Credit information industry regulations released by China's cabinet, the State Council, will be executed on March 15 in a bid to protect interested parties' legal rights, the central bank said in a press release on its website Wednesday.
The regulations allow credit information agencies and companies to save individuals' bad credit information records for only five years, after which time they must be deleted, the central bank said.
Credit agencies must receive permission from individuals before they start collecting their information, according to the guidelines posted on the government's website Tuesday.
Credit information agencies are required to have registered capital of at least 50 million yuan ($8.03 million).
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