Don’t Visit Your Parents? That’ll Hurt Your Credit Score in Shanghai

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If you think the credit scoring system in the U.S. is onerous, check this out: Chinese adults living in Shanghai who don’t regularly visit or call their parents could see their credit scores lowered as punishment, according to Chinese media reports.

New regulations, which take effect next month, are designed to bolster 2013 legislation aimed at getting Shanghai adults to “visit and send greetings often” to their elderly parents, CaixinOnline reported.

China’s senior population is expected to swell to 330 million by 2050 from around 110 million today. China’s total population today is around 1.35 billion.

Children who don’t care for or visit their parents fail a central tenet of the culture, showing respect to and caring for one’s elders. The 2013 law, called The Protection of the Rights and Interests of the Elderly, allowed parents to take children to court for failure to support them.

If adult children are taken to court by their parents, not heeding court directives thereafter will result in a negative impact on their credit report, Luo Peixin of Shanghai’s law office told reporters, according to Time.com. Luo said the introduction of financial implications for not visiting one’s parents will ensure the law is implemented, Time reported.

There’s no reason to think this credit scoring trend in China will come to the U.S. However, if you’re wondering what kinds of unusual items and circumstances might be affecting your credit, you can get your free annual credit reports from each of the major credit reporting agencies, and you can get two of your credit scores for free each month on Credit.com to see where you stand.

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Image: Ron Chappie studios

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