"Where Did I Borrow How Much?"... Check It on 'CreditForYou'

Enforcement of the Personal Debtor Protection Act Since Last Month
Debt Collection Contact Limited to 7 Times in 7 Days
Debt Collection Prohibited for Long-Term Overdue Telecom Charges Under 300,000 KRW

#University student A learned that his father was struggling with long-term debt collection due to overdue loans, credit card bills, and communication fees following a past business failure. A wanted to help his father, but the creditors making collection calls kept changing, and the overdue interest kept increasing, making it impossible to know the exact amount. Fortunately, he was able to check all the detailed information through the Credit Information Service's 'CreditForYou' under 'Creditor Change Information.'

According to the 'Financial Tips' released by the Financial Supervisory Service on the 25th, debtors can find out the exact overdue amount (principal and interest), the current creditor holding the claim, the collection agency if the creditor has outsourced collection, and whether the statute of limitations has been completed through CreditForYou. Not only financial debts but also communication debts can be checked at once.

Moreover, under the Personal Debtor Protection Act, which came into effect on October 17, collection contacts are limited to seven times within seven days, and debtors can request collection deferral and restrictions on the types of collection contacts if necessary. The Personal Debtor Protection Act limits collection contacts to seven times within seven days, including visits, phone calls, text messages, and emails. If the debtor or their spouse or direct ascendants/descendants experience surgery, hospitalization, marriage, or funeral, collection can be deferred for a period agreed upon with the creditor within three months.

Additionally, if a small communication fee (under 300,000 KRW) has been overdue for a long time (over three years), collection worries can be reduced. According to financial authorities, communication companies SKT, KT, and LGU+ will sequentially stop collecting overdue communication fees under 300,000 KRW that have been overdue for more than three years starting this December. This applies if the total overdue amount, including all mobile phone fees for all lines, wired service fees, and content usage fees, is under 300,000 KRW, making it subject to collection prohibition.