Credit Recovery Diligent Repayer Card Surpasses '5,000 Accounts'

Yoon Jong-won, President of Industrial Bank of Korea (third from left), Lee Gye-moon, Chairman of the Credit Recovery Committee, Kim Joo-hyun, Chairman of the Credit Card Social Contribution Foundation, and Yoo Kwang-yeol, CEO of SGI Seoul Guarantee Insurance, are posing for a commemorative photo after the 'Diligent Repayer Card Issuance Business Agreement Ceremony.'

[Asia Economy Reporter Kwangho Lee] IBK Industrial Bank of Korea, in collaboration with the Credit Card Social Contribution Foundation, the Credit Recovery Committee, and SGI Seoul Guarantee, launched the ‘Credit Recovery Diligent Repayer Card,’ which surpassed 5,000 issued cards within two months of its release.

According to IBK on the 17th, the Credit Recovery Diligent Repayer Card is a debit card granted to debtors who have undergone debt adjustment through the Credit Recovery Committee and have diligently repaid their monthly installments for more than six months.

Customers who have diligently repaid for over six months receive a postpaid transportation card with a monthly limit of 100,000 KRW, while those who have repaid for over a year can be issued a small credit limit card with a monthly limit of 300,000 KRW after screening.

Customers who receive notification from the Credit Recovery Committee that they are eligible for card issuance can apply through the IBK website (including mobile) or ARS.

An IBK official explained, "Although the credit limit is small, issuing a card with a credit limit helps alleviate some daily inconveniences and builds credit transaction records, which aids in recovering personal credit scores. Although this product targets a specific customer group, the number of applications is relatively high."

He added, "We will continue to actively implement inclusive finance by preparing various support measures for financially marginalized groups."