100,000 Chinese brag about credit score on social media

In China, having a good credit score is now something to brag about. The new credit score can be obtained by downloading the Sesame Credit app from the Alibaba network. Almost 100,000 people have posted their credit score online on Weibo, the Chinese equivalent of Twitter.

In this universal credit score, everybody is measured as a number between 350 and 950. PrivateInternetAccess.com reports that what you buy can contribute to your credit score. Buying dishwashers and baby supplies makes your credit score increase. Buying videogames lowers your score.

According to the website, China has already announced that this type of credit rate scoring will become mandatory from 2020. Bad behaviour from your friends may not help your score either. A good score will make your life easier. If your credit score reaches 600, you have the privilege of an instant loan of about $800 without collateral when shopping online.

Financial Times reports that the credit rating raises ‘Big Brother’ fears. Many Chinese do not seem very worried.

Further reading on ft.com and privateinternetaccess.com

Image by Weibo

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