FAQ

  • Financial Institution
  • 31/10/2024

How does the Credit Information Center ensure the accuracy of the information?

In the process of building and developing the database, the Credit Bureau prioritizes information security and strictly complies with legal regulations. Each credit institution is also responsible for providing accurate information to the Credit Bureau. Upon receiving this data, the Credit Bureau employs various operational methods to verify the information accuracy before integrating into the database. On the other hand, customers are able to access and acknowledge information of their loans and repayment history, which also serves as a basis to work with credit institutions in cases where they believe the information on the credit report is inaccurate.

What benefits does the Credit Information Center provide?

  1. Expanding credit activities
    – By accessing to transparent and comprehensive customers information, Participating Organizations can mitigate the credit risk, which leads to lower interest rates and stimulates credit growth.
    – Along with capturing more information and accelerating the application processing, credit institutions can save costs in customer assessment, helping to reduce loan interest rates. This, in turn, promotes faster and more sustainable credit growth across the economy, making a significant contribution to national GDP growth.
    – The effectiveness of the Credit Bureau in accessing credit capital for organizations and individuals.
  2. Mitigating risk in credit activities
    – Information is transparently shared between appraisal departments of credit institutions, enabling broader access to data and supporting tools for more accurate decision-making. This helps organizations save time, effort, and costs in the credit assessment process.
    – Credit institutions can better assess credit risk in their investment portfolios, ensuring the safety of the financial and banking system as well as the entire economy.

Which organizations can become members of PCB?

Participating Organization of PCB refers to the organization that provides credit information to PCB voluntarily, including:
1. Credit institutions, foreign bank branches;
2. Organizations that provide services related to asset leasing, installments, pawn with conditions regarding interest rates, term, fees, and measures to secure obligations in accordance with the law (abbreviated as “Other Participating Organizations”)

What information of the customers does PCB collect from Participating Organizations?

Comprehensive credit information provided to PCB will contribute to the creation of more valuable credit information products, supporting better evaluation process for Participating Organizations. PCB collects customer information from Participating Organizations, excluding data related to the use of risk provisions to manage credit risks, such as:
– Identification information of customers and relevant individual according to law
– Information related to credit history, asset leasing, installments and pawns
– Information related to payment history, due or overdue amounts, payment term, credit limit, debt classification, debt sale, off-balance sheet commitments, and credit score of customers
– Information related to the customers’ payment obligations
– Other related information that does not violate the legitmate rights of customers, excluding information about customers classified as state secrets

Does PCB system ensure the safety of customer information?

To receive Certificate of Eligibility for credit information services from the State Bank of Vietnam, PCB had to fully demonstrate compliance with the legal requirements, including strict standards for the security of credit information system. Accordingly, information must be stored securely, ensuring confidentiality, preventing potential incidents or disasters, and blocking unauthorized access from external sources. PCB strictly adheres to the security standards applied by leading Credit Information Centers worldwide to minimize any system vulnerabilities, especially when unauthorized personnel or external parties attempt to breach the database system.

Does the number of Participating Organizations affect the quality of the queried information?

Currently, for individual customers and SMEs, the amount of data managed by PCB covers approximately 65% of bank’s customer and over 95% of financial companies. This is a significant figure for PCB and demonstrates its effort to enrich the database to meet market demands. As credit institutions continue to contribute data periodically and with the participation of additional organizations, PCB will gradually build a large database with high-quality information to serve the market. Furthermore, PCB will continue to expand its data sources by establishing connections with microfinance associations and telecommunications companies to address the increasing needs of credit institutions.