As the basic element of development in financial department,credit reporting system has been established in almost all developed countries and the majority of developing countries.This paper,using analytical framework of New Institutional Economics,compares the different credit reporting systems between USA and European countries from the following three aspects:institutional subjects and objects,institutional carriers and corresponding regulations.In combination with China’s credit reporting practice,this paper points out that China’s personal credit reporting system should select ultimate marketized credit reporting system in which the public and private credit reporting system co-exist.