The Necessity of Credit Evaluation Industry Self-discipline and Peer Supervision-World Credit Organization

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ICE8000 credit evaluation industry self-discipline and peer supervision column
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The necessity of self-discipline and peer supervision of the credit evaluation industry

1. If the credit business activities are not honest, it will be very harmful to the society. The credit evaluation industry is the basic industry of the market economy. It inhibits the emergence and development of scammers and is a stabilizer for the smooth operation of the market economy. If credit business activities fail, it will have far-reaching adverse effects on other industries and the entire society. If the untrustworthy behavior of other industries is compared to a problem with the water source of the urban water supply system, then the untrustworthy behavior of the credit evaluation industry is equivalent to a problem with the water purification equipment of the urban water supply system.

2. As the basic industry of the market economy and the internal stabilizer of the operation of the market economy, the development of the credit evaluation industry is related to the vital interests of everyone in the society. Practice has proved that if the credit evaluation industry does not carry out industry self-discipline, there will be no With a healthy development of the credit evaluation industry, we will not be able to build an effective social credit system, and we will not be able to avoid the "Xinfu Incident", "Red Heart Egg" and other untrustworthy incidents from infringing on the physical and mental health of us and our descendants.

3. If the credit business activities are not honest, it will cause harm to the honest people among the credit institutions and practitioners. Moreover, if the dishonesty in the credit evaluation industry is not punished, the consequences of "reverse elimination" will be formed in the credit evaluation industry, and the honest people will eventually bear the adverse consequences caused by the dishonesty.

4. If there is no peer supervision of the credit evaluation industry, the untrustworthy in the credit evaluation industry may benefit temporarily. Far less than the benefits it should get (if the credit evaluation industry develops healthily). The credit punishment for the untrustworthy in the credit evaluation industry, although he will lose temporarily, but the benefits brought to him by the healthy development of the credit evaluation industry are far greater than his temporary loss.

All in all, if a credit business activity is not honest, it will damage the public interest; it will also damage every credit institution and practitioner who is honest. Credit punishment for dishonesty will also benefit the dishonesty itself in the long run. The following two cases can help us understand this problem:

1. It is said that elephants in a certain place in Africa did not harm humans at first, but due to poachers harming elephants, elephants began to attack humans, especially people with guns or sticks, and even An example of a herd of elephants attacking a village.

For a non-professional, when he is hurt by a credit business activity, or when he loses trust in a credit business activity, he will have overall distrust of all credit institutions and practitioners.

2. It is said that after some manufacturers of Chongqing hot pot base ingredients used industrial wax as the base material was exposed, all manufacturers of Chongqing hot pot base ingredients were adversely affected.

A breach of trust in an industry will hurt every unit in the industry.

Therefore, we have decided not to stand idly by on the untrustworthy behavior of non-member credit business activities, and no longer adhere to the concept of sweeping the door. Credit business, whether it is a professional credit institution or a state agency, social organization and other organizations engaged in credit business activities in the name of public welfare, we will supervise whether there is any dishonesty in their credit business activities.

The above content is excerpted from: "World Credit Organization [WCO] [ICASA] Solemn Declaration on Supervision of Untrustworthy Behaviors in Global Credit Business Activities" (also known as: World Credit Organization [WCO] [ICASA] 2007 Credit Evaluation Industry Self-discipline and Peer Oversight Declaration)

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