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China's First Private Credit Bureau to Offer First Private Credit Card to Consumers

Source: Company Press Release, February 25 2003

 
February 25, 2003 — LOS ANGELES, CA — Shaanxi Credit Bureau Corporation (SCB) was established on November 18, 2002 as the first private Chinese credit bureau corporation with a planned opportunity to become China's first national private credit bureau. There is no existing private national credit bureau in China. SCB was granted all necessary permits to operate. These permits include the Chinese Business Registration Certificate to establish a credit reporting system; the Chinese Tax Bureau Certificate and the People's Bank of China Certificate approving SCB Business Scope.

China has been a cash paying society without a consumer credit mentality for the last 4,000 years. To change this, SCB designed a perfect Tool to help in the creation of the citizens' credit profiles and the credit mentality. A signed Letter of Intent with a Chinese Trust and Investment Corporation (TIC) allows the issuance of Credit Cards in the SCB name and to create a supporting computer network. The credit cards are the Tools that will be granted in exchange for verified information submitted by the citizens to SCB. Consumers' (SCB members' credit histories will be built through credit card debt payoffs. credit Cards' in China are now issued only by the Chinese governmental banks, and in most cases a security deposit is necessary. Most of these credit cards are actually Debit Cards. SCB will issue genuine credit cards to qualified members based on their credit profiles.

Chinese corporations will be required to pay annual fees in order to be listed as SCB Affiliates who can offer SCB Members the credit terms necessary for larger items such as home mortgages or car loans. This affiliation secures direct and immediate payment from TIC (the lender) to the SCB Affiliates (the credit grantors) for credit purchases made by SCB Members (the borrowers).

To fully comprehend the total scope of SCB services, a comparative example is outlined: If a Credit Bureau owned a Credit Card Company and a Point of Sales Service Provider, it would then represent the exact capabilities of SCB.

SCB will offer Chinese citizens the opportunity to build credit profiles. At the same time, Chinese Corporations (SCB Affiliates) will have the opportunity to provide credit terms and to improve and better manage credit risk. SCB will market its services to the widest marketplace in the shortest time possible and will be recognized as the leading supplier of credit information and credit services. This will give SCB the unique opportunity to penetrate the Chinese consumer market with a brand-new technology platform that delivers major services and quality benefits.

SCB has recruited professional executives in the USA to act as the corporate officers in China, despite family lives and secure careers in the USA. These executives will relocate and fulfill their new positions in China.

SCB Credit Card Network provider is Singlee Technologies (Chinese PLC in Hong Kong). SCB Advertising & Public Relations Firm is Pathways China, a member of the Omnicom Group (USA). SCB computer network provider is a USA computer manufacturer to be announced at a later date.

We at SCB are negotiating with a number of investors in the USA to become share holders in SCB.