Tencent Pulls Credit Scoring Service one day after its launch

The central bank’s credit bureau has told Tencent’s credit rating arm to pull a credit scoring service, just one day after its launch as a trial program, a source close to regulators told Caixin.

Ongoing concerns about the misuse of credit and personal-credit information were the primary reasons that regulators issued the “window guidance” to Tencent Credit, the source said.

On Tuesday, Tencent Holdings Ltd. released a trial version of its credit scoring system through its social media platform WeChat. A user could get a credit score from 300 to 850, depending on their creditworthiness, if they input their national identity-card number along with their name and phone number. Tencent Credit would use metrics that included loan-repayment history, assets, personal information and behavior, as well as social media networks, to determine the score.

Read More – CAIXIN GLOBAL

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