Korea Inclusive Finance Agency Signs Financial Support Agreement for Vulnerable Groups with Jeonbuk Credit Guarantee Foundation

Credit and Debt Management Consulting Services
Now Available for Jeonbuk Residents

The Korea Inclusive Finance Agency and the Jeonbuk Credit Guarantee Foundation announced on the 1st that they have signed an agreement to connect Jeonbuk residents with the Agency's credit and debt management consulting, financial education, and other services.

The Jeonbuk Credit Guarantee Foundation will identify individuals wishing to receive consulting on debt adjustment and financial welfare, as well as financially vulnerable groups, and refer them to the Agency. The Agency will then provide a range of services, including consulting and financial education. Both organizations have also agreed to work together to expand related services. In particular, the Agency will broaden the eligibility for credit and debt management consulting, which was previously limited to users of policy-based inclusive finance, to now include vulnerable groups in Jeonbuk Province.

Credit and debt management consulting is a service in which professional consultants with financial sector experience offer credit improvement, debt management, and asset-building strategies to low-income and vulnerable individuals. Applicants can receive counseling by phone once a month for up to six months. The number of consulting sessions supported in the first half of this year was approximately 26,000, marking an increase of about 13% compared to 23,000 cases during the same period last year.

Lee Jaeyeon, President of the Korea Inclusive Finance Agency, stated, "We expect this agreement to serve as a catalyst for supporting stable credit management for Jeonbuk residents," adding, "We plan to ensure effective consultations by providing information on illegal private loan prevention loans and integrated support systems for finance, employment, and welfare during consulting sessions."

Han Jonggwan, Chairman of the Jeonbuk Credit Guarantee Foundation, said, "This will be a valuable opportunity to enhance Jeonbuk residents' interest and capabilities in credit management," and added, "We will continue to make efforts to identify and support the diverse financial needs of residents in the future."