Administrative departments must determine acts of bad faith on the basis of legally binding documents.
The scope and procedures for sharing credit information will be standardized. The principle of legality and necessity will be observed when deciding whether and to what extent credit information is shared and disclosed.
The identification of lists of entities that have carried out serious acts of bad faith will be better regulated. The list will be limited to those who put public health and safety in grave jeopardy, seriously sabotage fair market competition order or disrupt normal social order. The list will not be willfully expanded without authorization.
Punishment against bad-faith acts will be enforced in accordance with laws and regulations, to make sure that penalties are meted out commensurate with dishonest behaviors.
A credit repair mechanism will be established. Entities will be allowed to fix negative credit records, unless otherwise stipulated by laws and regulations, should they correct dishonest behaviors and eliminate their adverse impact.
The meeting underlined the need to strengthen information security and privacy protection. Illegal collection and transaction of credit information will be strictly cracked down on.