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If your parents take out a loan, remind themselves to make the payments on time. Otherwise it will
become a negative record in their personal credit reports, which are playing an increasingly big role in
people's daily lives. A story carried by Chongqing Morning Post in June, underlines this trend.
According to the report, a Chongqing student borrowed money from the bank to finance his university
studies. After he graduated in 2005, he went to work in Shenzhen. Later, he wanted to buy a house using
loans. But several banks turned down his loan applications. The reason was that he had not paid back
1,500 yuan he borrowed from a bank when he was at university.
A personal credit rating is becoming an essential "pass" in everyday life, as China establishes a
nationwide credit database. Personal credit systems go back 150 years. In developed countries,
enterprises and banks use them to decide whether or not to loan money or do other business with a
person.
A credit report estimates the credit worthiness of an individual, a company, or even a country. It is
an evaluation made by credit bureaus of a borrower's overall credit history and his or her ability to repay
debt. A poor credit rating means a high risk of defaulting on a loan, and thus leads to the refusal of a loan
by the lender.
Today in China, credit history in banks is the major content of a credit report. But in the future,
reports will include information about the payment of telephone bills, water use fees, electricity and
natural gas bills, and taxes, according to officials of the People's Bank of China, the central bank.
Personal information such as appearance, genetic data, fingerprints, blood type, disease history,
ethnic identity, family and religious beliefs are not to be included in credit reports, according to a draft
regulation on credit rating issued last year by the Sate Council. The authors of the draft have just finished
soliciting(征求) public opinions.
The Credit Reference Center run by the People's Bank of China is in charge of developing a
nationwide credit database. Credit reports for all people with bank transactions (交易)began in 2006.
A personal credit rating is important to the social and economic activities of a person. According to
the draft, if you have a personal negative credit record, it will be kept for five years.
1. The author took the story as an example in order to ________.
A. tell us the story of a Chongqing student
B. warn us of the importance of our personal credit report
C. encourage us to use credits widely
D. inform us to apply for a loan at university
2. Credit reports will include the following except ________.
A. taxes
B. telephone bills
C. genetic data
D. water use fees
3. According to the passage, which of the following statements is TRUE?
A. Personal credit systems go back 150 years in China.
B. Credit reports began in 2006 in China.
C. Credit history in banks is the only content of a credit report.
D. You can turn to the People's Bank of China for the information about your credit report.
4. What's the best title for the passage?
A. Credit Really Counts
B. Credit in China
C. A Credit Report Rating
D. Credit Report Contents
