KAMCO and Credit Information Association Sign MOU to Protect Debtor Rights and Promote Fair Debt Collection Culture

Joint Program and Campaign to Comply with the Personal Debtor Protection Act and Eradicate Illegal and Excessive Debt Collection

On the 2nd, Korea Asset Management Corporation (KAMCO) signed a business agreement with the Credit Information Association at the association's headquarters to protect the rights of debtors and promote a culture of fair debt collection.

This business agreement was established to promote a culture of fair debt collection by supporting the prompt credit recovery and rehabilitation of debtors through mutual cooperation between the two organizations, and by seeking measures to eradicate illegal and excessive debt collection practices.

According to the agreement, both organizations will actively cooperate in △ complying with and strengthening policies related to the Personal Debtor Protection Act to ensure the prompt rehabilitation and rights protection of debtors △ operating educational programs to eradicate illegal and excessive debt collection △ jointly hosting awareness campaigns to spread a culture of fair debt collection.

KAMCO expects that through this agreement, it will enhance the fairness and transparency of the debt collection process and expedite debt adjustment procedures, thereby contributing to the prompt economic rehabilitation of debtors.

Kwon Nam-ju, President of KAMCO, stated, “Based on this agreement, we will actively work to eradicate illegal and excessive debt collection and create a fair and warm debt collection environment.” He added, “We will continue to promote a debtor-centered business transition and lead efforts to support more financially vulnerable groups thoroughly, thereby stabilizing and revitalizing the livelihood economy.”