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Speculation vs. Reality – The Diplomat

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In 2014, the Chinese State Council released the “Guidelines of Social Credit System Construction (2014-2020),” outlining the goal of establishing a basic social credit system by 2020. Accordingly, as 2020 approached, a range of Western observers and media seemed to be panicking. Some influential voices proffered warnings that “by 2020, China’s rulers aim to implement an Orwellian system premised on controlling virtually every facet of human life.” The reality, at least at present, has turned out to be far more mundane.

Indeed, even the significance of the year 2020 has been long overstated. Although by 2019, analysts had begun to deduce that 2020 was not some magic date – the amount of progress by that time made it obvious that an altogether comprehensive and automated system would simply not be possible – many China watchers still believe that the social credit system is more developed than it is.

Today, the social credit system still remains a disjointed mix of ambitious national level targets and guidance, varying regional pilot programs, and scattered mass data collection mechanisms. Although there is a lot of information being collected, official documents frequently mention the need to “standardize credit information collection processes” and “share information” because centralization of the data has to date been limited. Even the most well-standardized databases are yet to be more than 90 percent complete.

That being said, the system is evolving rapidly. By the end of 2020 and during the early months of 2021, important national level notices attempting to standardize the definition and practice of credit have been disseminated thick and fast. Throughout last year, numerous social credit information catalogues were issued in an attempt to standardize data collection processes within specific sectors and regions. In December 2020, a first draft of a Social Credit Law was circulated for internal review. In January 2021, the National Development and Reform Commission released a national “standard” for credit information reporting, a measure intended to encourage cross-referencing and acceptance of social credit data between provinces. Meanwhile, the Central Committee of the Chinese Communist Party (CCP) issued a new roadmap to 2025 for the “construction of a rule of law society” in which the social credit system is set to play a key role.

Since the system may not yet be anywhere near its eventual form, the end of 2020 and the first key construction phase seems an appropriate time to reflect on and assess the current contours and the notable characteristics of development in its final year.

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Overall, by the end of 2020, the “corporate” aspects of the social credit system appear to be more advanced than other strata of use, including government self-discipline and the discipline of individuals. A recent MERICS study showed that between 2003 and 2020, 73.3 percent of mentions in official documents identified “companies” as the targets of social credit, compared to just 10.3 percent for individuals. That does not mean that social credit will not grow in importance for the individual; it simply means that during its first phase, the “Corporate Social Credit System” has been the primary focus of government attention.

In the first half of 2020, something that received relatively little media attention was the flexible nature of social credit and the degree to which the rollout of social credit appears to have been shaped by the impact of the COVID-19 crisis. Social credit was utilized at both the national and provincial level as a key method to “nudge” business behaviors, firstly to encourage containment and to punish COVID-19-related crimes. Later, social credit was deployed to encourage the resumption of work. Incentive schemes abounded, such as one launched in Weihai (Shandong province) awarding “special points” (海贝分) to the credit records of the top four local enterprises that resumed work with good quality pandemic prevention measures in place.

The pandemic in turn was also utilized as an opportunity to cement the importance of social credit, with COVID-19 relief measures explicitly linked to social credit standings for the first time. For example, in April 2020, relief measures (in this case regarding the waiving of migrant workers’ usual deposit) were announced for eligible construction companies with good social credit records resulting from paying workers on time. The third notable innovation during this time was the creation of COVID-19 protections for social credit. The State Administration of Taxation also made it clear that taxpayers who delay filing or submitting relevant materials due to the impact of the epidemic could be exempt from administrative penalties or any impact on their social credit records.

In the second half of 2020, as China emerged from widespread lockdowns, the development of corporate social credit appeared to be less focused on COVID-19. Yet lessons learned during the pandemic were swiftly incorporated into the social credit system. For instance, QR codes closely replicating track-and-trace health app functions were introduced, allowing consumers to check the credentials of enterprises and staff in certain sectors identified as lacking high industry standards, including housing rental and housing services.

Social credit still retained a flexible quality. It was deployed for a range of purposes, from finance to traffic control. Rollout was also uneven, varying considerably from industry to industry and province to province. Even at the local level, pilot programs were initiated in specific districts to test out new social credit measures.

By categorizing and counting national and provincial documents from the State Council and Credit China, the primary (but by no means only) platform for Chinese social credit, according to the relevant industry affected, we observed that during the second half of 202,0 corporate social credit developments occurred far more frequently in certain industries than others. The construction, housing, property, and rental markets were targeted in the highest number of official documents. Second to this were – perhaps unsurprisingly given the ongoing pandemic – the domestic cleaning and healthcare industries. The transport sector and cross-sector environmental monitoring and compliance were similarly the target of a large number of social credit notices and schemes at both national and provincial levels.

There was, and still appears to be, a huge disparity between provinces in terms of their development of corporate social credit and indeed, social credit in general. As of December 2020, more than 80 percent of all the provinces, autonomous regions, and municipal cities had issued or were preparing to issue local credit laws and regulations. However, while some provinces seem to have only paid lip-service to the notion of an actionable rollout, others have followed these local credit laws with reams of tailored and tangible announcements, regulations, and articles. In terms of numbers of follow-ups, we can identify two significant clusters – one northern and one eastern – that far outstrip other provinces. In the east, Zhejiang and Jiangsu are most advanced, with the latter releasing 53 relevant documents on credit management and integrity construction for a variety of sectors since 2014. In the north, Shandong, Hebei, and Heilongjiang have all made significant leaps forward in the second half of 2020 to put social credit into action locally.

There have also been several national level departments that have appeared to lead the way in developing the credit system, while others appear to have much less involvement. In 2020, the Ministry of Transport, the State Taxation Administration, and the General Administration of Customs, to name a few, reported remarkable achievements in setting standardized data collection processes, comprehensive scoring criteria, and clear processes and implementation of related rewards and punishments. For example, the General Administration of Customs offered significantly lower customs inspection rates for general enterprises than discredited enterprises in 2019 (2.44 percent vs. 84.76 percent, respectively). On closer inspection, many of these departments had already implemented their own regulatory compliance scoring systems long before the social credit system came into being, meaning that they only needed to make slight adjustments to their existing systems to get to where they are today, while others still have a long way to go.

Despite the uneven contours of development, it was still possible to ascertain some recurring trends. A key theme in 2020, which emerged across the corporate social credit system, included the promulgation of the credit notification commitment system, which is being used to streamline previously laborious government administration processes. Digital means are increasingly being adopted to accelerate applications and approval processes, in many cases allowing those without a tarnished credit record to submit certain documents at a later date than other applicants. There were also a few noticeable reoccurring topics, such as the regulation of e-commerce, COVID-19, intellectual property, and production/consumer safety, closely aligning with national level development priorities.

Throughout 2020, there was also a notable trend toward regional credit cooperation, particularly in priority economic zones, with information integration between Shanghai, Jiangsu, Zhejiang, and Anhui forming the basis of the “Yangtze River Delta Credit Platform,” while significant progress has been made in standardizing credit information collection and recognition across the Beijing-Tianjin-Hebei region, where 2.48 million unified social credit codes were publicized. Meanwhile, there has been a continued focus on enhancing processes for credit repair, which is likely to come as good news for local and international firms alike who can expect more transparent credit appeal processes going forward. However, many questions exist regarding the extent to which databases are being integrated at a national level and how transparent and reliable the credit repair mechanism is.

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It may come as a surprise to many in the West who read of China’s plans to apply social credit to all spheres of society that China’s social credit system is in fact said to be an extension of bond issuance risk assessment credit ratings introduced in China in the 1980s, notably just as China’s finance industry was becoming increasingly integrated with the international banking system. Fast forward to today, these same principles are being applied to provide loans to small and medium enterprises (SMEs) via the social credit system. Specifically, the central government offers risk assessment models that leverage social credit data to measure the viability of lending to encourage banks to offer greater loan access for SMEs. There has been a push to expand the rollout of this initiative throughout 2020, which is not surprising given China’s national priorities to stabilize employment and support small businesses throughout the pandemic.

At the end of 2020, social credit watchers waited in anticipation for the release of a sequel to the 2014 social credit construction guidelines, but nothing has materialized to date. When a sequel is released, we expect many of the existing trends monitored will continue to be key priorities for the system’s development in the short term: Increased standardization of processes; greater information sharing across departments and regions; more joint rewards and punishments; and continued efforts to enhance the credit repair mechanism.

Yet even once important strategic parameters of the second phase are laid out in written form, the flexible nature of social credit as an implementation mechanism – as we witnessed during the COVID-19 pandemic – means that the system may continue to develop in unexpected ways. The social credit system may well move in a new direction to support China’s wider development goals and priorities, whatever they may be, or even taken a back seat as other national initiatives are prioritized.

Over the next five years, and likely well beyond, social credit is set to be used as a tool to improve the government’s economic governance capacity and domestic market conditions, as a means of promoting fair competition, strengthening market supervision, and encouraging law-adherence. In the long term, it is clear that social credit fits into the CCP’s grand designs for “data-driven governance” covering all spheres of society. What remains unclear is how integrated, far-reaching, and effective this system will be in practice and if, or how soon, we can expect ambitious social credit policy goals to turn into a reality.

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Can You Buy Crypto With a Credit Card? – MoneyWise.com

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Can You Buy Crypto With a Credit Card?  MoneyWise.com

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Ask Gareth Shaw: ‘I’m scared I’ll get rejected for credit card because of mistakes I made in the past’

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‘Credit-builder’ cards can be used to demonstrate that you are a responsible borrower

Answer: Well done to you for getting back on your financial feet. Climbing your way out of debt is a marathon – it takes sacrifices and planning, so you’ve taken some really important steps in your financial journey.

The good news is that the negative information – the records of missed payments, defaults and even county court judgments – won’t stay on your credit report forever. Details of your late payments can be viewed for six years after they were settled. Searches and rejections of credit typically disappear after 12 months. So this dark cloud won’t hang over you forever.

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Before we talk about applying for credit again, there are steps you can take to improve your credit health. Firstly, you should review your credit reports and make sure there are no errors that could be holding your score back. You can get your credit report for free from each of the three credit reference agencies – TransUnion, Equifax and Experian – and can ask them to investigate errors. Lenders and credit reference agencies have 28 days to respond to disputes.

Registering to vote by getting on the electoral roll can boost your credit score, while you may even be able to add the record of your monthly rent payments to your credit score by asking your landlord to report rental payments to firms like The Rental Exchange, CreditLadder or Canopy.

Experian has launched a new tool that allows you to share information about your banking habits and subscriptions – information which is not traditionally factored into your credit score – in order to increase your score. That means paying your council tax or even paying for Netflix and Amazon Prime could give your score a boost.

If you still want a credit card, your choice is likely to be limited to a particular set of cards designed for people with poor or ‘thin’ credit histories. These are known as ‘credit-builder’ cards, or sometimes ‘bad credit’ cards.

These cards have higher interest rates compared to the most competitive products in the market, to reflect the risk that a lender is taking in by providing credit to someone with a history of repayment problems. You can expect to find an APR of around 29 per cent. They also have lower limits, so when you apply, don’t be surprised to find that the lender will initially only give you £250 to £500.

However, these cards can be used to demonstrate that you are a responsible borrower, can repay on time and stay within your credit limit.

Here’s the golden rule – avoid borrowing money on these credit cards. Purchases tend to be interest-free for 55 days, after which you’ll be charged a considerable amount of interest. So limit the use of these cards, and when you do use them, try to pay them off in full. If you don’t pay on time, you will lose any promotional offer, be hit with a fee and your provider will report your missed payment to the credit reference agencies, reversing any good work you might have done. Set up a direct debit to ensure that your minimum payments are met in advance of the credit card payment date.

When you apply, use an eligibility checker first. This will ask for some basic information and carry out a ‘soft search’ on your credit file, returning a list of cards and the probability of your application being successful. That would be a helpful guide to find a card that is likely to accept you.

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Credit Repair Services Market to Scale New Heights as Market

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Credit Repair Services

Credit Repair Services

A Latest intelligence report published by AMA Research with title “Credit Repair Services Market Outlook to 2026.A detailed study accumulated to offer Latest insights about acute features of the Global Credit Repair Services market. This report provides a detailed overview of key factors in the Credit Repair Services Market and factors such as driver, restraint, past and current trends, regulatory scenarios and technology development. A thorough analysis of these factors including economic slowdown, local & global reforms and COVID-19 Impact has been conducted to determine future growth prospects in the global market.

Free Sample Report + All Related Graphs & Charts @: https://www.advancemarketanalytics.com/sample-report/9361-global-credit-repair-services-market

Definition:
Credit repair services is known as a kind of service to remove negative items from credit reports like late payments, foreclosures, liens, repossessions, and more. Credit repair normally involves fixing the bad credit in any of the way, shape or form. Credit repair is the best option if anyone is thinking about applying for finance in near future. This can make it much easier to attain the loan at the wanted rate. This will also increase the chances of being approved in the first place. The market of Credit Repair Services is mainly driven due to the escalating number of small size and large size organizations, rising focus on the safety & security related to financial documents of the company and strict norms and policies framed by government considering disclosure of the taxation and financial documents considering to the global scenario. Also, Lack of Skilled Professional is hampering the total market growth. Some of the Mandatory Norms & Policies framed by Governments related to the disclosure of Taxation and Financial Documents are creating lucrative growth opportunities for market growth.

Major Players in This Report Include,
Lexington Law (United States),CreditRepair.com (United States),Sky Blue Credit Repair (United States),The Credit People (United States),Experian PLC (Ireland),Ovation (United States),MyCreditGroup (United States),Veracity Credit Consultants (United States),MSI Credit Solutions (United States),The Credit Pros (United States),Pyramid Credit Repair (United States)

Keep yourself up-to-date with latest market trends and changing dynamics due to COVID Impact and Economic Slowdown globally. Maintain a competitive edge by sizing up with available business opportunity in Credit Repair Services Market various segments and emerging territory.

Market Trends:
• Personalization in the Credit Repair Services

Market Drivers:
• A Growing Number of Large Size and Small Size Organizations
• Rising Focus on Safety & Security-Related To Company’s Financial Documents

Market Opportunities:
• Mandatory Norms & Policies Related To Disclosure of Taxation and Financial Documents Creating Lucrative Growth Opportunities

The Global Credit Repair Services Market segments and Market Data Break Down are illuminated below:
by Application (Private, Enterprise), Service Mode (Online, Offline)

Credit Repair Services the manufacturing cost structure analysis of the market is based on the core chain structure, engineering process, raw materials and suppliers. The manufacturing plant has been developed for market needs and new technology development. In addition, Credit Repair Services Market attractiveness according to country, end-user, and other measures is also provided, permitting the reader to gauge the most useful or commercial areas for investments. The study also provides special chapter designed (qualitative) to highlights issues faced by industry players in their production cycle and supply chain. However overall estimates and sizing, various tables and graphs presented in the study gives and impression how big is the impact of PANDEMIC.

Enquire for customization in Report @: https://www.advancemarketanalytics.com/enquiry-before-buy/9361-global-credit-repair-services-market

Geographically World Credit Repair Services markets can be classified as North America, Europe, Asia Pacific (APAC), Middle East and Africa and Latin America. North America has gained a leading position in the global market and is expected to remain in place for years to come. The growing demand for Credit Repair Services markets will drive growth in the North American market over the next few years.

Report Highlights:
• Comprehensive overview of parent market& substitute market
• Changing market dynamics in the industry (COVID & Economic Impact Analysis)
• In-depth market segmentation (Trends, Growth with Historical & Forecast Analysis)
• Recent industry trends and development activity
• Competitive landscape (Heat Map Analysis for Emerging Players & Market Share Analysis for Major Players along with detailed Profiles)

Strategic Points Covered in Table of Content of Global Credit Repair Services Market:
• Chapter 1 – Executive Summary
• Chapter 2 – COVID-19 Impacts on Credit Repair Services Market
• Chapter 3 – Credit Repair Services Market – Type Analysis
• Chapter 4 – Credit Repair Services Market – Application/End-User Analysis
• Chapter 5 – Credit Repair Services Market – Geographical Analysis
• Chapter 6 – Credit Repair Services Market – Competitive Analysis
• Chapter 7 – Company Profiles
• Chapter 8 – Credit Repair Services Industry Analysis
• Chapter 9 – Industrial Chain, Downstream Buyers, and Sourcing Strategy
• Chapter 10 – Marketing Strategy Analysis
• Chapter 11 – Report Conclusion and Key Insights
• Chapter 12 – Research Approach and Methodology

Buy this research @ https://www.advancemarketanalytics.com/reports/9361-global-credit-repair-services-market

Key questions answered
• Who are the Leading key players and what are their Key Business plans in the Credit Repair Services market?
• What are the key concerns of the five forces analysis of the Credit Repair Services market?
• What are different prospects and threats faced by the dealers in the Credit Repair Services market?
• What possible measures players are taking to overcome and stabilize the situation?

Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Asia.

Craig Francis (PR & Marketing Manager)
AMA Research & Media LLP
Unit No. 429, Parsonage Road Edison, NJ
New Jersey USA – 08837
Phone: +1 (206) 317 1218
[email protected]

About Author:
Advance Market Analytics is Global leaders of Market Research Industry provides the quantified B2B research to Fortune 500 companies on high growth emerging opportunities which will impact more than 80% of worldwide companies’ revenues.
Our Analyst is tracking high growth study with detailed statistical and in-depth analysis of market trends & dynamics that provide a complete overview of the industry. We follow an extensive research methodology coupled with critical insights related industry factors and market forces to generate the best value for our clients. We Provides reliable primary and secondary data sources, our analysts and consultants derive informative and usable data suited for our clients business needs. The research study enables clients to meet varied market objectives a from global footprint expansion to supply chain optimization and from competitor profiling to M&As.

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