Characteristics of JICC (Data Management)
When a consumer used a credit or a loan, a member company is able to prevent multiple and/or excessive loans by assessing credit based on accurate and up-to-date credit information.
Because credit information is important in upholding the creditworthiness of consumers, JICC has been striving since its establishment to ensure the accuracy and recency of credit information with the cooperation of member companies based on the following four key elements.
The Four Key Elements
1.Registration of All Records
It is important to register all information, including loan balance, from member companies in order to accurately understand the creditworthiness of a consumer. JICC has been making efforts to streamline credit information since its establishment, considering the consolidated aggregation of credit information to be the basic rule.
It is important to register all information, including loan balance, from member companies in order to accurately understand the creditworthiness of a consumer. JICC has been making efforts to streamline credit information since its establishment, considering the consolidated aggregation of credit information to be the basic rule.
2.Name-Based Aggregation of Credit Information
JICC manages credit information registered by member companies on a customer basis.
Because there is no official personal identification codes in Japan, JICC built a mechanism for aggregating information on a customer basis (automatic name-based aggregation using a computerized system and manual aggregation by the person in charge) using its own codes.
Specifically, information registered in the database is managed according to a unique Customer Code that is allocated to each and every customer.
Each time a new loan or a payment occurs, the record is added on the basis of the Customer Code, rendering it possible to accurately manage the credit information of each consumer.
JICC manages credit information registered by member companies on a customer basis.
Because there is no official personal identification codes in Japan, JICC built a mechanism for aggregating information on a customer basis (automatic name-based aggregation using a computerized system and manual aggregation by the person in charge) using its own codes.
Specifically, information registered in the database is managed according to a unique Customer Code that is allocated to each and every customer.
Each time a new loan or a payment occurs, the record is added on the basis of the Customer Code, rendering it possible to accurately manage the credit information of each consumer.
3.Real-time Updates
Given that loan status changes by the minute each day, JICC has established a mechanism for promptly updating information by implementing diverse methods of registering information update from member companies in order to maintain the most recent credit information at all times.
Given that loan status changes by the minute each day, JICC has established a mechanism for promptly updating information by implementing diverse methods of registering information update from member companies in order to maintain the most recent credit information at all times.
4.Information Screening
If credit information is not updated for a certain period of time or results in an input error, efforts are made to ensure the accuracy of said information through such means as confirmation with member companies registering the relevant information.
If credit information is not updated for a certain period of time or results in an input error, efforts are made to ensure the accuracy of said information through such means as confirmation with member companies registering the relevant information.
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