National Development and Reform Commission Notice on
Lowering the Service Fees of Credit Reference Centers of the People’s Bank of China
Development and Reform Commission Price Regulation Document no. 1232 (2017)
People’s Bank of China:
In order to carry out the strategic decision-making deployments of the State Council, to further ease the burden on enterprises, to optimize the developmental environment of the real economy, to promote the development of the real economy and the construction of a social credit system, matters relevant to the standard for service fees of your credit reference centers are hereby notified to you, based on relevant stipulations of the “Regulations on Managing the Credit Reference Industry”:
1. The standard service fee for queries on enterprises credit reports by commercial banks and other institutions is lowered from 60 Yuan per report to 40 Yuan per report. The standard service fees for query on individual credit reports is lowered from 5 yuan per report to 4 yuan per report. The actual standard is determined according to the quantity of data provided by the credit report system to the user organization, and by the amount of queries conducted. The specific computation formula and fee calculation method are described in the appendix.
The nine categories of financial institutions of rural commercial banks, rural cooperative banks, rural credit cooperatives, village and township banks, microfinance companies, consumer finance companies, financing leasing companies, financing guarantee companies and private banks, practice a standard service fee of respectively 15 Yuan per report for queries on enterprises credit reports, and 1 Yuan per report for queries on individual credit reports.
For each of the above organizations, where the same user organization conducts multiple queries on the same enterprise credit report within 30 days, the fee is calculated according to the query on a single enterprise credit report. Where multiple queries are conducted on the same individual credit report in 1 day, the fee is calculated according to the query on a single individual credit report.
2. Where individuals query their own credit report through a counter, the first 2 queries in a year are free. From the 3rd query on, 10 Yuan are charged each time. Fees are not to be levied for paper, printing and other costs.Individuals can check their credit report online for free through the internet. All local credit reporting Internet websites shall display fee levels for queries on individual credit reports and relevant regulations in a prominent position. Users conducting queries more than 3 times a years shall be informed in advance of the fee items, and the query service shall be provided after agreement by user.
3. The annual registration fee for the pledge of accounts receivable is of 60 Yuan per item. The annual fee for changes in registration or objections is of 20 Yuan per item. Queries for registration information are free of charge.
The State Development and Reform Commission, in accordance with the principle of “compensating cost and balancing income and expenditures”, comprehensively takes into account the growth of the credit reference industry, changes in service cost and other factors, and checks and adjusts the service fee standards for credit reference centers every two years. Credit reference centers shall report audited financial statements, and a report on its income and expenditures for the previous year before the end of April each year to the National Development and Reform Commission (Price division).
Credit reference centers should strictly observe national standards on fees, accept supervision and inspection by competent departments of their own initiative. They shall not not arbitrarily increase the credit inquiry fee and the registration fee for the pledge of accounts receivable, broaden the scope of those fees, raise the standard of fees manifestly or under a different guise.
4. Where users of the credit reference system such as commercial banks, impose a fee for queries of the credit reference system, they should eliminate it by strengthening and improving their internal management. They should not introduce their own fees in violation of relevant provisions, by shifting fees for credit reference queries on to those on whom queries are conducted, thereby increasing the burden on them. They also shall not request those on whom queries are conducted to provide their own credit reports.
The Present Notice will go shall go into effect as of July 1, 2017. Where earlier provisions are not coherent with those in the Present Notice, stipulations in the Present Notice shall be enforced.
Annex: Computation formula and fee calculation method for queries on credit reports by commercial banks and other institutions
National Development and Reform Commission
June 28, 2017