Sixty-two more points would get me the privilege of renting a car without putting down a deposit, or applying for a loan with an unspecified limit and interest rate.And 162 more points would get me a visa to Luxembourg.The diagram doesn’t display the exact score one gets for each category, or any details about how the scores were weighted (much less how the algorithm actually works).
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She works at a state-owned foreign trade company that pays her around 4,000 yuan ($630) per month.
But actually, looking at her shopping habits, it makes sense that she got a 655 and I’m stuck at 588.
Compared to the United States, China’s financial institutions have done little to serve consumers and small businesses.
The People’s Bank of China— the central bank—runs the country’s only official credit rating system, and as of 2014 it serves only about 300 million people. In the US, by contrast, 89% of the adult population has a credit score (pdf, pg 24).
My friend tells me that she spends around 5,000 to 8,000 yuan ($787 to $1,260) per month to buy books, makeup, clothes, food, snacks, and “other useless stuff” using Alipay Wallet. And she says she has transferred a total of around 190,000 yuan (nearly $30,000) via the app.
That makes her a far more loyal Alipay user than I am.
The score is created by Ant Financial, an Alibaba-affiliated company that also runs Alipay, China’s popular third-party payment app with over 350 million users.
Ant Financial claims that it evaluates one’s purchasing and spending habits in order to derive a figure that shows how creditworthy someone is.
The answer is more complicated than one might think.