(1) Credit information shall be specifically defined as follows: 1. Information to identify a specific credit information subject; 2. Information to judge a transaction of the credit information subject; 3. Information to judge a credit rating of the credit information subject; 4. Information to judge credit transaction capacity of the credit information subject; and 5. Other similar information. Details of the above definition have been delegated to the Presidential Decree (Article 2. 1).
(2) Credit information that may be disadvantageous to the credit information subject shall be deleted within the longest period of five years, and specific types of relevant credit information and the term of keeping the records shall be prescribed by the Presidential Decree (Article 18 (2) and (3)).
(3) Credit inquiry service provider shall report to the Financial Services Commission with respect to the scope and term of utilization of credit information, and intended recipients of such information. Any person who violates such obligation to report shall be punished by an administrative fine of not more than 10 million Korean Won (Article 22-2 and Article 52 (3) 4-2).
(4) Download: Partial Amendment to the Use and Protection of Credit Information Act (Act No. 10690, enforced as of August 20, 2011)
Jipyong News|Newsletter
[New Law] Regulation on Term of Keeping and Utilization of Credit Information, Etc.: Partial Amendment to the Use and Protection of Credit Information Act (Act No. 10690, enforced as of August 20, 2011)
2011.05.19