Adding Corporate Credit Inquiry Business as a Concurrent Operation for Credit Card Companies
The Financial Services Commission is set to amend the enforcement decree to promote data utilization in the card industry.
The Financial Services Commission will conduct a legislative notice for the amendment of the "Enforcement Decree of the Specialized Credit Finance Business Act," which adds corporate credit inquiry business under the "Act on the Use and Protection of Credit Information" as a concurrent business for credit card companies and other specialized credit finance companies.
Credit card companies perform payment and settlement functions and concurrently operate various data utilization businesses such as personal credit information management and credit evaluation for individual business owners based on diverse financial and non-financial data they possess.
Recently, some credit card companies have been preparing to provide corporate credit inquiry services, including corporate information inquiry business that utilizes and analyzes credit information of corporate and legal entity credit information subjects. However, since this is not listed as a concurrent business under the current enforcement decree of the Specialized Credit Finance Business Act, the amendment aims to establish a foundation for conducting such business through the enforcement decree revision.
This will enable credit card companies to engage in various data-based businesses, and it is expected to further activate financial supply to small and medium-sized corporations in the financial sector.
The amendment to the enforcement decree will be open for legislative notice from the 22nd to September 2nd, and after review by the Ministry of Government Legislation, approval by the Vice Ministerial Meeting and the Cabinet Meeting, it is scheduled to be implemented within the third quarter of this year.
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