BankSalad Launches 'Credit Boost' Service Utilizing MyData

[Asia Economy Reporter Buaeri] BankSalad launched a credit score improvement service using the MyData application programming interface (API) on the 26th.

The credit score improvement service is provided through a partnership with Korea Credit Bureau (KCB). It submits meaningful information from asset data connected via MyData to credit rating agencies to raise credit scores.

Based on transaction information and payment history from bank, securities, insurance, pension, and retirement pension (IRP) accounts provided by users to BankSalad, the service estimates customers' income and financial asset size to comprehensively assess their future credit repayment capacity. Credit information can be submitted and reflected in credit evaluations in as little as one minute, allowing users to check how much their score has increased.

The company stated that this service is especially useful for young adults without a steady income but who have regular bank deposit information or investment assets, as well as for the 50s and 60s generation with a high proportion of insurance or pension assets, to improve their credit scores.

BankSalad connects users whose credit scores have improved through the credit score improvement service to loan products such as credit, refinancing, and housing loans with the best possible terms according to their changed loan limits. A BankSalad representative said, "Medium-credit borrowers will be able to choose from a wider range of loan products with lower interest rates."

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