contributing members of PCB? How data are contributed to PCB?

Credit information is contributed by credit institutions like commercial banks, financial companies that are members of PCB and the information is transferred from Head Quarters of these credit institutions to PCB.

 

Why does PCB collect credit information on borrowers?

In some international markets, borrowers usually actively seek for a private credit bureau and suggest to provide or use their information. This is a way to access credit activities actively as well as control their own information.

Like other CBs operating in the world, PCB’s credit report is created from credit information on borrower. Therefore, PCB must undertake collection, storage and processing credit information activities to create a valuable credit information products, with aiming to support credit institutions in assessing borrowers.

 

When PCB has the right to collect information on borrower?

As prescribed by law, PCB is allowed to collect information on borrowers if PCB obtains borrower consent. Borrower consent is shown on application form or contract loan at credit institutions.

 

Why the “application loan” usually has a provision that requires borrowers to allow credit institutions to use and provide information to third party?

As prescribed by law, credit institutions could not provide information on their borrowers to other institutions and individuals, except in the case that they obtain borrower’s consent. Therefore, all the forms used in credit institutions must have the term that borrower agrees to provide information to third party (PCB). This ensures the benefits of the borrowers when they agree to share their information and also help them to manage their information actively.

 

Whether the borrowers have the right not to provide information to PCB?

Borrowers absolutely have the right not to provide information to PCB. However, this might bring some unexpected consequences for them, like that:

•    Credit institutions will lose a valuable source of information for evaluating the "application for a loan," so the information verification will take more time more risks. High risk level might increase credit institution’s interest rate;
•    If borrowers do not agree to share their information, Banks/Credit institutions may doubt the quality of the loans they have;

 

Could credit information on borrowers be guaranteed in PCB system?

To be granted Certificate of Eligibility for Credit Information Operation, PCB proved sufficient conditions prescribed by law, which has strict standard for a safe credit information system. Accordingly, the information must be kept secure, prevented from incidents and disasters which can occur and prevent intrusions, unauthorized access from outside. PCB strictly abides by standards of information security which are applied at the best credit information centers in the world to limit any risk that may occur.

 

PCB’s credit information products shall be provided for which object? Could borrowers buy these products?

According to Decree No.10/2010 / ND-CP, PCB provides credit information products for the following objects:

•    Credit institutions which contributed data to PCB;
•    Borrowers who want to check their own information in PCB’s data base or make them become additional documents for credit application;
•    Other credit information companies to serve organizations or individuals prescribed by law;
•    The State Agencies as prescribed by law.

Therefore, borrowers could buy credit information products to check their own information in PCB’s database or make them become additional documents for credit application.

 

Which State Agency manage PCB’s operations?

After fulfilling all requirements prescribed in Decree No.10/2010/NĐ-CP and Circular No. 16/2010/TT-NHNN, on 25/02/2013 PCB was granted Certificate of Eligibility for Credit Information Operation by the State Bank of Vietnam.

PCB operates under the supervision of the State Bank of Vietnam.

end faq

CONTACT

Contact PCB
Vietnam Credit Information Joint Stock Company

Address: Room 1303B, Vietcombank Tower, 198 Tran Quang Khai Street, Hoan Kiem District, Hanoi.
Phone: (+84) 24 3936 9558
Services desk: ext 1
IT: ext 2
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Fax: (+84) 24 3939 3143

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