FSS to Revamp Creditor Change Information Inquiry System Starting from the 26th

Creditor Change History and Statute of Limitations Completion Status Now Verifiable

A screenshot of the Credit Information Service's 'Credit For You' webpage where the creditor change information inquiry system can be accessed.

Starting from the 26th, the Creditor Change Information Inquiry System will be revamped, allowing borrowers to more easily access a greater amount of information about their loans.

On the 25th, the Financial Supervisory Service announced that through this revamp, consumers will be able to check cash services, credit card transaction amounts, and loans for individual business owners, and if a debt sale occurs, they can verify creditor change information within 5 business days.

The Creditor Change Information Inquiry System is a system that allows financial consumers to check their creditor status and change history, as well as whether the statute of limitations has been completed, and has been in operation since 2017 to prevent damages from unfair debt collection.

However, until now, the debts that consumers could check through the Creditor Change Information Inquiry System were limited to loans and card loans, and if there was no creditor change (such as assignment or transfer), inquiry itself was not possible.

With this revamp, consumers can now check creditor information and whether the statute of limitations has been completed for not only loans and card loans received from banks but also credit card transaction amounts and cash services, even if there is no creditor change, as long as delinquency occurs.

Additionally, besides creditor information and statute of limitations completion status, consumers can also check loan types, principal and interest amounts, and whether debt adjustment has been made. Information related to loans taken out under the name of individual business owners can also be checked just like personal loans.

Previously, if a consumer’s debt was sold to another financial company, they could only verify creditor information after up to 30 days had passed, making it difficult to quickly confirm whether the collector was the new creditor who had acquired their debt. However, with this revamp, related information can be checked within 5 business days.

Furthermore, the Credit Information Agency will periodically verify creditor change information to provide consumers with accurate information.

A Financial Supervisory Service official stated that through this revamp, "the scope of debts for which consumers can check the completion of the statute of limitations has been expanded, and by providing consumers with more debt information, it is expected to help them access more up-to-date information and protect their rights."