Korea Credit Information Services to Use Health Insurance Premium Arrears Data for Credit Evaluation

[Asia Economy Reporter Eunju Lee] The Korea Credit Information Services and the National Health Insurance Service announced on the 9th that starting from August 29, overdue data of workplaces delinquent on health and pension insurance premiums will be utilized in credit evaluations.

The overdue data provided by the Service targets workplaces that have overdue insurance premiums exceeding 5 million KRW and have passed the payment deadline by more than one year, and have not paid despite prior collection activities such as voluntary payment notices.

Until now, the Service only provided data on workplaces delinquent in employment and industrial accident insurance premiums, but to improve fairness in the payment of the four major social insurance premiums and to prevent moral hazard of workplace representatives, the data has been expanded to include workplaces delinquent in health and pension insurance premiums.

Financial institutions and credit rating agencies will be able to use the received data on delinquency of the four major social insurance premiums for credit evaluations of workplaces and their representatives, including restrictions on loans and credit card transactions.

A representative from Korea Credit Information Services stated, "We will continue to expand public information that can be usefully applied to credit evaluations in the future to support more precise credit assessments."

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