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If you find yourself in a quandary about how to check bad debts, this Mytour article is your go-to guide. It will enlighten you on ways to check CIC online for bad debts, verify bad debts using ID card, helping you precisely identify your bad debts and find suitable solutions.
Checking CIC, Verifying Bad Debts
1. What are bad debts?
Bad debts are overdue payments (late or inability to repay) by individuals or organizations when borrowing from banks/financial institutions in Vietnam.
Some Causes of Bad Debts:
- You currently have a loan or installment plan with a bank or credit institution, but due to financial risks or health issues, you're unable to arrange the funds, leading to payment difficulties,...
- Your personal information such as ID card, driver's license, or household registration is stolen by relatives or friends to create fake loan or installment profiles without your knowledge. Consequently, you become a debtor with bad debts recorded in the CIC.
- During the repayment period, you are on a business trip far away, experience a lost phone, or simply forget to settle your outstanding debt.
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2. What is CIC?
CIC (Credit Information Center - the national credit information hub) is overseen by the State Bank of Vietnam. It serves as the repository for data related to banking credit activities of individuals and organizations (credit card information, loan details, installment debt information, etc.).
To gain a deeper understanding of the concept and characteristics of CIC, Mytour invites you to explore What is CIC here.
3. Benefits of Checking Bad Debt Information at CIC
For Individuals:
- Understand your actual credit score.
- Gain insights into the details of your bad debts: Where you borrowed, when you borrowed, how long it has been overdue, etc.
- Strategize to clear bad debts on CIC, thereby increasing opportunities to access favorable credit in the market.
For Banks and Credit Institutions:
- Understand your credit score and credit history to determine whether lending you money is a viable option.
4. How to Check Bad Debts on CIC
* Check CIC bad debts at the branches of lending banks.
To check bad debt information on CIC, present your ID at the lending bank and request assistance in accessing your credit history on CIC.
Typically, the fee for checking CIC credit information at banks is 80,000 VND per request.
* Check CIC at the Vietnamese Credit Information Company
Bring your ID card and citizen identification card to the address of the Vietnamese Credit Information Company (Room 1303B, Vietcombank Building, 198 Tran Quang Khai, Ly Thai To Ward, Hoan Kiem District, Hanoi) for verification.
Note: Currently, the Vietnamese Credit Information Company can only update information from 11 member banks. Therefore, your bad debt report will only appear if you have bad debts with these banks.
* Check CIC Bad Debts Online
If you want to check your personal bad debts, you can easily do it online following Mytour's instructions below.
Step 1: Click here to access the CIC website.
Step 2: Click on the 'Register' button at the top right corner of the screen.
Step 3: Fill in your personal information (full name, ID number, email, etc.) following the provided form, set up a login password, and select 'continue'.
Step 4: Enter the OTP code (verification code sent to the registered phone number), and press 'continue'.
Step 5: Answer the verification questions from CIC through a phone interview.
Step 6: Receive the registration result notification (username and password) via SMS/Email.
Step 7: Log into the CIC system; at this point, your credit history will be displayed in the personal information section.
5. Mytour's Tips to Avoid Bad Debts on CIC
- Avoid standing as a guarantor for friends or relatives borrowing money from banks or other credit institutions. (If you have already guaranteed a loan for someone, remind them to make timely payments)
- When applying for online loans in a short period, pay attention to the repayment terms of that particular entity, avoid late or missed payments to prevent accruing late payment interest and having bad debt information recorded on CIC.
- To clear bad debts on CIC: Immediately settle all your bad debts with banks and related financial institutions, while keeping your credit accounts well-managed;
- Check CIC, examine bad debts (at least once a year) to ensure there are no errors in your loan and repayment history with the bank. This is especially crucial when planning to apply for new credit.
This Mytour article has provided you with detailed steps on checking credit bad debts on CIC. With the information given, you can proactively monitor and safeguard your own information. Wishing you success.
