'Personal Credit Evaluation Response' Available on Credit Rating Agencies' Apps and Websites from the 3rd

The Financial Supervisory Service, NICE Information Service (NICE), Korea Credit Bureau (KCB), and SCI Information Service (SCI), three personal credit rating agencies, announced on the 2nd that from the 3rd, consumers will be able to apply for the right to respond to personal credit evaluations through the agencies' websites and mobile apps.

The Credit Information Act has granted financial consumers the right to request explanations and raise objections regarding personal credit evaluation results, known as the right to respond to personal credit evaluations, since August 5, 2020.

However, until now, personal credit rating agencies have accepted applications for this right via fax and email, causing inconvenience for financial consumers in exercising this right.

Going forward, financial consumers will be able to easily check their credit evaluation results through websites and mobile apps, and view in detail how much weight loans or delinquencies have in their credit evaluations.

Financial consumers can review their credit evaluation results and, if there is incorrect information, request correction or deletion of the information and demand recalculation of the credit evaluation.

Additionally, financial consumers can submit information favorable to themselves to the personal credit rating agencies during the credit evaluation process.