Characteristics of Japan Credit Information Reference Center Corp.
JICC has been progressing and diversifying as a credit information bureau that supports the sound development of the consumer credit industry, along with the creditworthiness of consumers, while maintaining the balance between the protection of privacy and the use of credit information.
As a result of the business merger in August 2009 with CCB Inc., a cross-industrial credit information bureau, JICC established its foundation as a credit information bureau that is the largest in Japan and the only one in the country to cover all industries.
Additionally, due to the designation in March 2010 by the Japanese Prime Minister as a designated credit information bureau pursuant to the Moneylending Control Act, JICC is now expected to make further progress as an important infrastructure of the consumer credit industry.
Administration and Industry |
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| 1950s | ・Installment sales system gains popularity. ・The original form of unsecured conventional consumer financing emerges. |
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| 1960s | ・Credit cards are issued for the first time in Japan. ・The Installment Sales Act is promulgated. (July 1961) ・Credit information agencies emerge in the sales credit sector. ・The Special Committee on Distribution under the Industrial Rationalization Council of the Ministry of International Trade and Industry proposes “The Need of Specialization in Consumer Credit Check” (June 1962) ⇒“While the goal is the establishment of comprehensive research organizations, the realistic approach for the initial stage is to establish organizations on a group-by-group basis.” |
•11 consumer financing companies in Osaka establish Japan Consumer Finance Association (JCFA). |
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| 1970s | ・Credit information agencies emerge in the finance sector. ・The problem of multiple consumer loans arises. ・Requests are made to protect privacy relating to credit information. |
・A credit information agency for the consumer finance sector is established under JCFA. (August 1972) ・Lenders Exchange Federation in Japan [current Federation of Credit Bureau of Japan (FCBJ)] is established. (September 1976) |
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| 1980s | ・The Council of the OECD issues the recommendation “Guidelines Governing the Protection of Privacy and Transborder Flows of Personal Data” comprising eight principles. (September 1980) ・The Moneylending Control Law is promulgated. (May 1983) ・The Installment Sales Act is amended. (April 1984) ・Exchange of information among credit information agencies is requested in order to prevent multiple consumer loans. |
・The Council of Three Information Agencies (Tri-Party Council) is established. (November 1983) ・33 information centers with FCBJ membership establish Japan Information Center. (Jun 1986) ・The Tri-Party commences operation of its information exchange system CRIN. ⇒ Only information on the changes of status is exchanged. (March 1987) |
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| 1990s | ・The unemployment rate increases as the impact of the collapse of the bubble economy surfaces. ・The number of personal bankruptcy filings exceeds 100,000. ・The multiple consumer loan problem recurs, and a phenomenon referred to as "card bankruptcy" occurs. ・Requests are made to the Tri-Party Council to expand the range of information exchange in order to resolve further problems relating to multiple consumer loans. |
・A unified system for the standardization of registration criteria used by the 33 information centers with FCBJ membership, JACIN, goes into operation. (November 1991) ・National database unification system JACIN II goes into operation. (August 1997) |
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| 2000s | ・The Act on Protection of Personal Information is legislated. (May 2003) ・The amended Money Lending Business Act is legislated. (December 2006) ・The amended Installment Sales Act is legislated. (June 2008) ⇒ The designated credit information agency system is established by the Money Lending Business Act and the Installment Sales Act. |
・33 information centers with FCBJ membership establish credit information agency TERA-NET Corp. to serve as a database for members belonging to other business categories. (2000) ・A new system, STARS, goes into operation. (January 2003) ・Japan Information Center Corp. is ISMS certified. (April 2004) ・FCBJ acquired certification as a certified personal information protection group. (October 2005) |
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