Watch your online behavior, otherwise you may have to wait for years before getting a loan to buy an apartment.
That's how the Internet credit agency Sesame Credit Management works. The company, under Alibaba's affiliate Ant Financial Service Group, entered China's private credit sector with the launch of a public beta on Wednesday.
According to an Ant Financial news release, five aspects - users' credit history, behavioral habits, ability to pay off debts, personal information and social networks - will be measured by Sesame Credit to give each user a credit rating of between 350 and 950.
Data on these five aspects is largely collected from consumers' online shopping records and online financial behavior such as credit card repayments and money transfers.
When users accumulate a certain amount of credits, they can enjoy convenient services on various platforms such as getting quicker approval for loan applications and enjoying a fast check-ins at hotels without paying a deposit.
This is the latest attempt by Ant Financial to strengthen its presence in China's Internet finance sector. The service is expected tocater to China's grassroots citizens, mainly students and blue-collar workers, who are currently poorly served by traditional credit information service providers.