Korea Inclusive Finance Agency to Share "Diligent Repayment Information for Policy-Based Inclusive Finance" with Private Financial Institutions

The Korea Inclusive Finance Agency announced on September 30 that it will implement a system to share information on diligent repayment of policy-based inclusive finance products.

This measure follows the "Plan to Strengthen Support for Inclusive Finance" announced by the government in February. The agency has improved its system so that information on diligent repayment of policy-based inclusive finance products, such as the Sunshine Loan, can be used to benefit users during loan screenings by financial institutions.

The eligible recipients are users who have utilized policy-based inclusive finance products for more than six months and have fully repaid the principal and interest within the past three years. At the time of application, there must be no credit assessment information or public records registered with the Korea Credit Information Services due to delinquencies.

The policy-based inclusive finance products for which diligent repayment information will be shared include Worker Sunshine Loan, Sunshine Loan Youth, Sunshine Loan Bank, Sunshine Loan 15·17, Special Guarantee for Lowest Credit Borrowers, Change Dream Loan, Safety Net Loan I·II, and New Hope Loan, among others.

Applications to share diligent repayment information must be submitted directly through the "Inclusive Finance Connect" app. The information will be registered with the Korea Credit Information Services and shared with all financial institutions. Financial institutions can use this information to offer various preferential benefits to diligent repayers, such as lower loan interest rates.

The information sharing will remain valid for up to three years from the date of registration. However, if credit assessment information or public records are registered due to delinquency after this period, the sharing of diligent repayment information may be terminated. Users can also request to terminate information sharing at any time through the "Inclusive Finance Connect" app if they wish.

Preferential benefits from financial institutions based on the sharing of diligent repayment information are scheduled to be provided sequentially from mid-October. The financial institutions offering these benefits can be checked through the "Inclusive Finance Connect" app.

Lee Jaeyeon, President of the Korea Inclusive Finance Agency, stated, "We hope that financial institutions will actively utilize diligent repayment information for policy-based inclusive finance, so that individuals who have restored their repayment ability and creditworthiness can settle stably in the institutional financial market."

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