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The origin of the Social Credit System can be traced back to the early 1990s as part of attempts to develop personal banking and financial credit rating systems in China, and was inspired by Western commercial credit systems like FICO, Equifax, and TransUnion. [17]
China has a much lower rate of credit use than developed markets. [4]: 67 As a result, it lacks the associated credit reports. [4]: 67 Zhima Credit was introduced on 28 January 2015. It was the first credit agency in China to use a score system for individual users, using both online and offline information. [5]
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Credibility scores, social influence scores and other comprehensive evaluations of people are not rare in other countries. However, China's "social-credit system" remains to be controversial as this single score can be a reflection of a person's every aspect. [27] Indeed, "much about the social-credit system remains unclear". [26]
The United States maintains a unique credit scoring framework. Other countries use different scoring systems, so you need to start fresh if you move internationally. The financial habits that help ...
A Unified Social Credit Identifier is issued to registered companies and other types of organization by the Chinese government. It is "unified" in the sense that it is used both as the business registration number with the State Administration for Market Regulation (SAMR) and as the taxpayer identifier with the State Taxation Administration (STA).
Further issues raised in regard to human rights include the severe lack of workers' rights (in particular the hukou system which restricts migrant labourers' freedom of movement), the absence of labour unions independent of the CCP, [6] [7] the implementation of Social Credit System and its blacklist, which serve to restrict a person and their ...
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