Source: release of Sohu platform    Author: cindyjason     2015-09-11   17: 14: 05

The big data credit system can be incorporated into China's financial system credit, industry credit and commercial credit. Under the premise of not involving privacy, credit resource sharing will benefit the development of industries such as Internet finance.

     From the prevalence of consumption, experiencing rapid development period, legal perfect period, M&A integration period and mature development period, the US credit information industry has gradually grown and has formed a relatively complete credit report. The system plays an important role in social and economic life.

From the historical development path of the US credit reporting industry, the first is barbaric growth, and then rational integration. In this process, the expansion of application scenarios, technological advancement and improvement of laws and regulations have played a key role in promoting. For example, if there is no credit card or electronic transaction, it is difficult for credit to actually find a profitable business model.

Since the development of the US credit system, the whole society has formed a mature understanding of “credit”. Take “personal credit” as an example, the meaning of which is defined by “5C1S”, “Character”, Capability, Capital, Condition, Collateral, Stability. . At the same time, the boundaries of credit have been clearly portrayed, that is, a consensus has been reached on the data base used to quantify credit.

At present, the characteristics of the US credit information market can be summarized in 12 words: professional division of labor, clear boundaries, and various duties. The entire credit information system is divided into institutional credit and personal credit, and the institutional credit is divided into capital market credit and general corporate credit. Capital market credit institutions include S&P, Moody's, Fitch, etc., and common corporate credit institutions include Deng Baishi. In the personal credit information system, the credit reporting agencies include Yibaili, Aikefei, and Quanlian. In addition, more than 400 regional or professional credit bureaus in the US credit reporting system are attached to or provide data to the above seven institutions. The overall size of the US credit information market has reached 60 billion yuan, far exceeding the market size of China's current 2 billion yuan.

The industrial chain in the US credit system has also developed to a mature and perfect stage.

In the case of personal credit information, the first link in the industry chain is data collection, which has a wide range of sources, which is conducive to the organization to more fully grasp the personal credit status. Then the data is standardized. For example, in the second part, Metro 1 and Metro 2 are the unified standard data reporting format and standard data collection format developed by the American Credit Bureau Association for personal credit information business. The birth of this standard is a very important milestone in the development of the credit industry. The third link is the processing of massive data by the three major credit bureaus to form credit products, including ratings, reports, etc. Finally, the data is applied to various scenarios, such as individual renting, loan business, and so on.

After nearly a hundred years of development, the US credit industry is experiencing a series of new development trends: 1. Diversification of data sources. In addition to financial related data, e-commerce, telecommunications, and retail data are entering the credit system. 2. Data standard output. The American Association of Credit Bureaus (CDIA) is promoting the standard of US credit data to other countries to promote the globalization of the credit system. 3. The integration of the credit information system. The application of personal credit information and corporate credit reporting has shown a convergence trend. For example, evaluate corporate risk while considering the personal risks of its executives and board members. 4. Application scenario expansion. The types of risk assessment are continuously refined, ranging from single credit risk to asset forecasting, bankruptcy forecasting, debt repayment forecasting, and revenue forecasting. From simple scoring products to customized data applications and tool docking services, scoring products are only primary screening. At the same time, as a model input docking customized customer applications and tools; beyond risk areas, such as helping companies find potential target customers and improve marketing efficiency.

There is a strong wind in China's credit information market. Does the history of the US credit reporting industry and the logic behind it have certain reference significance?

Stimulus consumption is a major theme of China's economic development, and the subsequent outbreak of personal credit demand can be expected. The development of Internet finance urgently needs to break through the bottleneck of credit reporting, and the rapid development of Internet and big data technology in China has undoubtedly provided a solid technical foundation for the development of credit reporting industry. It is difficult to predict what kind of development path will occur in China's credit reporting industry. Looking at overseas, the “market-led” model represented by the United States is not the only one. The “government-led” market represented by France, the credit market, represented by Germany and Japan, has a pros and cons. China's credit information market will also continue to explore between the “marketization” and “centralization” paths. Moreover, the development of “recruitment” is not just a business issue, but there is a society behind it that “credit” itself. Based on this, the development of China's credit information market is inextricably linked to the discussion and reflection of the entire society at the level of values.

According to media reports, eight senior executives of Shenzhen Rongjin Institute were recently detained by the police for suspected illegal absorption of public deposits. Prior to this, Guoxiang Capital CEO was exposed to suspected self-inflict and was taken away by the police. At present, various businesses have been suspended. The analysis believes that the P2P remediation storm has quietly arrived.

At present, there are two major problems in the P2P online lending platform. First, the expected return on investment is too high, while the real economy is difficult to maintain performance and lead to the break of the capital chain of the operating platform. Second, it is springing up everywhere. P2P, there is no threshold, and the government lacks a unified credit information platform.

At present, the P2P platform credit reporting problem is particularly urgent. Today's P2P is like a traditional lending industry bank. It can also be divided into direct financing and indirect financing.

In terms of direct financing, the P2P platform only serves as an information disclosure function, helping the fund supply and demand sides to match more efficiently, without involving capital operation or participation in guarantees; but in terms of indirect financing, the P2P platform acts as a former commercial bank. The function of the financial intermediary is responsible for accessing from one party and providing substantial funds to the demand side of the fund. In this case, P2P plays the role of fund transfer and risk intermediary. For the P2P platform with direct financing nature, it is more necessary to collect credit data from the borrower; for indirect financing P2P, because it plays the role of a small lender, it is even a line from illegal fundraising. The capital contribution of the fund provider at this time is like providing loans to a lender, so it has to consider the credit level of the institution. At this time, not only the credit demand data of the entity demanding party, but also the credit data of the P2P company is required.

However, regardless of the nature of the P2P platform, China has not established a credit reporting platform capable of playing the role. On the one hand, China's P2P platform has not yet access the basic database of financial credit information, and P2P's risk review and evaluation of lenders can only rely on subjective evaluation; on the other hand, even between various P2P companies, information sharing is not achieved. It is difficult for borrowers with over-debt and malicious fraud to effectively borrow from platforms.

For the credit management problem of P2P platform, you may wish to consider using "big data" to resolve. For example, China's financial system credit, industry credit and business credit can all be included in the big data credit system, and credit resources should be shared as much as possible without involving privacy. Allow P2P companies to access the big data credit database to achieve effective docking of all aspects of the credit platform; in addition, it can also encourage the establishment of a credit rating agency that specializes in P2P, adhere to the principle of fairness and justice on the basis of big data resources, and not use power for personal gain. To establish a unified credit rating standard; in addition, it is necessary to establish a default disclosure mechanism, strictly enforce penalties for defaulting companies and individuals and maliciously deceived P2P platforms, and include them in the credit records of untrustworthy individuals.

P2P is still in its infancy in China. For any kind of market situation, there will be various problems at the beginning of its birth. We should not erase it and ignore the advantages. Under the current theme of emphasizing financial support for small and micro enterprises, the P2P lending platform has its advantages. The next step is to work hard on credit reporting and industry thresholds. At the same time, it is possible to consider introducing an insurance mechanism to them in a timely manner, effectively protecting the interests of investors and reducing market risks.

The country's support for the big data industry has also attracted all the giants to focus on this area. The credit reporting agency only waits for the firing of guns and builds a comprehensive credit evaluation ecosystem.