'2.86 Million Beneficiaries' Small Debt Defaulters' Credit Amnesty, 2 Weeks Left

As a credit recovery support measure for low-income earners and small business owners in the financial sector, approximately 2,859,000 individuals and sole proprietors have benefited from credit recovery so far. Small delinquent borrowers who have not yet received credit support can also be eligible for 'credit forgiveness' if they repay the full amount of their delinquent debt by the end of May.

The Financial Services Commission announced on the 21st that out of about 3,294,000 individuals and sole proprietors eligible for credit recovery as of the end of last month (2,984,000 individuals and 310,000 sole proprietors), approximately 2,858,000 have fully repaid their delinquent amounts and received credit recovery benefits such as improved credit scores and credit card issuance.

Previously, the financial sector decided to promote credit forgiveness for individuals and sole proprietors with small delinquencies of 20 million KRW or less occurring between September 1, 2021, and January 31, 2024, if they fully repay the delinquent amount by May 31.

About 325,000 individuals and 111,000 sole proprietors who have not yet fully repaid their delinquent amounts can also receive credit recovery support benefits automatically without a separate application if they complete full repayment by the 31st of this month.

Low-income earners and small business owners can check their eligibility for credit recovery support and delinquency information eligible for credit recovery upon full repayment on the websites of personal credit evaluation companies and sole proprietor credit evaluation companies, as well as on major MyData (personal credit information management) applications.

The Financial Services Commission stated, "We plan to continue online and offline promotions during the remaining two weeks until the credit recovery support measure ends on the 31st of this month to enable more citizens to benefit from credit recovery support."