Navigating the Credit Maze: How to Check Bad Debt in Vietnam

In Vietnam, securing a loan often hinges on a clean credit history, “no bad debt” being a prominent requirement. But how can individuals efficiently verify their own credit standing? This guide, courtesy of NT International Law Firm, delves into two convenient and legal methods for checking bad debt in Vietnam.

Navigating the Credit Maze: How to Check Bad Debt in Vietnam

Method 1: Unmasking Debt through the CIC Website

Method 1: Unmasking Debt through the CIC Website

The Credit Information Center (CIC), established under the State Bank of Vietnam, acts as the nation’s credit information repository. Utilizing its website offers a fast and effective way to check bad debt using your CCCD (Citizen Identification Card) number. Here’s how:

Step 1: Registering for a Personal Account

Head to https://cic.gov.vn/ and click “Register” in the upper right corner. Fill in all required information, including full name, CCCD number, address, email, and phone number. Upload three photos: front and back of your CCCD, and a portrait photo holding the card.

Step 2: Account Verification and OTP Confirmation

Once you submit your information, CIC will send a One-Time Password (OTP) to your registered phone number. Enter this OTP to complete the registration process. CIC will then verify and authenticate your account, which may take 1-3 business days.

Step 3: Accessing Your Credit Report

Once CIC verifies your account, you’ll receive a notification email. Upon logging in, navigate to the “Report Extraction” section to access your credit report, which details any outstanding debts and their classification.

Legal Basis:

Article 20 of the Law on Credit Information 2013 (amended 2020) empowers the CIC to collect, store, and provide credit information, enabling individuals to access their own reports.

Method 2: Uncovering Credit History through the CIC Credit Connect App

Method 2: Uncovering Credit History through the CIC Credit Connect App

For mobile-first users, the CIC Credit Connect app offers a convenient alternative to the website. Follow these steps:

Step 1: Downloading and Installing the App

Search for “CIC Credit Connect” on Google Play or the App Store depending on your phone’s operating system. Download and install the app.

Step 2: Account Registration and Authentication

Open the app and register for an account. Provide all necessary information and complete the verification process. Similar to the website, CIC will take 1-3 business days to verify your account details.

Step 3: Checking Your Credit Report

After CIC confirms your account, you can access your credit report within the app. Simply click “Report Extraction” to view your credit history, including any outstanding debts and their classification.

Legal Basis:

Again, Article 20 of the Law on Credit Information outlines the CIC’s authority to collect, store, and provide credit information, and individuals’ right to access their own reports.

Additional Resources:

• Beyond the CIC website and app, individuals can also check their credit history at CIC centers, banks, or credit institutions authorized by the State Bank of Vietnam.
• For detailed legal provisions or other credit-related inquiries, seek professional guidance from a qualified lawyer.

Conclusion:

Maintaining a clean credit history is crucial for financial health and accessing loans. By utilizing the convenient and legal methods outlined above, individuals in Vietnam can readily check their bad debt status and take necessary steps to improve their credit score for future financial endeavors. Remember, NT International Law Firm is always here to assist you with any legal questions or concerns you may have regarding credit and financial matters.