How does the Taiwan credit system work? Is it almost same as USA? Open a few credit cards build up history, take out some car loans or smaller loans and pay some apr to get credit rating? Please help me with this as I am still not sure how this all works. Thanks in advance.
?anyone?
I guess no one knows, most foreigners couldn’t get a credit card anyways, much less a loan.
My sister used to say that its all connected to criminal collection agencies who employs violence to collect debt, I don’t know if this is true for banks as banks have legal power to seize assets if a loan went on collection. Loans sharks on the other hand often do employ violence, plus they have very high interest.
There was some mention here once that Taiwan does have a credit bureau so if you have a credit card and dont pay it, it gets reported.
I did a search and found this. There is something called the Joint credit information centre.
thanks guys, but not sure if my question was answer 100% from that link.
If you go to the Joint credit information centre website at jcic.org.tw/ , and go under services and products, and then comprehensive credit report, it shows that they record the loan information, late payments, balance, overdue and bad debts, payments for the last 12 months etc.
Then if you click on about JCIC, and then members, you see that most banks, if not all are on the list as members.
So it appears that yes, everything is recorded.
If you need any other info, can’t help you there. That was all I am able to find.
Yes, the Taiwan credit system works pretty much exactly as you describe – at least for Taiwanese nationals. For foreign nationals, however, it is more complicated. Basically, most financial institutions in Taiwan are reluctant to give credit to foreign nationals. Some have a strict policy not to give unsecured credit to foreign nationals. Even if a foreign national gets a credit card, for example, at one bank, and builds up a good credit record, he or she may still have difficulty getting further credit, simply because of his or her foreign national status. There are many, many threads about this already on Forumosa. Do a search. In a nutshell, it is generally difficult for foreign nationals to obtain unsecured credit here, even with a good credit record. Most banks will give secured credit to foreign nationals (secured by a local co-signor or by a pledge of collateral ). Some banks will give unsecured credit to foreign nationals who meet their criteria. These tend to be things like having an APRC, having documentation of a salary deposited monthly into a local bank over past years up to the present, documentation of salary issued by an employer, as well as a good credit record. Hope this helps