Credit Score Management for 1,900 KRW per Month
On May 27, Toss, a mobile financial platform, announced that its credit score management service, 'Credit Plus,' has surpassed 450,000 subscribers just one year after its launch.
Credit Plus is a personalized credit score management subscription service available for 1,900 KRW per month.
Toss developed the service in collaboration with NICE Information Service. By analyzing users' loan and card usage patterns, the service provides specific guidance on ways to improve their credit scores.
Subscribers' credit scores have increased by an average of 22 points. By age group, users in their 50s accounted for the largest share at 28%, followed by those in their 40s at 24% and those in their 30s at 20%.
The service also includes compensation for financial fraud victims. There has been a case where a user was compensated for damages up to 10 million KRW.
Credit Plus can be easily accessed by anyone through the 'All,' 'Credit Score,' and 'How to Further Improve Your Credit Score' menus within the Toss app.
A Toss representative stated, "Since credit scores are the starting point and a key indicator of financial life, we needed to find a way for everyone to improve their credit at a low cost. We find it meaningful that we have been able to bring positive changes to users' credit in just one year since launch, and we will continue to enhance the service to provide tangible financial benefits."
In 2017, Toss partnered with Korea Credit Bureau (KCB) and NICE Information Service to introduce the industry’s first free credit inquiry service. As of this month, the monthly active user (MAU) count is about 4.5 million. This means that one out of every six Toss users utilizes credit-related services on a daily basis.
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