"Exercise Your Right to Respond to Personal Credit Evaluation" Revised Loan Product Guide

[Asia Economy Reporter Bu Aeri] The Financial Supervisory Service announced on the 12th that it plans to revise and implement loan product explanation documents to allow financial consumers to request explanations and raise objections regarding their personal credit evaluation results.

Banks conduct personal credit evaluations using various personal credit information and utilize the results in financial transactions such as loans. The personal credit rating determined through the bank's credit evaluation system is an important factor affecting loan interest rates and limits.

According to the current Credit Information Act, individuals have the right to request explanations and raise objections regarding personal credit evaluation results from banks and other institutions. The matters for which individuals can request explanations include credit evaluation results, credit evaluation base information, and reflection ratios as stipulated in the Credit Information Business Act supervisory regulations.

Based on these results, individuals can submit information they believe is advantageous for the evaluation outcome. Additionally, if the information used in the evaluation is deemed inaccurate or outdated, individuals can request correction, deletion, or recalculation.

Accordingly, the Financial Supervisory Service plans to ensure that all individuals entering into loan contracts are informed of these rights so that financial consumers can fully exercise their legal rights, in cooperation with the banking sector.

To this end, starting from the 16th, the loan product explanation documents of banks will be revised and implemented to include the main contents of the rights and application methods.

The right to respond to personal credit evaluations can be exercised by visiting bank branches or, in the case of internet banks, through customer center phone reception. In the future, it is expected that this right can be exercised through various methods such as websites and mobile apps.