Credit Card Personal Credit System Is A Comparative Study

Personal credit is the consequent resultant of the economic development. Major transits, in the economic activities of developed countries, are paid through credit cards. However, the consumption over credit budget becomes a popular phenomenon in China, causing many incidents of willful overspending. This has become a bottleneck to check Chinese bank's issuing of credit cards. China set up the first test-point of personal credit system in Shanghai in July, 1999, but the system nowadays lead by People's Bank of China is backward, insufficient in its database and lack of timely updating, and how to perfect its legal system to protect personal date still has a long way to go. Through methods of comparison, the essay analyzed the establishing and characteristics of different institutes managing credit record, and the check and influence to credit card against different laws and regulates. It gave advices on the establishment of personal credit system in China and the following improvement measures.The essay is of 5 parts:1^st Chapter ForewordAs the essay is studying the credit card's personal credit system, it firstly does some explanation in the concept. The credit card here means the cards, with certain amount circulated credit limit, issued by the bank, allowing consumer to consume before payment. This chapter gave a general explanation of the creation, development, concept, types, characteristic, and function of the credit cards and the significance of the personal credits system studying.2^nd chapterIt expounded the different legal systems and respective cons and pros of personal credit system under the models of American and European.1) American Model, legal authorities take charge of monitoring the function of the system, government backseat. The government chairs in the primary period after the establishment of credit assessment system, and then the government will retreat from the direct regulating with the perfecting of legal system.2) European Model, the Central Banks dominate the establishment of credit assessment system and institutes managing credit record. The government shoulders the main duty. Germany personal data protection law was introduced in the legal frame aspect.Those 2 models are divided mainly by their impacts; no 2 countries in the world shared the same personal credit system and the legal system.3^rd chapterIt gave an introduction of the current development of credit card's personal credit system in China. Though enjoyed much development, as mainly lacks a sound personal credit system, Chinese credit card industry still lags much behind compared with developed countries, particularly in the aspect of credit card. Based on the status quo of Chinese personal credit system and credit card consuming, the chapter analyzed the causes of the slow development and the distance between developed countries.4^th chapterAs a core part of this essay, this chapter advocated to improve legal system and punishment system, and meanwhile device personal bankrupt system, in order to create a favorable credit environment for the development of personal credit system in China. 5^th chapterThrough analyzing Chinese credit card personal credit system, the chapter argue a perfecting of laws and regulates and a standard dealing. It only selectively touched the personal privacy protection and holder's interest protection, no all the aspects about the legal system.6^th chapter EpiloguePersonal credit has been a focus of issue in China recently, but it attracted few essay to study its personal credit system, even those existing without much practical guidance. I wish this essay could take a bit breakthrough.