Toss Launches Credit Recovery Eligibility Inquiry Service for 3.7 Million People

Delinquency Records Erased for Diligent Repayers
Eligibility Can Be Checked in the App

Viva Republica, the operator of Toss, announced on September 30 that it will provide a "Credit Recovery Eligibility Inquiry Service."

This feature, which allows users to check if they are eligible for government credit recovery support measures, has been added to the Toss application.

The government is currently operating a support program for low-income individuals and small business owners, under which, even if borrowers have been delinquent in repayments due to the economic downturn, their delinquency records-normally kept by credit rating agencies for up to five years-will be erased if they repay the full amount by the end of this year.

According to the Financial Services Commission, the number of eligible individuals is approximately 3,703,000. Of these, 2,577,000 have already completed repayment and will have their credit restored as of today. The remaining 1,126,000 can also receive support if they repay in full by the end of the year.

Toss provides this service in partnership with Korea Credit Bureau (KCB). Users can instantly check their eligibility by selecting "Credit Recovery Eligibility Inquiry" from the "Home" screen of the Toss app.

A Toss representative stated, "In line with government policy, we have introduced this service so that customers can more easily check their eligibility for credit recovery support," adding, "We will continue to provide features that support all aspects of our customers' financial lives."

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