NongHyup Expands Inclusive Finance, Deletes Delinquency Records for 220,000 Customers

Full Repayment of Overdue Loans by Year-End
Support for Diligent Borrowers to Restart Financial Activities

NongHyup Financial Group and NongHyup Cooperative Finance announced that, as part of their inclusive finance initiative, they will implement support measures for diligent borrowers who currently have no overdue payments but have faced disadvantages in interest rates and credit limits due to past delinquency records.

Individuals or sole proprietors who experienced minor delinquencies of 50 million won or less between January 1, 2020, and August 31 of this year, and fully repay the principal and interest by the end of this year, will be eligible for credit amnesty benefits. Upon repayment, the relevant delinquency record will be immediately deleted, preventing financial institutions from sharing or utilizing this information. Eligible individuals will receive various forms of support, including increased credit scores, expanded opportunities for new loans, and credit card reissuance.

As of now, approximately 220,000 people have been identified as eligible for NongHyup’s credit amnesty, with 84% (about 190,000 individuals) expected to see an improvement in their credit scores.

A NongHyup representative stated, "Credit amnesty recipients will be able to access higher credit limits at lower interest rates than before," adding, "We will continue to develop follow-up programs to help low-income individuals and small business owners who have diligently repaid overdue debts resume their financial activities, especially as challenges such as the economic downturn and high interest rates persist in the aftermath of COVID-19."

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