What is credit score and how to check it yourself on CIC

Personal and business credit scores are the basis for credit institutions to decide on lending to customers. One of the prominent credit scoring systems in Vietnam is CIC (Vietnam National Credit Information Center).

Through CIC, banks can check personal and business credit scores, track loan history, and look up bad debt to know the credit status of individuals and businesses.

This is an agency under the State Bank, responsible for collecting, storing, analyzing and managing credit data, thereby providing information to financial institutions in assessing customers' ability to repay debts.

CIC acts as a center for collecting, analyzing and providing credit information of all individuals and organizations borrowing from banks and credit institutions.

When a customer borrows money from a credit institution, information about the loan is recorded at CIC. Based on this data, CIC calculates the customer's credit score.

The CIC operation process includes 3 main steps:

Collecting credit information: CIC receives data from credit institutions such as banks, finance companies, and other lending institutions.

Credit scoring: Based on the information collected, CIC will score the borrower's credit.

Providing credit information: Financial institutions and banks will look up borrowers' credit scores when they need to borrow capital.

Individuals can also check CIC themselves. Illustration: Nam Khanh.

In addition, based on the collected information, CIC will classify each debt group to help banks and credit institutions easily look up and evaluate users' credit history.

Notably, borrowers can also access their own credit reports through the CIC Center.

To know if your information has been stolen or forged to borrow money, or to check your credit status for bad debt, individuals can use one of the following methods to check their credit status simply with just their ID card/CCCD:

Check online via CIC website:

Step 1: Access the CIC website: https://cic.gov.vn
Step 2: Register an account or log in if you already have an account.
Step 3: Enter personal information as required, including ID card number or citizen identification number.
Step 4: The system will display your credit report, from which you can know if you have bad debt or not.

Check via CIC Credit Connect app:

Step 1: Download the CIC Credit Connect app on your mobile phone.
Step 2: Register and log in to your account.
Step 3: Follow the same steps as when checking on the website.

In addition, customers can check directly at the bank by bringing their ID card to the bank transaction point and asking bank staff to help check credit information.

According to the introduction on the website of the National Credit Information Center of Vietnam (CIC), the objective of CIC is to support the State Bank in performing its state management functions in the monetary and banking sector; support credit institutions in their business activities; and support borrowers in accessing credit sources to meet their living, economic and social needs in accordance with regulations.

Source: https://vietnamnet.vn/diem-tin-dung-la-gi-va-cach-tu-kiem-tra-tren-cic-2441513.html