Credit Recovery Committee "831 Youths with Improved Credit Scores to Receive 500,000 Won Each"

As Part of the Employment Promotion and Credit Improvement Support Project for Unemployed Youth
4,000 Participants to Be Recruited This Year

[Asia Economy Reporter Minwoo Lee] The Credit Recovery Committee provided 500,000 KRW each to 831 unemployed youths whose credit scores improved.

On the 28th, the Credit Recovery Committee announced that through the 'Unemployed Youth Employment Promotion and Credit Improvement Support Project,' jointly promoted with the Financial Industry Public Interest Foundation and the Korea Inclusive Finance Agency, 831 participants whose credit scores increased by 30 points or more, classified as ‘Outstanding Credit Improvement Achievers,’ were given a credit improvement incentive of 500,000 KRW each.

The credit improvement incentive is a support fund designed to motivate unemployed youths to improve their credit and achieve economic independence early. The funding was provided by donations from the Financial Industry Public Interest Foundation.

The beneficiaries this time were 831 individuals whose credit scores, as of the end of last year (six months after participating in the project), rose significantly above the overall average increase of 30 points. For the remaining 1,669 participants who did not qualify as outstanding credit improvers, incentive payments will be made if their credit scores increase by the end of June this year.

Earlier, the three organizations signed a business agreement in May last year to provide credit welfare consulting to unemployed youths undergoing debt adjustment and committed to supporting 22.7 billion KRW (approximately 22,500 people) over the next five years. This year, they plan to recruit 4,000 participants around mid-year.

Lee Jaeyeon, Chairman of the Credit Recovery Committee and CEO of the Korea Inclusive Finance Agency, stated, "I hope this credit improvement incentive will help unemployed youths who have been especially exhausted due to the prolonged COVID-19 pandemic," adding, "We will continue to work harder to support the economic independence of financially vulnerable groups."