1. What are the effects of overdue credit reporting?
If there are overdue records on your credit reporting, it may cause the following adverse effects: (1) Personal credit damage. (2) Impact on card application and loan application: It will cause banks, lending institutions and platforms to fail the review process, and thus be refused card or loan approval. (3) Impact on travel and normal life: Once entered into the blacklist, travel may be hindered, and there may be restrictions on flying, high-speed rail, trains, etc. (4) Prohibited consumption: High consumption is prohibited, you cannot stay in star-rated hotels, and you cannot spend in nightclubs, golf courses and other high-end places. (5) Children cannot attend private schools: If a parent is the one subject to execution for breach of trust, the children will not be able to attend high-fee private schools. 2. What to do if your personal credit report is overdue
If your personal credit report is overdue, if it is more than 5 years old, the credit report agency will take the initiative to delete it. Because the credit reporting agency's retention period for personal bad information is 5 years, starting from the date when the bad behavior or incident ends. If it exceeds 5 years, it will be deleted. 3. How long does it take to delete overdue credit records
Bad records in the Credit Information Center of the People's Bank of China are deleted after five years. They cannot be deleted manually and will not be overwritten. After paying back all overdue debts and carefully maintaining your credit, bad records will be automatically deleted after 5 years. According to the "Credit Reporting Industry Management Regulations", the credit reporting agency's retention period for personal bad information is 5 years from the date of termination of the bad behavior or event; if it exceeds 5 years, it shall be deleted. As long as you maintain good credit behavior within five years, the bad information will disappear after five years. For example, after the credit card expires and is fully paid off on August 1, then, starting from August 1, this record will be deleted after 5 years.