Starting August 31, individuals applying for debt adjustment through the Credit Recovery Commission will no longer need to submit separate documentation for financial assets such as deposits, insurance, and stocks.
The Credit Recovery Commission, along with the Korea Credit Information Service and the Financial Settlement Agency, announced on August 18 that they signed a memorandum of understanding on August 14 to introduce financial mydata to enhance user convenience in debt adjustment.
Under this agreement, beginning August 31, the Credit Recovery Commission will obtain consent from applicants to access their financial asset information—such as deposits, insurance, stocks, and funds—through financial mydata. This change aims to reduce the inconvenience of users having to obtain and submit relevant documents from financial institutions, while also improving the accuracy and efficiency of debt adjustment assessments.
This marks the first instance of a service where an organization that is not a financial mydata provider can receive and utilize user information through an 'institutional pre-transmission' service.
The Credit Recovery Commission will guide users through the financial mydata utilization process and use the verified asset information for debt adjustment assessments. The Korea Credit Information Service will be responsible for building a one-stop support platform and facilitating information transmission and integrated authentication. The Financial Settlement Agency will support the issuance of a dedicated certification for use during face-to-face consultations.
As a result, elderly individuals and those in digitally vulnerable groups, who may find it difficult to access non-face-to-face financial services, will be able to obtain the dedicated certification at the Credit Recovery Commission's consultation centers to check their financial assets and apply for debt adjustment.
* This article has been translated by AI.
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