Debt of 8 million becomes 8 billion, what to do to control personal credit information?

So how can borrowers check and control their credit information? How to handle when discovering incorrect credit information? How can borrowers avoid bad debt? The following article will help borrowers equip themselves with basic financial knowledge to become smart financial consumers, avoiding the unfortunate stories mentioned above.

What is credit information?

Credit information (CI) is information about individuals and legal entities (borrowers) that have credit relationships with credit institutions (CIs) and foreign bank branches.

In Vietnam, the credit information activities of the State Bank of Vietnam (SBV) are led by the Vietnam National Credit Information Center (CIC). CIC performs the following main functions: Collecting credit information database from 100% of credit institutions in the banking system; providing credit information reports to the credit institution system, credit scoring reports for individual customers, and credit rating reports for corporate customers.

Currently, the Borrower Connection Portal (website https://cic.gov.vn and application on Android and iOS smartphones) is a connection channel between CIC and borrowers with many utilities, supporting borrowers. In which, you can exploit your own credit reports. Register your loan needs, connect with reputable credit institutions. Access financial education information.

How to exploit TTTD report?

Borrowers can refer to the instructions for exploiting TTTD reports on the website https://cic.gov.vn, section "Quick instructions on how to use Mobile App" or the Facebook page "Vietnam National Credit Information Center - CIC".

Regarding the fee for exploiting borrower credit information reports, borrowers are allowed to exploit their own credit reports for free once a year.

From the second exploitation in a year, borrowers must pay a fee of VND 20,000/report for personal credit information reports, VND 50,000/report for business credit information (excluding VAT).

To manage personal information, avoid cases where customers are impersonated to scam, be careful when sharing personal identification information such as ID card, CCCD with service providers, only share information with truly reputable and trustworthy service providers. Absolutely do not lend personal documents to others to conduct financial transactions.

Notify authorities promptly when fraud is detected.

Steps to handle when discovering errors in your personal information:

Step 1: Register an account and check your personal information at CIC according to the instructions.

Step 2: If any incorrect information is found, the customer should report to CIC via Hotline 1800585891 or the "Complaints/Feedback" section on the website: http://cic.gov.vn (attach supporting documents):

+ If there is an error in data processing, CIC is responsible for correcting the error and notifying the customer of the result.

+ If the information is incorrect at the credit institution reporting the information, CIC staff will guide the customer to work with the relevant credit institution to verify and clarify. In case of determining any errors, the General Director of the credit institution or authorized person is responsible for sending a written request to CIC to update and correct the information.

CIC provides some criteria and guidelines for customers to refer to in order to improve their credit score and access credit more easily at credit institutions as follows:

Only borrow money or open a credit card when really necessary and carefully calculate your ability to repay based on your actual income.

Have a plan to repay debt in full and on time; always be conscious of repaying debt, even if it is a small debt.

Regularly check your credit information through the Portal.

When having many debts at the same time, customers should try to gradually pay off the current debt balance, should not incur many new debts, especially unsecured debt and consumer loans.

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