"Improving Unfair Small Business Credit Evaluation"… BC Card Launches 'BizCredit' Service

Differentiated Services Such as Credit Evaluation and Closure Prediction for Small Business Owners
Expansion of Personal Business CB Services Planned

[Asia Economy Reporter Ki Ha-young] BC Card announced on the 18th that it will launch a new credit evaluation (CB) service called 'Biz Credit,' which provides small business owners with more reasonable credit ratings.

This service offers ▲small business credit evaluation ▲business closure prediction service ▲alarm service ▲summary information service based on card payment information generated at BC Card merchants, 38 years of processing know-how, and data from 3.06 million merchants, the largest scale in Korea.

The small business credit evaluation was prepared for small business operators who have been subject to unreasonable conditions such as relatively high interest rates or loan rejections compared to salaried workers. When small business owners use Biz Credit, they can receive more reasonable credit ratings based on various information such as sales and commercial districts.

The business closure prediction service predicts the possibility of business closure for small business owners by analyzing merchant lifecycle (opening-operation-closure) and sales data in real time, enabling financial institutions to take preemptive measures. Notably, it features data analysis using machine learning techniques to identify correlations between merchant closures and bad debt rates. This will be provided as an auxiliary indicator for financial institutions when evaluating the credit of small business owners.

An alarm service is also provided to deliver information about merchants causing customer damage through illegal operations to financial institutions. This service minimizes damage to financial institutions that have issued loans to such merchants and helps prevent potential future damages.

A merchant summary information service analyzing key items related to merchants is also offered. A report consisting of about 500 items within major merchant information areas such as business owner and representative overview, sales performance, sales continuity, delinquency and incident information, customer usage patterns, industry, and commercial district is provided in real time, enabling targeted marketing implementation.

Won Sang-heon, head of the CB Business Team, said, "We are confident that the Biz Credit service will be a great help to small business owners who have lacked credit information and have not enjoyed reasonable financial benefits," adding, "We plan to actively expand the individual business owner CB business in line with the revision of the Credit Information Act."

This content was produced with the assistance of AI translation services.