Credit Of Legal Studies

This dissertation mainly deals with the legal problems arising out of credit investigation. In the transition period from planning-oriented economy to marker-oriented economy, many an unexpected question occurs, one of which is related to credit Credit investigation, both as an industry and as an institution arrangement, intends to conquer the credit crisis which results from counterfeit products in the market, evading paying off debts to the banks or taxes to the government, and failing to fulfill the obligations by a court's decision et cetra. Meanwhile, the justice and legitimacy of credit investigation are exposed to a great deal of criticism in China due to the lack of corresponding institutions in the context of present legal system.Regarding to the fundamental status in establishing the Chinese credit system, this dissertation, which consists of four chapters, will attach great importance to the practical and theoretical problems of credit investigation in the perspectives of law and economy so as to provide certain support for the drafting of Credit Investigation Law as well as promoting the development of credit investigation industry in China.Entitled by Phenomena and Essence of Credit Investigation, Chapter I involves the most essential terms pertaining to credit checking or investigation, such as information, data, credit, credit information. In view that credit information is, as a matter of fact, most often referred to as either a consumer's credit information or an enterprise's credit information, it is held that information, being an indispensable resource in the information society, shall be shared and freely exploited by the public, thus resulting in the problems of acquisition and disclosing of credit information. Not only has information made information technology and information sharing confronted with some problems in intellectual property protection and rights of commercial secrets or a customer's privacy, but also credit itself, which may be viewed in different ways, mainly ethical, economic and legal, has perplexed many great minds.Chapter II examines the values of credit investigation industry and its legalinstitution. Tracing back in history, it is not difficult to conclude that credit investigation is the outcome of social division in work and asymmetric distribution of information. According to the information asymmetry theory and game theory, credit investigation greatly diminishes the possibilities of adverse selection and moral risks and increasing the wealth creation motivation by filling in the information gap between the transaction parties, lowering the decision making costs and preventing the credit applicant from getting into heavy debts. In the same way, credit investigation law can effectively maintain competition order and transaction order in the market as well as consolidate the values of justice and efficiency.Chapter III extensively probes into the confrontation and compromises between credit investigation and the legal protection to state secrets, commercial secrets and consumers' privacy. It is desirable to disclose information for the common good. It is also legitimate to keep personal information for oneself. The very function of credit investigation law is to delineate a reasonable boundary for the confronting rights. The principle of implied consent after advising is a typical compromise between right to knowing and the right to privacy. Considering the fairness and legitimacy of the penalty mechanism of the credit losers, the varieties of name lists, whether black or red, shall be properly issued to the public.Chapter IV presents considerations about the legal establishment of credit investigation in China by means of introduction and innovation. The Fair Credit Reporting Act and its amendments are crystallization of the long development of USA's privately-owned credit bureaus, while the EU blending credit investigation pattern also has its own history, background and features. Taking into consideration of the legislative intention, legal function and responsibilities to be borne, credit investigation law exactly falls into the economic law system. But it does not mean neglecting the use of other means in establishing our society's credit system, especially the morality promotion. Just as a proverb goes, 'in civilized life, law floats in a sea of ethics.'...