Korea Credit Information Services Launches Dedicated Page for "Creditor Change Information"

On October 13, the Korea Credit Information Services announced that it has launched a dedicated page that allows users to easily check creditor change information.

Financial consumers can directly view their own creditor change history on this page. They can check which financial institution currently holds their debt and whether the statute of limitations has expired, among other details.

Creditor change information is registered by financial institutions when there is a delinquency (including subrogation or payment on behalf) or a transfer of delinquent debt arising from financial transactions. If a financial institution attempts to collect on a personal financial claim without registering the creditor change information, debt collection on that claim is restricted under the Personal Debtor Protection Act, and such collection may be considered illegal.

Until now, the Korea Credit Information Services has supported financial consumers in checking creditor change information through its personal credit information inquiry service website. However, there have been calls to improve accessibility and convenience for digitally vulnerable groups. In response, the system has been improved so that, for creditor change information frequently used by digitally vulnerable groups, users can verify their information through mobile phone authentication without the need for a cumbersome membership registration process.

In addition, the Korea Credit Information Services provides a self-diagnosis checklist that allows individuals to assess whether they are being subjected to illegal debt collection, helping debtors protect their rights against unlawful collection practices.

Choi Yusam, President of the Korea Credit Information Services, stated, "We will continue to devise various measures so that creditor change information services can play a key role in realizing 'well-informed debt repayment and the protection of rights through verification.'"

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