ENFORCEMENT DECREE OF THE CREDIT INFORMATION USE AND PROTECTION ACT
Wholly Amended by Presidential Decree No. 21765, Oct. 1, 2009
Amended by Presidential Decree No. 22151, May 4, 2010
Presidential Decree No. 22220, jun. 28, 2010
Presidential Decree No. 22467, Nov. 2, 2010
Presidential Decree No. 22493, Nov. 15, 2010
Presidential Decree No. 22626, Jan. 17, 2011
Presidential Decree No. 23076, Aug. 17, 2011
Presidential Decree No. 23488, Jan. 6, 2012
Presidential Decree No. 23535, Jan. 25, 2012
Presidential Decree No. 24076, Aug. 31, 2012
Presidential Decree No. 24697, Aug. 27, 2013
Presidential Decree No. 25155, Feb. 11, 2014
Presidential Decree No. 25532, Aug. 6, 2014
Presidential Decree No. 25945, Dec. 30, 2014
Presidential Decree No. 26369, jun. 30, 2015
Presidential Decree No. 26517, Sep. 11, 2015
Presidential Decree No. 27037, Mar. 11, 2016
Presidential Decree No. 27070, Mar. 29, 2016
Presidential Decree No. 27205, May 31, 2016
Presidential Decree No. 27322, Jul. 6, 2016
Presidential Decree No. 27511, Sep. 22, 2016
Presidential Decree No. 27556, Oct. 25, 2016
Presidential Decree No. 27786, Jan. 10, 2017
Presidential Decree No. 28150, jun. 27, 2017
Presidential Decree No. 28152, jun. 27, 2017
Presidential Decree No. 28283, Sep. 5, 2017
Presidential Decree No. 28387, Oct. 17, 2017
Presidential Decree No. 28918, May 28, 2018
Presidential Decree No. 29269, Oct. 30, 2018
Presidential Decree No. 29677, Apr. 2, 2019
Presidential Decree No. 29892, jun. 25, 2019
Presidential Decree No. 30235, Dec. 10, 2019
Presidential Decree No. 30893, Aug. 4, 2020
Presidential Decree No. 30934, Aug. 11, 2020
Presidential Decree No. 31221, Dec. 8, 2020
Presidential Decree No. 32091, Oct. 21, 2021
Presidential Decree No. 32274, Dec. 28, 2021
Presidential Decree No. 32684, jun. 7, 2022
Presidential Decree No. 32733, jun. 28, 2022
CHAPTER I GENERAL PROVISIONS
| (1) | "Information prescribed by Presidential Decree" in subparagraph 1-2 (a) (i) of Article 2 of the Use and Protection of Credit Information Act (hereinafter referred to as the "Act") means the following: <Amended on Aug. 4, 2020> |
| 2. | Social Network Service address; |
| 3. | Other information similar to the information under subparagraphs 1 and 2 as determined and publicly notified by the Financial Services Commission. |
| (2) | "Information prescribed by Presidential Decree" in subparagraph 1-2 (a) (ii) of Article 2 the Act means the following (hereinafter referred to as "personal identification number"): <Amended on Aug. 4, 2020> |
| (3) | "Information prescribed by Presidential Decree" in subparagraph 1-2 (a) (iv) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020; Aug. 11, 2020; Jun. 7, 2022> |
| 2. | Information assigned by a credit information company, etc. under the former part of Article 15 (1) of the Act (hereinafter referred to as “credit information company, etc.”) to uniquely identify a specific individual or to distinguish the same owner of credit information without using personal identification numbers; |
| 3. | Other information similar to the information under subparagraphs 1 and 2 as determined and publicly notified by the Financial Services Commission. |
| (4) | "Information prescribed by Presidential Decree" in subparagraph 1-2 (b) (v) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Corporate registration numbers; |
| 3. | Other information similar to the information under subparagraphs 1 and 2 as determined and publicly notified by the Financial Services Commission. |
| (5) | "Information prescribed by Presidential Decree" in subparagraph 1-2 (b) (vi) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Date of establishment; |
| 3. | Other information similar to the information under subparagraphs 1 and 2 as determined and publicly notified by the Financial Services Commission. |
| (6) | "Transaction prescribed by Presidential Decree" in subparagraph 1-3 (a) (iv) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020; Jun. 7, 2022> |
| 7. | Other transactions similar to transactions under subparagraphs 1 through 6, which are conducted by the following institutions and the institutions under the subparagraphs of Article 21 (2): |
| (u) | The Korea Deposit Insurance Corporation and financial companies authorized to perform resolution under the Depositor Protection Act; |
| (v) | Banks established with authorization under the Banking Act (including those regarded as banks under Article 59 of that Act); |
| (ac) | Financial institutions operating financial business similar to the financial business of the financial institutions under items (a) through (t) and (v) through (ab) in a foreign country; |
| (ad) | Those that are established under foreign statutes or regulations and conduct credit information business or business of collecting claims in a foreign country. |
| (7) | "Information prescribed by Presidential Decree" in subparagraph 1-3 (f) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Information on the type, period, mutual aid fee, etc. of a mutual aid contract concluded between any of the following corporations or organizations established under any special Act (hereinafter referred to as “mutual aid cooperative, etc.”) and its members, and information on claiming and paying the mutual-aid money: |
| (a) | A mutual aid cooperative; |
| (b) | A mutual aid association; |
| (c) | Other corporations or organizations similar to those under items (a) and (b) which are formed for the purposes of mutual aid, welfare promotion, etc. of members engaged in the same workplace or occupational category or residing in the same area, and conduct mutual aid projects; |
| 2. | Information on the type, period, insurance premium, etc. of an insurance contract under the Postal Savings and Insurance Act, and information on claiming and paying insurance money; |
| 3. | Information on the type, period, content, etc. of any of the following transactions: |
| (f) | Other transactions similar to transactions under items (a) through (e) as determined and publicly notified by the Financial Services Commission; |
| 4. | Information on the offer and acceptance of contracts related to transactions under subparagraph 1-3 (a) (i) through (iv) of Article 2 of the Act; |
| 5. | Information on the fact that the claims arising from transactions under subparagraph 1-3 (a) (i) through (iv) of Article 2 of the Act have been extinguished and the causes thereof; |
| 6. | Information on guarantee and collateral for debts related to transactions under the items of subparagraph 1-3 of Article 2 of the Act, paragraph (6) 1 through 7 of this Article, and the items of subparagraph 3 of this paragraph; |
| 7. | Other information similar to the information under subparagraphs 1 through 6 as determined and publicly notified by the Financial Services Commission. |
| (8) | "Information prescribed by Presidential Decree" in subparagraph 1-4 (b) (v) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Information on the fact that a decision related to rehabilitation, simplified rehabilitation, individual rehabilitation, bankruptcy, immunity, and reinstatement under the Debtor Rehabilitation and Bankruptcy Act, or a similar judgment thereto has been achieved by fraud or other improper means; |
| 2. | Information on the fact of having provided personally identifiable information to others who intend to conduct commerce, such as financial transactions, for illegal purposes; |
| 3. | Other information similar to the information under subparagraphs 1 and 2 as determined and publicly notified by the Financial Services Commission. |
| (9) | "Persons prescribed by Presidential Decree" in subparagraph 1-4 (c) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | A person who is the largest investor among oligopolistic stockholders under subparagraph 2 of Article 39 of the Framework Act on National Taxes (hereafter in this paragraph referred to as “oligopolistic stockholder”) and who participates in the management of the relevant corporation and has de facto control over the corporation; |
| 2. | A person who is an oligopolistic stockholder and a director or auditor of the relevant corporation, who provides joint and several guaranty for the debts of the corporation, participates in the management of the relevant corporation, and has de facto control over the corporation; |
| 3. | A person who owns at least 30/100 of the total number of issued voting stocks or total equity of the relevant corporation, participates in the management of the corporation, and has de facto control over the corporation; |
| 4. | A person who is a general partner with unlimited liability of the relevant corporation, participates in the management of the corporation, and has de facto control over the corporation. |
| (10) | "Information prescribed by Presidential Decree" in subparagraph 1-4 (d) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Information on the fact that an agreement to pay a bill or check has not been fulfilled; |
| 2. | Other information on the fact that indicates the creditworthiness of the owner of credit information in relation to commercial transactions, such as financial transactions, as determined and publicly notified by the Financial Services Commission. |
| (11) | "Information prescribed by Presidential Decree" in subparagraph 1-5 (c) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Business-related information of enterprises (referring to individuals and corporations running business and their organizations; hereinafter the same shall apply) and corporations, which is related to government procurement performance or the amount of exports, imports, etc.; |
| 2. | Information related to the registration of enterprises and corporations, such as establishment, suspension or closure of business, transfer or acquisition, division or merger, and changes in stocks or equities; |
| 3. | Information on the purchase details, and sources of sales and purchase of the assets of enterprises and corporations, details, deposits, and withdrawals of inventories, and the age of inventories and trade receivables; |
| (12) | "Information prescribed by Presidential Decree" in subparagraph 1-6 (a) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Information on adjudication related to adult guardianship, limited guardianship, and specific guardianship under the Civil Act; |
| 2. | Information on adjudication related to the judicial declaration of disappearance under the Civil Act; |
| 3. | Information on decisions related entry in and cancellation of entry in defaulters' list under the Civil Execution Act; |
| 4. | Information on decisions related to the auction, such as a decision to commence an auction and a decision to permit a successful bid under the Civil Execution Act; |
| 6. | Information on administrative dispositions related to commercial transactions such as financial transactions, imposed by the State or local governments pursuant to any Act, or statutes or regulations; |
| 7. | Other information similar to the information under subparagraphs 1 through 6 as determined and publicly notified by the Financial Services Commission. |
| (13) | "Information prescribed by Presidential Decree" in subparagraph 1-6 (b) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Information on national taxes, local taxes, customs duties, or claims by the State in arrears; |
| 2. | Information on fines, administrative fines, penalty surcharges, additional collection charges, etc. in arrears. |
| (14) | "Information prescribed by Presidential Decree" in subparagraph 1-6 (c) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 5. | Information on debt readjustment agreements of Korea Asset Management Corporation under the Act on the Establishment of Korea Asset Management Corporation (hereinafter referred to as the “Korea Asset Management Corporation”); |
| 6. | Other information similar to the information under subparagraphs 1 through 5 as determined and publicly notified by the Financial Services Commission. |
| (15) | The evaluation of technology, marketability, business feasibility, etc. related to the technology of enterprises and corporations under the main clause of subparagraph 1-6 (g) of Article 2 of the Act shall be conducted by classifying technologies according to the certain criteria such as type of business and size, and by systematically arranging information on the enterprises and corporations, such as transaction details and credit transaction capacity. <Newly Inserted on Aug. 4, 2020> |
| (16) | “Information prescribed by Presidential Decree” in the main clause of subparagraph 1-6 (g) of Article 2 of the Act means information indicating the results of evaluation by rating or grade using symbols, numbers, etc., the value of technology, or evaluation opinions, etc. (hereinafter referred to as “technology credit information”) after conducting technology evaluation (referring to technology evaluation under Article 28 (1) 6 of the Korea Technology Finance Corporation Act) to determine the credit of an enterprise or corporation as the owner of credit information and utilizing credit information and information about the technology of the relevant enterprise or corporation. <Newly Inserted on Aug. 4, 2020> |
| (17) | "Information prescribed by Presidential Decree" in subparagraph 1-6 (h) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 3. | Information on social insurance premiums, public utilities charges, fees, etc.; |
| 4. | Information on an individual's resident registration, such as information on birth, death, emigration, absence, or change of a resident registration number or name; |
| 5. | Records of credit information provided by personal credit rating companies and credit rating companies for sole proprietors or information on the credit recovery of the owner of credit information as determined and publicly notified by the Financial Services Commission; |
| 6. | Records of credit inquiry whereby information is provided to a third party to determine the creditworthiness of the owner of credit information; |
| 8. | Information on a person for whom decoration is determined under the Awards and Decorations Act as determined and publicly notified by the Financial Services Commission; |
| 9. | Other information similar to the information under subparagraphs 1 through 8 as determined and publicly notified by the Financial Services Commission. |
| (18) | "Persons prescribed by Presidential Decree" in subparagraph 7 of Article 2 of the Act means the following: <Amended on Sep. 11, 2015; Jun. 25, 2019; Aug. 4, 2020; Jun. 7, 2022; Jun. 28, 2022> |
| 3. | Investment companies for the establishment of small and medium enterprises, venture investment associations, or individual investment associations under the Venture Investment Promotion Act; |
| 5. | Cooperatives, credit unions, or national federations or associations thereof established under a Special Act; |
| 6. | Corporations, public corporations, banks, guarantee funds, guarantee foundations, or national federations or associations thereof established under a Special Act; |
| 6-2. | Any of the following corporations or organizations, which is established under a Special Act: |
| (a) | A mutual aid cooperative; |
| (b) | A mutual aid association; |
| (c) | Other similar corporations or organizations that render mutual aid services and are organized by members engaging in the same workplace or the same type of occupation, or residing in the same area, for the purposes of mutual aid, promotion of welfare, etc.; |
| 8. | Other persons determined and publicly notified by the Financial Services Commission. |
| (19) | “Information prescribed by Presidential Decree” in subparagraph 8-3 (a) of Article 2 of the Act means corporate credit ratings (referring to the corporate credit ratings under the main clause of subparagraph 1-6 (e) of Article 2 of the Act) and technical credit information. <Newly Inserted on Aug. 4, 2020> |
| (20) | “Method prescribed by Presidential Decree” in subparagraph 8-3 (a) of Article 2 of the Act means a method of providing credit information to a person other than a credit information company in order to use it for commerce, such as financial transactions (excluding methods such as disclosing to the general public through public notice, as determined and publicly notified by the Financial Services Commission). <Newly Inserted on Aug. 4, 2020> |
| (21) | “Method prescribed by Presidential Decree” in the provisions, with the exception of the items, of subparagraph 9-2 of Article 2 of the Act means collecting personal credit information, etc. held by credit information providers or users, or public institutions under the Personal Information Protection Act and allowing the owner of credit information to inquire and peruse all or part of the collected information: Provided, That methods determined and publicly notified by the Financial Services Commission shall be excluded. <Newly Inserted on Aug. 4, 2020> |
| (22) | “Information prescribed by Presidential Decree” in the provisions of subparagraph 9-2 (a) through (d) of Article 2 of the Act means the respective information falling under attached Table 1. <Newly Inserted on Aug. 4, 2020> |
| (23) | “Information prescribed by Presidential Decree” in subparagraph 9-2 (e) of Article 2 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Credit information under subparagraph 1-3 (a) (iii) and (iv) of Article 2 of the Act, which falls under attached Table 1; |
| 2. | Other information determined and publicly notified by the Financial Services Commission. |
| (25) | “Person in a special relationship prescribed by Presidential Decree” in subparagraph 18 (a) of Article 2 of the Act means a person who is in a relationship with the principal as specified in the following (hereinafter referred to as “affiliated person”): <Newly Inserted on Aug. 4, 2020; Dec. 28, 2021> |
| (a) | A spouse (including a person in a de facto marital relationship; hereinafter the same shall apply); |
| (b) | Blood relatives within the sixth degree; |
| (c) | Relatives by marriage within the fourth degree; |
| (d) | Lineal ascendants from the biological family of an adoptee; |
| (e) | A child adopted into another family, his or her spouse, and lineal descendants of the adopting family; |
| (f) | The birth mother of a child born out of wedlock; |
| (g) | A person who makes a living with the money or other property of the principal or a person who shares a living; |
| (h) | Where the principal has invested at least 30/100 in a corporation or organization on his or her own or in conjunction with a person who is in a relationship under the provisions of items (a) through (g), or is otherwise exercising de facto influence over important management matters of a corporation or organization, such as the appointment or dismissal of executive officers, the relevant corporation or organization and its executive officers (where it is confirmed through the principal's written confirmation that the principal is not exercising de facto influence over important management matters of the corporation or organization on his or her own or in conjunction with a person who is in a relationship under the provisions of items (a) through (g) by means of appointment or dismissal of executive officers, etc., such executive officers shall be excluded); |
| (i) | Where the principal has invested at least 30/100 in a corporation or organization on his or her own or in conjunction with a person who is in a relationship under the provisions of items (a) through (h), or is otherwise exercising de facto influence over important management matters of a corporation or organization, such as the appointment or dismissal of executive officers, the relevant corporation or organization and its executive officers (where it is confirmed through the principal's written confirmation that the principal is not exercising de facto influence over important management matters of the corporation or organization on his or her own or in conjunction with a person who is in a relationship under the provisions of items (a) through (h) by means of appointment or dismissal of executive officers, etc., such executive officers shall be excluded); |
| 2. | If the principal is a corporation or organization: Any of the following persons: |
| (c) | Individuals (including those in a relationship with them under the items of subparagraph 1), corporations (excluding affiliates; hereafter in this subparagraph the same shall apply), organizations, and their executive officers that have invested at least 30/100 in the principal on their own or in conjunction with a person who is in a relationship under the items of paragraph (1), or are otherwise exercising de facto influence over important management matters of the principal, such as the appointment or dismissal of executive officers; |
| (d) | Where the principal has invested at least 30/100 in another corporation or organization on his or her own or in conjunction with a person who is in a relationship under the provisions of items (a) through (c), or is otherwise exercising de facto influence over important management matters of another corporation or organization, such as the appointment or dismissal of executive officers, the relevant corporation or organization and its executive officers (where it is confirmed through the principal's written confirmation that the principal is not exercising de facto influence over important management matters of the corporation or organization on his or her own or in conjunction with a person who is in a relationship under the provisions of items (a) through (c) by means of appointment or dismissal of executive officers, etc., such executive officers shall be excluded). |
| (26) | “Persons prescribed by Presidential Decree” in subparagraph 18 (b) (ii) of Article 2 of the Act means any of the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | A shareholder who has elected the representative director or a majority of the directors, either alone or under an agreement, contract, etc. with other shareholders; |
| 2. | A shareholder who is recognized to exercise a dominant influence on major decision-making or business execution, such as management strategy and organizational change, of a credit information company, personal credit information management company, or claims collection agency, as determined and publicly notified by the Financial Services Commission. |
CHAPTER II PERMISSION FOR CREDIT INFORMATION BUSINESS
| Article 3 Deleted. <Aug. 4, 2020> |
| Article 4 (Application for Business Permission) |
A person who intends to obtain permission to conduct credit information business, personal credit information management business, or claims collection business referred to in Article 4 (2) of the Act, shall submit to the Financial Services Commission an application determined and publicly notified by the Financial Services Commission (including an application via electronic document) with the documents set forth in each of the following subparagraphs attached. In such cases, the Financial Services Commission shall verify the certificate of corporate registration by using shared administrative information in accordance with Article 36 (1) of the Electronic Government Act: <Amended on May 4, 2010; Aug. 17, 2011; Aug. 4, 2020; Jun. 7, 2022> | 1. | Articles of incorporation; |
| 2. | Documents stating the capital or the equity share of fundamental property; |
| 4. | Business plans and a statement of forecast income and expenditure statement for two years; |
| 5. | Other documents determined and publicly notified by the Financial Services Commission. |
| Article 5 (Those Qualified for Permission for Credit Information Business) |
| (1) | “Personal credit information related to financial transactions prescribed by Presidential Decree” in the proviso, with the exception of the subparagraphs, of Article 5 (1) of the Act means the following: Provided, That if excluding the following information from the information processed by the professional personal credit rating business under the proviso, with the exception of the subparagraphs, of that paragraph (hereinafter referred to as “professional personal credit rating business”) infringes on the interests of the owner of credit information as determined and publicly notified by the Financial Services Commission to the extent that the purpose of the professional personal credit rating business is not impaired, such information shall be excluded: <Newly Inserted on Aug. 4, 2020> |
| 1. | Information that can be used to determine the transaction details of the owner of credit information and is related to financial transactions; |
| 2. | Information that can be used to determine the creditworthiness of the owner of credit information and is related to financial transactions; |
| 3. | Other information similar to the information under subparagraphs 1 and 2 as determined and publicly notified by the Financial Services Commission. |
| (2) | "Financial institutions ... prescribed by Presidential Decree” in Article 5 (1) 1 of the Act means the institutions under Article 2 (6) 7 (a), (b), (d) through (g), (i), (k), (m), (o) through (q), and (s) through (ad). <Amended on Jun. 7, 2022> |
| (3) | “Corporation prescribed by Presidential Decree” in Article 5 (3) 4 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
[Title Amended on Aug. 4, 2020]
| Article 6 (Detailed Requirements for Permission) |
| (1) | Detailed requirements for human resources and physical facilities that a person intending to obtain permission for credit information business, personal credit information management business, or claims collection business must have pursuant to Article 6 (1) and (3) of the Act shall be classified as follows: |
| 1. | Where conducting at least one of the business under items (a) through (c) or concurrently conducting at least one of the business under items (a) through (c) and the business under items (d) or (e): The person shall have at least 10 regular employees falling under any of the items of paragraph (2) 1 (excluding item (e)) and facilities under subparagraph 2 of that paragraph: |
| (a) | Personal credit rating business (excluding professional personal credit rating business); |
| (b) | Credit rating business for sole proprietors; |
| (c) | Corporate credit inquiry business that provides corporate credit rating or technology credit rating services; |
| (d) | Professional personal credit rating business; |
| (e) | Corporate credit inquiry business that performs corporate information inquiry; |
| 2. | Where conducting only the professional personal credit rating business: The person shall have at least five regular employees falling under any of paragraph (2) 1 (c), (f), and (g) (where conducting only the professional personal credit rating business under Article 6 (2) 1 (b) of the Act, two regular employees) and facilities under paragraph (2) 2; |
| 3. | Where conducting corporate credit inquiry business that performs corporate information inquiry: Regular employees and facilities classified as follows: |
| (a) | Where the professional personal credit rating business is not conducted together: The person shall have at least two regular employees falling under any of subparagraph 1 (a), (e), (f), and (g) of paragraph (2) and facilities under subparagraph 2 of that paragraph; |
| (b) | Where the professional personal credit rating business is conducted together: The person shall have seven regular employees falling under any of paragraph (2) 1 (a), (c), (e), (f), and (g) (where only the professional personal credit rating business under Article 6 (2) 1 (b) of the Act is conducted together, four such employees) and facilities under paragraph (2) 2; |
| 4. | Where conducting credit investigation business and claims collection business separately or together: The person shall have at least 20 regular employees and facilities under paragraph (2) 2; |
| 5. | Where conducting personal credit information management business: The person shall have facilities under paragraph (2) 2. |
| (2) | Regular employees and facilities required under the subparagraphs of paragraph (1) (in cases of regular employees, subparagraph 4 of that paragraph is excluded) shall be classified as follows: |
| (a) | Certified public accountants; |
| (b) | Professional engineers, technology traders, or patent attorneys; |
| (c) | Persons who have been engaged in evaluating the credit status of the owner of credit information for at least three years; |
| (d) | Persons who have been engaged in the valuation of technology for at least three years; |
| (e) | Persons who have been engaged in corporate information inquiry for at least three years; |
| (f) | Persons who have been engaged in the business affairs related to the analysis of credit information, etc. (including information analysis, information planning, etc.) for at least three years; |
| (g) | Persons who have worked for a credit information collection agency for at least three years; |
| 2. | Facilities: Information processing and information communications facilities that can process credit information, etc. adequately as determined and publicly notified by the Financial Services Commission. |
| 1. | Prospects for income and expenditure shall be reasonable and feasible; |
| 2. | The organizational structure and management and operation system in the business plan shall be suitable for the implementation of the business plan, and the soundness of the credit information business, personal credit information management business, or claims collection business shall not be impeded by conflicts of interest, unfair practices, etc. |
| 3. | Other persons similar to those under subparagraphs 1 and 2 as determined and publicly notified by the Financial Services Commission. |
[This Article Wholly Amended on Aug. 4, 2020]
| Article 8 (Matters to Declare and Report) |
| (1) | "Matters ... prescribed by Presidential Decree" in the main clause of Article 8 (1) of the Act means the following subparagraphs: <Amended on Aug. 4, 2020> |
| 1. | Reduction of capital or basic assets; |
| 2. | Changes in the articles of incorporation, including the trade name. |
| (2) | "Insignificant matters prescribed by Presidential Decree" in the proviso of Article 8 of the Act means any of the following subparagraphs: <Amended on Aug. 4, 2020> |
| 1. | Changes in the representative and executive officers; |
| 2. | Reflecting any amendment of statutes or matters authorized or permitted pursuant to statutes or regulations; |
| 3. | Matters concerning changes in provisional structure, wording, etc. that do not entail any substantial change in the details of the articles of incorporation. |
| Article 9 (Approval of Change in Large Shareholders) |
| (1) | “Persons prescribed by Presidential Decree” in the main clause of Article 9 (1) of the Act means any of the following: <Amended on Aug. 17, 2011; Aug. 27, 2013; Aug. 4, 2020> |
| 1. | The largest shareholder of a corporation that is the largest shareholder (hereinafter referred to as “largest shareholder”) under subparagraph 18 (a) of Article 2 of the Act (where the person who has de facto control over major business matters of the corporation that is the largest shareholder is clearly different from the largest shareholder of the corporation, the person with the de facto control shall be included); |
| 2. | The representative of the corporation that is the largest shareholder. |
| (2) | “Statutes prescribed by Presidential Decree” in the main clause of Article 9 (1) of the Act means the following statutes and foreign finance-related statutes equivalent thereto (hereinafter referred to as “finance-related statutes”): <Newly Inserted on Aug. 4, 2020> |
| (3) | “Requirements prescribed by Presidential Decree” in the main clause of Article 9 (1) of the Act means the requirements under attached Table 1-2. <Amended on Aug. 4, 2020> |
| (4) | “Persons prescribed by Presidential Decree” in the proviso of Article 9 (1) of the Act means any of the following: <Newly Inserted on Aug. 4, 2020> |
| 4. | The largest shareholder or his or her affiliated person who owns less than 1/100 of the total number of issued voting stocks or equity shares of a credit information company, personal credit information management company, or claims collection agency: Provided, That those falling under any of the subparagraphs of Article 2 (26) shall be excluded; |
| 5. | The Korea Asset Management Corporation; |
| 6. | The National Pension Service under the National Pension Act (hereinafter referred to as the "National Pension Service"); |
| 7. | A person who has become a large shareholder after receiving new stocks from a credit information company, personal credit information management company, or claims collection agency that has approval for the merger or division of the company by the Financial Services Commission under finance-related statutes. |
| (5) | A person who intends to apply for approval of changes in large shareholders under Article 9 (2) of the Act shall apply for approval to the Financial Services Commission within the period classified as follows: <Newly Inserted on Aug. 4, 2020> |
| 1. | Where becoming a large shareholder by acquiring or taking over stocks through inheritance, bequest, or gift effective upon death following the death of an existing shareholder (referring to having de facto control over the relevant stocks; hereafter in this paragraph referred to as “acquisition, etc.”): Three months from the date of death of the existing shareholder; |
| 2. | Where becoming a large shareholder after acquisition, etc. of stocks due to the execution of security right, receipt of payment in substitutes, or other equivalent causes determined and publicly notified by the Financial Services Commission: One month from the date of stock acquisition, etc.; |
| 3. | Where becoming a large shareholder due to capital reduction, disposal of shares, etc. by other shareholders: One month from the date of becoming a large shareholder. |
| (6) | A person who intends to obtain approval under Article 9 (1) or (2) of the Act shall submit to the Financial Services Commission an application for approval of change of the large shareholder (hereinafter referred to as "application for approval of change") containing the following matters: <Amended on Aug. 4, 2020> |
| 1. | Matters regarding the applicant; |
| 2. | Where intending to acquire stocks of a credit information company, personal credit information management company, or claims collection agency in order to become a large shareholder, the status of ownership of stocks issued by the relevant company; |
| 3. | Where a person who intends to become a large shareholder under Article 9 (1) of the Act intends to acquire stocks issued or to be issued by a credit information company, personal credit information management company, or claims collection agency, the acquisition plan therefor; |
| 4. | Other matters necessary for examination of approval requirements, as determined and publicly notified by the Financial Services Commission. |
| (7) | The application for approval of change shall be accompanied by the documents classified as follows: <Newly Inserted on Aug. 4, 2020, Oct. 21, 2021> |
| 1. | If the person who intends to become a large shareholder is a corporation: |
| (a) | The articles of incorporation; |
| (b) | Financial statements as at the end of the latest business year (if six months have passed since the end of the latest business year, the semi-annual financial statements for the relevant year); |
| (c) | Auditor's audit reports and review reports on the financial statements under item (b); |
| 2. | Where the person intending to become a large shareholder falls under any of the following: |
| (a) | In cases of a foreign corporation: Documents equivalent to the certificate of corporate registration; |
| (c) | In cases of belonging to a business group subject to limitations on cross shareholding or a business group subject to limitations on debt guarantees under the Monopoly Regulation and Fair Trade Act, or a group of affiliates for which the balance of credit extended from financial institutions as of the end of the previous year is at least 75/100,000 compared to the total outstanding credit of financial institutions as of the end of the year immediately before the previous year (hereinafter referred to as “principal obligor-conglomerates”): A debt ratio calculation statement and a written confirmation of an accounting firm; |
| 3. | Other documents necessary for examination of approval requirements, as determined and publicly notified by the Financial Services Commission. |
| (8) | Upon receipt of an application for approval of change under paragraph (6), the Financial Services Commission shall verify the following administrative information through administrative data matching under Article 36 (1) of the Electronic Government Act: Provided, That for the documents under subparagraph 2, if the applicant does not consent to the verification, it shall be instructed that a certified copy of the resident registration card or a copy of the business registration certificate be attached: <Amended on May 4, 2010; Nov. 2, 2010; Aug. 17, 2011; Aug. 4, 2020> |
| 1. | A certificate of corporate registration (applicable only if the applicant is a domestic corporation); |
| 2. | A certified copy of the resident registration card or the business registration certificate; |
| 3. | A certificate of corporate registration of a credit information company, personal credit information management company, or claims collection agency subject to stock acquisition. |
| (9) | Upon receipt of an application for approval of change under paragraph (6), the Financial Services Commission shall examine the contents, decide within 60 days whether to approve it, and without delay notify the applicant of the result and reason thereof in writing. In such cases, if there are any defects in the application for approval of change, supplementation may be required. <Amended on Aug. 4, 2020> |
| (10) | When calculating the examination period under paragraph (9), the period determined and publicly notified by the Financial Services Commission, such as the period for supplementing defects in the application for approval of change, shall not be included in the examination period. <Amended on Aug. 4, 2020> |
| (11) | When ordering disposal of stocks pursuant to Article 9 (3) of the Act, the Financial Services Commission shall issue a written order specifying the number of stocks subject to disposal, the deadline for disposal, etc. <Amended on Aug. 4, 2020> |
| (12) | Details on approval of change under paragraphs (1) through (11) shall be determined and publicly notified by the Financial Services Commission. <Amended on Aug. 4, 2020> |
[Title Amended on Aug. 4, 2020]
| Article 9-2 (Qualification Examination of Largest Shareholder) |
| (1) | “Personal credit rating company prescribed by Presidential Decree” in the main clause of Article 9-2 (1) of the Act means personal credit rating companies excluding professional personal credit rating companies. |
| (2) | "Largest investor prescribed by the Presidential Decree” in the proviso of Article 9-2 (1) of the Act means the same person (referring to the same person under subparagraph 11 of Article 2 of the Monopoly Regulation and Fair Trade Act) in the business group (referring to the business group under subparagraph 11 of Article 2 of the Monopoly Regulation and Fair Trade Act) to which a corporation with a circular shareholding structure belongs, or another person equivalent thereto, as determined by the Financial Services Commission: Provided, That if the same person is a corporation, it refers to the one largest investor among the largest shareholders of the corporation; and if such largest investor is also a corporation, the same method shall be repeated for selection until the next largest investor is an individual. <Amended on Dec. 28, 2021> |
| (3) | “Period prescribed by Presidential Decree” in the proviso of Article 9-2 (1) of the Act means two years: Provided, That it means a period determined and publicly notified by the Financial Services Commission within the limit of two years in any of the following cases: |
| 1. | Where a company subject to examination under the main clause of Article 9-2 (1) of the Act (hereinafter referred to as “company subject to examination”) reports to the Financial Services Commission pursuant to paragraph (2) of that Article; |
| 2. | Where it is deemed especially necessary due to reasons such as the existence of signs of illegal trading between the subject of qualification examination under the proviso of Article 9-2 (1) of the Act (hereinafter referred to as “subject of qualification examination”) and the company subject to examination. |
| (5) | “Requirements prescribed by Presidential Decree” in the proviso of Article 9-2 (1) of the Act means the following requirements (hereinafter referred to as “qualification maintenance requirements”): |
| 2. | To meet all of the following requirements: Provided, That cases where the degree of violation, etc. is deemed insignificant or it is not deemed to hinder the sound business performance of the relevant company subject to examination shall be excluded: |
| (a) | To have no records of criminal punishment equivalent to or higher than a fine for violating any finance-related statute or the Punishment of Tax Offenses Act for the last five years; |
| (b) | Not to be a large shareholder or its affiliated person of a financial institution that has been designated as an insolvent financial institution under subparagraph 2 of Article 2 of the Act on the Structural Improvement of the Financial Industry or whose business permission, authorization, registration, etc. has been revoked under any finance-related statute: Provided, That those recognized as not liable for insolvency under the judgment of the court, or those meeting the standards determined and publicly notified by the Financial Services Commission, such as those who have taken economic responsibility for insolvency, shall be excluded; |
| (c) | To have no history of being suspended from bank transactions due to bankruptcy or other similar reasons for the last five years; |
| (d) | To have no records of being registered as the owner of information under the items of subparagraph 1-4 of Article 2 of the Act at the Committee for Centralized Management of Credit Information under Article 25 (2) 1 of the Act (hereinafter referred to as the "Committee for Centralized Management of Credit Information") for the last three years; |
| (e) | To be not liable for bringing a company to the rehabilitation procedures or bankruptcy procedures as the largest shareholder or a large shareholder of the company undergoing rehabilitation procedures or bankruptcy procedures under the Debtor Rehabilitation and Bankruptcy Act and to have no records of being involved therein either directly or indirectly for the last five years. |
| (6) | Where becoming aware that there is a cause that makes the subject of qualification examination fail to meet the qualification maintenance requirements under Article 9-2 (2) of the Act, the company subject to examination shall report the following matters to the Financial Services Commission within seven business days from the date of becoming aware of the fact: |
| 1. | Details of the qualification maintenance requirements that the subject of qualification examination fails to meet, and the cause therefor; |
| 2. | Whether it is possible to meet the qualification requirements in the future; |
| 3. | Business relationship between the subject of qualification examination and the company subject to examination. |
| (7) | Where the Financial Services Commission requests that the company subject to examination or the subject of qualification examination submit data or information classified as follows pursuant to Article 9-2 (3) of the Act, the company subject to examination or the subject of qualification examination shall submit the data or information within 10 business days, and if it is difficult to submit it, the reason therefor shall be explained: |
| 1. | The company subject to examination: The list of shareholders of the relevant company subject to examination or a corporation that is the one largest investor among the largest shareholders, etc., and information on the relevant subject of quality examination and its affiliated persons; |
| 2. | The subject of qualification examination: Stock depository certificates, copies of stocks, and materials necessary to confirm the scope of affiliated persons; |
| 3. | Other data or information necessary for the examination, as determined by the Financial Services Commission. |
| 1. | To disclose the cause that makes the subject of qualification examination fail to meet the qualification maintenance requirements and matters related to measures under Article 9-2 (4) 1 and 2 of the Act on the Internet website, etc. so that shareholders and financial consumers of the company subject to examination can know; |
| 2. | Other measures deemed necessary for the soundness of the management of the company subject to examination, as determined and publicly notified by the Financial Services Commission. |
| (9) | “Period prescribed by the Presidential Decree” in the provisions, with the exception of the subparagraphs, of Article 9-2 (5) of the Act means five years: Provided, That it means the period determined and publicly notified by the Financial Services Commission within the limit of five years, where deemed necessary in consideration of the degree of violation of statutes or regulations by the subject of qualification examination. |
| (10) | “Cases prescribed by Presidential Decree” in Article 9-2 (5) 2 of the Act means any of the following cases: Provided, That in cases falling under subparagraphs 2 and 3, cases where the fact is resolved within one month from the date of occurrence of such fact shall be excluded: |
| 1. | Where failing to meet the requirements under paragraph (5) 2 (b); |
| 2. | Where having been suspended from bank transactions due to bankruptcy or other reasons equivalent thereto for the last five years; |
| 3. | Where having been registered as the owner of information under subparagraph 1-4 of Article 2 of the Act at the Committee for Centralized Management of Credit Information for the last three years. |
| (11) | Details of the qualification examination under paragraphs (1) through (10) shall be determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 10 (Authorization of Transfer, Acquisition by Transfer, etc. of Credit Information Business, etc.) |
| (1) | Where the Financial Services Commission intends to authorize credit information business, personal credit information management business, or claims collection business to conduct a transfer and/or acquisition by transfer, or division and/or merger referred to in Article 10 (1) of the Act, it shall review whether the following requirements are fulfilled: <Amended on Aug. 4, 2020> |
| (a) | It shall be inevitable, given the management and financial standing, etc. of the relevant credit information company, personal credit information management company, or claims collection agency; |
| (b) | It shall not hinder the protection of owners of credit information and the maintenance of sound practices in credit transaction; |
| (c) | It shall not have any defect in implementing the procedures under the Commercial Act and other relevant statutes or regulations; |
| 2. | For acquisition by transfer, division and merger: |
| (a) | It shall not hinder the efficiency of credit information business, personal credit information management business, or claims collection business and the maintenance of sound practices in credit transaction; |
| (b) | Business plans and organizational operation plans in connection with a transfer, division and merger shall be appropriate; |
| (c) | Changes in the corporate ownership structure of a credit information company, personal credit information management company, or claims collection agency arising from transfer, division and merger shall comply with relevant statutes or regulations; |
| (d) | It shall not hinder the performance of procedures under the Commercial Act and other relevant statutes or regulations. |
| (2) | The Financial Services Commission may determine and publicly notify the detailed requirements, application documents, and other necessary matters for authorization under Article 10 (1) of the Act. |
[Title Amended on Aug. 4, 2020]
| Article 11 (Concurrent Business) |
| 1. | Personal credit information management business; |
| 3. | In cases of professional personal credit rating business, business that statutes other than finance-related statutes (hereinafter referred to as “non-financial statute”) do not prohibit (including business that can be performed upon the measures taken by an administrative agency such as authorization, permission, registration, or approval under a non-financial statute, for which such authorization, permission, registration, or approval has been granted by the relevant administrative agency); |
| 5. | Other business determined and publicly notified by the Financial Services Commission. |
| 2. | Personal credit information management business; |
| 3. | Business of cloud computing service providers; |
| 4. | Other business determined and publicly notified by the Financial Services Commission. |
| 6. | Business of cloud computing service providers; |
| 7. | Personal credit information management business; |
| 8. | In cases of corporate credit inquiry business that conducts only the corporate information inquiry, business that is not prohibited by non-financial statutes (including services that can be performed upon the measures taken by an administrative agency such as authorization, permission, registration, or approval under a non-financial statute, for which such authorization, permission, registration, or approval has been granted by the relevant administrative agency); |
| 9. | Other business determined and publicly notified by the Financial Services Commission. |
| 1. | Claims collection business; |
| 2. | Other business determined and publicly notified by the Financial Services Commission. |
| 3. | Credit information business; |
| 4. | In cases of a financial company operating after obtaining permission, authorization, registration, etc. under finance-related statutes, the intrinsic, concurrent, and incidental business permitted by the relevant statutes and regulations; |
| 5. | Business that is not prohibited by non-financial statutes (including services that can be performed upon the measures taken by an administrative agency such as authorization, permission, registration, or approval under a non-financial statute, for which such authorization, permission, registration, or approval has been granted by the relevant administrative agency); |
| 6. | Loan brokerage and arrangement (referring to the services of comparing and analyzing the fixed interest rate and limit of transactions under the provisions of subparagraph 1-3 (a) (i) through (iv) of Article 2 of the Act and brokering sales); |
| 7. | Other business determined and publicly notified by the Financial Services Commission. |
[This Article Wholly Amended on Aug. 4, 2020]
| Article 11-2 (Incidental Business) |
| 1. | Advertising, publicity, and consulting on financial products; |
| 2. | Training, education, publication, event planning, etc. related to credit information business; |
| 3. | Services such as research and investigation, and consulting related to credit information business; |
| 4. | Identity verification and identification of the owner of credit information; |
| 5. | Provision of information other than credit information used for personal credit rating under subparagraph 8 of Article 2 of the Act (hereinafter referred to as “personal credit rating”), or information processed therefrom, to the person in question or a third party; |
| 6. | Notification of delinquency as entrusted by financial companies, etc.; |
| 7. | Other business determined and publicly notified by the Financial Services Commission. |
| 1. | Advertising, publicity, and consulting on financial products; |
| 2. | Training, education, publication, event planning, etc. related to the permitted credit information business; |
| 3. | Services such as research and survey, and consulting related to the permitted credit information business; |
| 4. | Survey of the current status of businesses and workplaces; |
| 5. | Valuation of current assets of enterprises and corporations; |
| 6. | Investigation, analysis, survey, consulting, advising, research, and generation of statistical data related to credit information on enterprises and corporations; |
| 7. | Provision of public information that is not credit information, or analyzing data or consulting services based on such information; |
| 8. | Provision of information used for corporate credit evaluation or information processed therefrom to a third party (excluding corporate credit bureaus that conduct corporate information inquiry); |
| 9. | Provision of personal credit information on the actual manager, etc. of a business or information processed therefrom, except for the personal credit score under subparagraph 1-6 (d) of Article 2 of the Act (hereinafter referred to as “personal credit score”) and other information on the results of personal credit rating, to the person in question or a third party; |
| 10. | Other business determined and publicly notified by the Financial Services Commission. |
| 1. | Training, education, publication, event planning, etc. related to the permitted credit information business; |
| 2. | Services such as research and survey, and consulting related to the permitted credit information business; |
| 3. | Other business determined and publicly notified by the Financial Services Commission. |
| 1. | Advertising, publicity, and consulting on financial products; |
| 2. | Training, education, publication, event planning, etc. related to personal credit information management business; |
| 3. | Services such as research and survey, and consulting related to personal credit information management business; |
| 4. | Identity verification and identification of the owner of credit information; |
| 5. | Other business determined and publicly notified by the Financial Services Commission. |
| 1. | Support for the Microfinance Foundation established in accordance with the Commercial Act (hereinafter referred to as the “Microfinance Foundation”); |
| 2. | Customer management, document receipt, etc. on behalf of financial companies, etc.; |
| 3. | Other business determined and publicly notified by the Financial Services Commission. |
[This Article Wholly Amended on Aug. 4, 2020]
| Article 11-3 (Prohibition of Use of Similar Names) |
“Cases prescribed by Presidential Decree, such as cases where performing business similar to those of credit information companies, personal credit information management companies, claims collection agencies, or credit information collection agencies is permitted by other statutes or regulations” in the proviso of Article 12 of the Act means any of the following: | 2. | Where it is necessary for the promotion of personal credit information management-related policies and the head of the relevant central administrative agency approves the use of MyData or similar words in the trade name or name of an enterprise or a corporation; |
| 3. | Where a person who does not provide personal credit information management or other similar services, such as not collecting personal credit information falling under any of the items of subparagraph 9-2 of Article 2 of the Act, uses MyData or similar words in its trade name or name. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 12 (Deferment of Revocation of Permission, etc.) |
"Ground prescribed by Presidential Decree" in the proviso of Article 14 (1) of the Act means cases where a credit information company, a personal credit information management company, or a claims collection agency falls under any of the grounds for revocation of permission or authorization under Article 14 (1) 2, 4, or 9 of the Act: Provided, That cases where a corrective order is deemed of little practical use as a ground for is highly likely to be unresolved or to harm the public interest, etc. shall be excluded. <Amended on Aug. 4, 2020>
CHAPTER III MARINE RESEARCH TECHNICIANS, MARINE RESEARCH AND INFORMATION BUSINESS, AND MARINE RESEARCH EQUIPMENT
| Article 13 (Principles of Collection and Processing) |
Information within the scope that is objectively recognized as having been consented to by the owner of credit information in consideration of the following matters shall be deemed information with consent under the latter part of Article 15 (2) 2 (c) of the Act: | 1. | The nature of the disclosed personal information, the type of disclosure, and the scope of the subject; |
| 2. | The intention and purpose of disclosing the owner of credit information inferred from subparagraph 1; |
| 3. | Types of personal information processing by the credit information company, etc.; |
| 4. | Whether the purpose of collection is significantly related to the original purpose of disclosing the owner of credit information; |
| 5. | Whether the scope of disclosure has become different from the original due to the provision of information; |
| 6. | The nature and value of the personal information and the social and economic necessity to utilize it. |
[This Article Wholly Amended on Aug. 4, 2020]
| Article 14 (Outsourcing the Processing of Collected Information) |
| (1) | Deleted. <Aug. 4, 2020> |
| (2) | "Persons prescribed by Presidential Decree" in Article 17 (3) of the Act means a credit information company, a personal credit information management company, a claims collection agency, a credit information collection agency, or a financial institution under the items of Article 2 (6) 7 as determined and publicly notified by the Financial Services Commission. <Amended on Aug. 4, 2020; Jun. 7, 2022> |
| (3) | A person who intends to outsource the processing of credit information under Article 17 (3) of the Act, shall inform the Financial Services Commission of the scope of credit information provided, purpose and period of provision thereof, customer information management system, etc. in such format as determined and publicly notified by the Financial Services Commission, by no later than seven business days from the date when the outsourcing contract is expected to be executed: Provided, That where it is not particularly necessary to inform such matters in advance, as determined and publicly notified by the Financial Services Commission, they shall be informed by no later than a period determined and publicly notified by the Financial Services Commission commencing from the date of concluding an outsourcing contract. <Amended on Sep. 11, 2015> |
| (4) | In providing any personal credit information under Article 17 (4) of the Act, a credit information company, etc. shall take protective measures classified as follows: <Newly Inserted on Sep. 11, 2015> |
| 1. | Where it is provided through an information and communications network or auxiliary storage medium: Construction of a security server or encryption in accordance with the procedures and methods determined and publicly notified by the Financial Services Commission, and other protective measures determined and publicly notified by the Financial Services Commission; |
| 2. | Where it is provided through any means, other than those referred to in subparagraph 1: Sealing and other protective measures determined and publicly notified by the Financial Services Commission. |
| (5) | Where a credit information company, etc. enters into or renews an outsourcing contract with an agent, it shall, under Article 17 (5) of the Act, reflect in the outsourcing contract that it will conduct education for executive officers and/or employees of the agent on the prevention of loss, theft, disclosure, alteration and compromise of credit information, and safe processing of credit information at least once a year (where the period of outsourcing is shorter than one year, it means at least once during such period; hereafter the same shall apply in this paragraph), and shall conduct the education in accordance with the outsourcing contract. In such cases, if it is provided for in the outsourcing contract that the agent shall conduct such education for the executive officers and/or employees under his or her control at least once a year and if a credit information company, etc. confirms that the agent has conducted the relevant education in accordance with the outsourcing contract, the credit information company, etc. shall be deemed to have conducted the education for executive officers and/or employees of the agent. <Newly Inserted on Sep. 11, 2015> |
| (6) | Except as prescribed in paragraphs (3) through (5), details to be reflected in an outsourcing contract, and other necessary details to entrust the processing of collected credit information shall be determined and publicly notified by the Financial Services Commission. <Newly Inserted on Sep. 11, 2015> |
[Title Amended on Sep. 11, 2015]
| Article 14-2 (Combination of Information Sets) |
| (1) | “Persons prescribed by Presidential Decree” in Article 17-2 (1) of the Act means enterprises and corporations engaging in commercial transactions under Article 45-3 of the Act (hereinafter referred to as “enterprises and corporations engaging in commercial transactions”). |
| (2) | A credit information company, etc. and a third party who intend to combine information sets pursuant to Article 17-2 (1) of the Act (hereafter in this Article referred to as “combination-requesting institution”) shall jointly apply for the combination of information sets to a data-specialized institution under Article 26-4 of the Act (hereinafter referred to as "data-specialized institution"), as determined and publicly notified by the Financial Services Commission. <Amended on Jun. 7, 2022> |
| (3) | Where combining, providing, and storing information sets, the combination-requesting institution and the data-specialized institution shall comply with all of the following: |
| 1. | Where the combination-requesting institution provides the information set to the data-specialized institution, the following measures shall be taken: |
| (a) | Information used to link at least two pieces of information between one information set and another information set shall be replaced with information that cannot identify the relevant individual but can distinguish the individual (hereinafter referred to as “combination key”); |
| (b) | Information sets containing personal credit information shall be pseudonymized; |
| 2. | The procedures and methods for the combination-requesting institutions to generate the combination key shall be decided by mutual consultation among the combination-requesting institutions as determined and publicly notified by the Financial Services Commission; |
| 3. | Where a combination-requesting institution provides an information set to a data-specialized institution or where a data-specialized institution delivers a combined information set to a combination-requesting institution, protective measures such as encryption shall be taken so that a third party cannot know the contents of the information set; |
| 4. | The data-specialized institution shall delete the combination key before delivering a combined information set to the combination-requesting institution or shall replace it with a method determined and publicly notified by the Financial Services Commission; |
| 5. | Where the data-specialized institution finds after an evaluation that the pseudonymization or anonymization of the combined information set is not adequate, the data-specialized institution shall do the pseudonymization or anonymization again and deliver it; |
| 6. | The data-specialized institution shall delete the combined information set and the information set prior to the combination without delay after delivering the combined information set to the combination-requesting institution. |
| (4) | The data-specialized institution shall record and manage matters related to the combination in accordance with methods determined and publicly notified by the Financial Services Commission, and shall report them to the Financial Services Commission once a year. |
| (5) | The data-specialized institution may claim the cost required for the data combination, etc. to the combination-requesting institution. |
| (6) | Where the combination-requesting institution requests the analysis of the combined information set by using the computerized facilities, etc. of the data-specialized institution before receiving the combined data, the data-specialized institution may allow the analysis of the pseudonymized or anonymized information set using the computerized facilities, etc. of the data-specialized institution. |
| (7) | Details of the procedures and methods for combining, providing, processing, and storing the information sets under paragraphs (1) through (6) shall be determined and publicly notified by the Financial Services Commission. |
| (8) | Where the combination-requesting institution intends to combine information sets in a data-specialized institution that is also designated as a specialized institution under Article 28-3 (1) of the Personal Information Protection Act in accordance with the procedures and methods for combination and the standards, procedures, etc. for export and approval under paragraph (3) of that Article, paragraphs (2), (3), and (5) through (7) shall not apply. |
[This Article Newly Inserted on Aug. 4, 2020]
CHAPTER II INSTALLATION AND MANAGEMENT OF PUBLIC SEWERAGE SYSTEM
| Article 15 (Keeping Credit Information Accurate and Up-To-Date) |
| (1) | Pursuant to Article 18 (1) of the Act, where intending to provide credit information to credit information collection agencies, personal credit rating companies, credit rating companies for sole proprietors, or corporate credit bureaus, a credit information provider/user shall verify the accuracy of the information to prevent from registering any information different from the facts. <Amended on Aug. 4, 2020> |
| (2) | A credit information collection agency, a personal credit rating company, a credit rating company for sole proprietors, and a corporate credit bureau shall formulate the standards and procedures to examine the accuracy of credit information to be registered, to accordingly verify and manage the accuracy of credit information to be registered. <Amended on Aug. 4, 2020> |
| (3) | In order to maintain the accuracy and up-to-dateness of the credit information, credit information companies, claims collection companies, credit information collection agencies, and credit information providers/users shall register, modify, and manage credit information in accordance with the standards and procedures determined and publicly notified by the Financial Services Commission. <Amended on Aug. 4, 2020> |
| (4) | Types of credit information that must be deleted from the list of information to be registered and managed in accordance with Article 18 (2) of the Act shall be as follows: <Amended on Aug. 17, 2011; Sep. 11, 2015; Aug. 4, 2020> |
| 1. | Information on delinquency, dishonor, payments by subrogation and substitute payments, among the credit information under subparagraph 1-4 of Article 2 of the Act; |
| 2. | Information on acts of disrupting sound practices in credit transaction among the credit information under subparagraph 1-4 of Article 2 of the Act; |
| 3. | Information on a court's decisions on adjudication of bankruptcy, decisions related to exemption and reinstatement, and decisions on rehabilitation, simplified rehabilitation, and individual rehabilitation, among the credit information under subparagraph 1-6 (c) of Article 2 of the Act; |
| 6. | Other credit information on disadvantages that is comparable to the information referred to in subparagraphs 1 through 5, as determined and publicly notified by the Financial Services Commission. |
| (5) | “Cases prescribed by Presidential Decree” in Article 18 (2) 2 of the Act means any of the following: <Newly Inserted on Aug. 4, 2020> |
| 1. | Cases for the Committee for Centralized Management of Credit Information to conduct the duties under subparagraph 2 of Article 25-2 of the Act; |
| 2. | Cases for the credit information providers/users to file for registration of the reasons for termination of a transaction, such as completion of extinctive prescription or exemption from debt, with the Committee for Centralized Management of Credit Information. |
| (6) | The period of use and retention of credit information under the subparagraphs of paragraph (4) shall be determined and publicly notified by the Financial Services Commission within the scope of three to five years: Provided, That the Financial Services Commission may shorten the period of use and retention of the credit information in consideration of the characteristics, purpose of use, frequency of use, etc. of the credit information. <Newly Inserted on Aug. 17, 2011; Aug. 4, 2020> |
| (7) | Details necessary for the methods, standards, procedures, etc. for deleting credit information under the subparagraphs of paragraph (4) shall be determined and publicly notified by the Financial Services Commission. <Newly Inserted on Aug. 17, 2011; Aug. 4, 2020> |
| Article 16 (Formulation of Technological, Physical, and Administrative Security Measures) |
| (1) | Pursuant to Article 19 (1) of the Act, a credit information company, etc. shall formulate technological, physical and administrative security measures that include the following in order to protect the security of the credit information computer system: |
| 1. | Matters concerning installation and operation of the access control equipment to block illegal access to credit information by a third party, including intrusion prevention system; |
| 2. | Matters concerning prevention of alteration, tampering, and destruction of the information entered in the credit information computer system; |
| 3. | Matters concerning granting of various kinds of permission for credit information treatment and inquiry depending on user positions and roles, and matters concerning periodic examination of logs of credit information inquiries; |
| 4. | Other matters required to ensure the security of credit information. |
| (2) | The Financial Services Commission may determine and publicly notify the details of the matters under each subparagraph of paragraph (1). |
| Article 16-2 Deleted. <Aug. 4, 2020> |
| Article 17 (Appointment of Credit Information Administrator/Guardian) |
| (1) | "Credit information provider/user prescribed by Presidential Decree" in the main clause of Article 20 (3) of the Act means a person who falls under Article 2 (6) 7 (a) through (ab) and Article 21 (2) 1 through 21. <Amended on Sep. 7, 2022; Aug. 4, 2020; Jun. 7, 2022> |
| (2) | "Persons prescribed by Presidential Decree taking into consideration total assets, number of employees, etc." in the proviso of Article 20 (3) of the Act means any of the following persons: <Amended on Sep. 11, 2015; Aug. 4, 2020> |
| 1. | 1. The Committee for Centralized Management of Credit Information; |
| 2. | Personal credit rating companies, credit rating companies for sole proprietors, corporate credit bureaus, and personal credit information management companies; |
| 3. | A credit investigation company, a claims collection agency, and a person prescribed in paragraph (1), whose total assets as at the end of the immediately preceding business year is at least two trillion won and the number of employees at ordinary times is at least 300 persons. In such cases, the method of calculating the number of employees at ordinary times shall be determined and publicly notified by the Financial Services Commission. |
| (3) | A credit information administrator/guardian appointed pursuant to the main clause of Article 20 (3) of the Act shall fall under any of the following subparagraphs: <Amended on Sep. 11, 2015> |
| 4. | Any third person in a position generally managing the provision, utilization, protection, management, etc. of credit information. |
| (4) | “Persons prescribed by Presidential Decree” in the proviso of Article 20 (3) of the Act means persons falling under paragraph (3) 2 or 3. <Amended on Aug. 4, 2020> |
| (5) | Notwithstanding paragraphs (3) and (4), if a credit information company, etc. has a compliance officer appointed under other statutes or regulations, it may designate him or her as a credit information administrator/guardian: Provided, That in cases falling under the proviso of Article 20 (3) of the Act, a compliance officer who can be designated as a credit information administrator/guardian shall fall under any of paragraph (2) 1 through 3. <Amended on Sep. 11, 2015> |
| (6) | In case of designating a compliance officer as a credit information administrator/guardian pursuant to paragraph (5), matters concerning duties in each subparagraph of Article 20 (4) of the Act shall be reflected in the internal control standards prescribed in the statutes or regulations according to which such compliance officer has been appointed. <Newly Inserted on Sep. 11, 2015> |
| (7) | “Credit information company, etc. prescribed by Presidential Decree” in Article 20 (6) of the Act means any of the following institutions: <Newly Inserted on Aug. 4, 2020; Jun. 7, 2022> |
| 1. | Credit information companies, personal credit information management companies, claims collection agencies, and credit information collection agencies; |
| 2. | Those under Article 2 (6) 7 (a), (c) through (k), (n) through (t), (v) through (x), and (z) through (ab); |
| 3. | Institutions under Article 21 (2) 4, 5, 8, 16, 18, and 19 (limited to institutions whose total assets exceed 10 billion won as of the end of the immediately preceding business year); |
| 4. | Other institutions determined and publicly notified by the Financial Services Commission. |
| (8) | “Procedures and methods prescribed by Presidential Decree” in Article 20 (6) of the Act means that the credit information administrator/guardian conducts an inspection at least once a year on the duties under Article 20 (4) 1 of the Act, reports the results thereof to the representative and the board of directors, and submits the results to the Financial Services Commission in accordance with the standards and forms determined and publicly notified by the Financial Services Commission. <Newly Inserted on Aug. 4, 2020> |
| Article 17-2 (Methods of Managing Personal Credit Information, etc.) |
| (1) | A credit information provider/user shall, pursuant to Article 20-2 (1) of the Act, manage personal credit information of the owner of credit information with whom a commercial transaction relationship, including financial transactions, is terminated (excluding employment relationship; hereinafter the same shall apply), in the manner classified as follows: |
| 1. | In cases of personal credit information which is essential to establish, maintain, etc. a commercial transaction relationship including financial transactions: Any of the following methods: |
| (a) | Separating personal credit information from the information of other owners of credit information with whom a commercial transaction relationship is not terminated; |
| (b) | Designating a person entitled to access the relevant personal credit information, from among the executive officers and/or employees of the credit information provider/user, in accordance with the procedures determined and publicly notified by the Financial Services Commission; |
| (c) | Other methods to ensure safe protection of personal credit information of the relevant owners of credit information, which are determined and publicly notified by the Financial Services Commission; |
| 2. | In cases of any personal credit information, other than that falling under subparagraph 1: Deleting all the relevant information. |
| (2) | A credit information provider/user shall, upon termination of a commercial transaction relationship, including financial transactions, etc., take the following matters, etc. into consideration when he or she divides personal credit information into essential personal credit information classified in subparagraphs of paragraph (1) and other personal credit information: |
| 1. | Whether the terminated a commercial transaction relationship might not have been established or maintained without the relevant personal credit information; |
| 2. | Whether the relevant personal credit information is directly related to the goods or services provided to the owner of credit information in accordance with the terminated a commercial transaction relationship (including where a third party who entered into a separate contract, agreement, etc. with the credit information provider/user has provided goods or services as agreed to be provided in the commercial transaction relationship that the owner of credit information requested to the credit information provider/user); |
| 3. | Whether it is impractical to perform any obligation under the Act or any other statutes or regulations, if the relevant personal credit information is deleted. |
| (3) | “Period prescribed by Presidential Decree” in Article 20-2 (2) 2-2 of the Act means the period determined by a person who pseudonymized in consideration of the following matters: <Newly Inserted on Aug. 4, 2020> |
| 1. | Level of administrative, physical, and technical protective measures for additional information and pseudonymized information; |
| 2. | Effect on the owner of information in cases of re-identification of pseudonymized information; |
| 3. | Possibility of re-identification of the pseudonymized information; |
| 4. | Purpose of using the pseudonymized information and the minimum period necessary to achieve that purpose. |
| (4) | “Cases prescribed by Presidential Decree” in Article 20-2 (2) 3 of the Act means any of the following: <Amended on Sep. 22, 2016; Aug. 4, 2020> |
| 2. | Where the personal credit information of an owner of credit information involved in a transaction conducted by using any other person's credit card information acquired by loan fraud, insurance fraud, or fraudulent or other wrongful means, is necessary to prevent such transaction and other acts that impede sound practices in credit transactions; |
| 3. | Where it is necessary for establishing a risk management system and developing a credit evaluation model and risk management model for the owner of credit information; in such cases, measures shall be taken so that the owner of credit information who is an individual cannot be identified, except in cases where it is unavoidable to fulfill the obligations under other statutes; |
| 4. | Where it is necessary for achieving legitimate interests of the credit information provider/user or a third party and it clearly takes precedence over the rights of the owner of credit information; in such cases, it shall be limited to cases that are significantly related to the legitimate interests of the credit information provider/user or the third party and do not exceed a reasonable scope; |
| 5. | Where the owner of credit information clearly expresses his or her intention not to have his or her personal credit information (excluding personal credit information provided for in the subparagraphs of Article 15 (4)) deleted, before deletion; |
| 6. | Where the safety, security, etc. of the credit information computer system would be impaired if personal credit information were deleted, given the characteristics of the technology processing personal credit information, and protective measures determined and publicly notified by the Financial Services Commission are taken. |
| (5) | The date on which the commercial transaction relationship including financial transactions is terminated under Article 20-2 (1) and (2) of the Act shall be the date on which the commercial transaction relationship between the credit information provider/user and the owner of credit information is terminated due to the expiration of the contract period, the exercise of the right to terminate, the right to rescind, or the right to cancel, the completion of the extinctive prescription, the extinction of claims due to repayment, etc., or other reasons, in accordance with relevant statutes, regulations, terms and conditions, agreements, etc. <Amended on Aug. 4, 2020> |
| (6) | When obtaining consent under the main clause, with the exception of the subparagraphs, of Article 15 (2) of the Act and the former part of Article 32 (2) of the Act, the credit information provider/user shall inform the owner of credit information of the date on which the commercial transaction relationship including financial transactions is terminated under paragraph (5). <Amended on Aug. 4, 2020> |
| (7) | Where deleting personal credit information of the owner of credit information pursuant to paragraph (1) 2 and the main clause, with the exception of the subparagraphs, of Article 20-2 (2) of the Act, the credit information provider/user shall take measures to prevent the deleted personal credit information from being recovered or reproduced. <Amended on Aug. 4, 2020> |
| (8) | Where a credit information provider/user manages personal credit information pursuant to Article 20-2 (3) of the Act, the methods under the items of paragraph (1) 1 shall apply. <Amended on Aug. 4, 2020> |
[This Article Newly Inserted on Sep. 11, 2015]
CHAPTER V CREDIT INFORMATION RELATED BUSINESS
SECTION 1 Credit Information Business
| Article 18 (Disqualifications of Persons Engaged in Credit Survey Business) |
"Person prescribed by Presidential Decree" in Article 22 (2) 7 of the Act means a person who was an executive officer and/or employee at the time any ground for revocation of permission, authorization, etc. occurred (the executive officer and/or employee at the time any ground for prompt corrective measures occurred under Article 10 of that Act, in cases of a corporation or company, the permission, the authorization, etc. of which has been revoked under Article 14 of the Act on the Structural Improvement of the Financial Industry), and falls under any of the following subparagraphs: <Amended on Sep. 11, 2015; Aug. 4, 2020> | 1. | An auditor or a member of an audit committee; |
| 2. | An executive officer who has been subject to caution, warning, reprimand, suspension of performance of his or her duties, demand for dismissal, or any other measure taken by the Financial Services Commission or the Governor of the Financial Supervisory Service (referring to the Financial Supervisory Service under the Act on the Establishment, etc. of Financial Services Commission; hereinafter the same shall apply) on grounds of unlawful or wrongful practices in connection with the occurrence of a ground for revocation of permission, authorization, etc.; |
| 3. | An employee who has been subject to suspension of performance of his or her duties or severer measures taken by the Financial Services Commission or the Governor of the Financial Supervisory Service (hereinafter referred to as “FSS Governor") on the grounds of unlawful or wrongful practices in connection with the occurrence of a ground for revocation of permission, authorization, etc.; |
| 4. | A person who has resigned from office or retired before the disciplinary measure referred to in subparagraph 2 or 3 is duly taken against him or her. |
[Title Amended on Aug. 4, 2020]
| Article 18-2 (Reporting on Credit Information, etc.) |
| (1) | Pursuant to Article 22-2 of the Act, personal credit rating companies, credit rating companies for sole proprietors, corporate credit bureaus, and personal credit information management companies shall submit to the Financial Services Commission a report on the matters of the following duties performed during the previous year, not later than January 31 of the next year: <Amended on Aug. 4, 2020> |
| 1. | Matters relating to those subject to the collection and investigation of credit information, the types of information collected, investigated, and processed, etc.; |
| 2. | Matters relating to those who are provided with credit information, the scope of such provision, etc.; |
| 3. | Matters relating to the period of use and preservation of credit information, etc. |
| (2) | Where the report made pursuant to paragraph (1) is deemed to be contrary to sound practices in credit transaction or financial consumers' rights and interests, the Financial Services Commission may recommend the personal credit rating companies, credit rating companies for sole proprietors, corporate credit bureaus, and personal credit information management companies to improve business processes, etc. related to such report. <Amended on Aug. 4, 2020> |
[This Article Newly Inserted on Aug. 17, 2011]
| Article 18-3 (Rules of Conduct of Personal Credit Rating Companies) |
| 1. | Calculating the personal credit score favorably without good reasons on condition that the goods or services of a personal credit rating company or its affiliates be purchased or used; |
| 2. | Treating in a discriminatory manner a person who enters into or intends to enter into a commercial transaction relationship, such as financial transactions, with an affiliate, such as calculating the person's personal credit score in an advantageous manner compared to those of other persons without good reasons; |
| 3. | Other acts determined and publicly notified by the Financial Services Commission. |
| (2) | "Unfair acts, such as raising the personal credit score of the owner of credit information who is an individual who receives goods or services from an affiliate, as prescribed by Presidential Decree” in Article 22-4 (3) of the Act means the following: |
| 1. | Calculating the personal credit score favorably without good reasons on condition that the goods or services of a professional personal credit rating company or its affiliates be purchased or used; |
| 2. | Treating in a discriminatory manner a person who enters into or intends to enter into a commercial transaction relationship, such as financial transactions, with an affiliate, such as calculating the person's personal credit score in an advantageous manner compared to those of other persons without good reasons; |
| 3. | Other acts determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 18-4 (Rules of Conduct of Credit Rating Companies for Sole Proprietors) |
| 1. | Calculating the credit evaluation results favorably without good reasons on condition that the goods or services of a credit rating company for sole proprietors or its affiliates be purchased or used; |
| 2. | Treating in a discriminatory manner a person who enters into or intends to enter into a commercial transaction relationship, such as financial transactions, with an affiliate, such as calculating the person's credit evaluation results in an advantageous manner compared to those of other persons without good reasons; |
| 3. | Treating in a discriminatory manner without reasonable grounds in providing credit rating information on sole proprietors or information used therefor; |
| 4. | Providing financial benefits to or receiving financial benefits from the requestors of the credit evaluation and their interested parties in relation to the credit evaluation; |
| 5. | Using information acquired in the course of performing the credit rating business for sole proprietors to gain undue profits or to allow others to gain undue profits; |
| 6. | Utilizing personal identification information, etc. provided for credit rating business for sole proprietors by a credit information collection agency, for wired or wireless marketing, etc.; |
| 7. | Other acts determined and publicly notified by the Financial Services Commission. |
| 1. | Matters regarding the record and storage of credit evaluation-related data; |
| 2. | Matters regarding the preparation of internal procedures for examining the adequacy of credit evaluation; |
| 3. | Matters regarding the procedures that executive officers and employees must follow when performing their duties, including the following: |
| (a) | Procedures and methods for checking whether executive officers and employees comply with internal control standards; |
| (b) | Matters regarding procedures or standards to prevent unfair acts or violations of prohibitions and restrictions; |
| 4. | Matters regarding the identification, evaluation, and management of conflicts of interest (including matters related to the prevention of conflicts of interest between the credit rating business for sole proprietors and the concurrent business under Article 11 (3) of the Act and the separation of personnel in charge); |
| 5. | Other acts determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 18-5 (Rules of Conduct of Corporate Credit Bureau) |
| 1. | A corporation that has invested 5/100 or more in the relevant corporate credit bureau; |
| 2. | A corporation in which the relevant corporate credit bureau has invested 5/100 or more; |
| 3. | A corporation that is affiliated with the relevant corporate credit bureau; |
| 4. | A corporation in which the corporations related to the corporate credit bureau as described in subparagraphs 1 through 3 have jointly invested 40/100 or more in total; |
| 5. | Other persons who may have a conflict of interest in relation to credit rating business, as determined and publicly notified by the Financial Services Commission. |
| 1. | Calculating the results of a corporate credit evaluation favorably without justifiable reasons on condition that the goods or services of the corporate credit bureau or its affiliates be purchased or used; |
| 2. | Treating in a discriminatory manner a person who enters into or intends to enter into a commercial transaction relationship, such as financial transactions, with an affiliate, such as calculating the person's corporate credit evaluation results in an advantageous manner compared to those of other persons without justifiable reasons; |
| 3. | Conducting cross credit evaluation with other corporate credit bureaus on persons in a special relationship with the corporate credit bureau for the purpose of evading the prohibition or restriction under Article 22-6 (2) 1 or 2 of the Act; |
| 4. | Treating in a discriminatory manner without reasonable grounds in providing corporate credit rating information, information used therein, and corporate credit ratings under the main clause of subparagraph 1-6 (e) of Article 2 of the Act; |
| 5. | Providing financial benefits to or receiving financial benefits from the requestors of the credit evaluation and their interested parties in relation to the credit evaluation; |
| 6. | Using information acquired in the course of performing the corporate credit inquiry business to gain undue profits or to allow others to gain undue profits; |
| 7. | Providing information on the conclusion of a credit rating contract, possibility for a certain credit rating result to be granted, or an expected credit rating (including the range of credit ratings) to the requestor or his or her interested parties; |
| 8. | Using credit ratings to induce signing of a credit rating contract; |
| 9. | Implying or promising a generous evaluation result to the client through publicity materials, explanation by phone or visit, etc.; |
| 10. | Providing free gifts in exchange for credit rating contracts; |
| 11. | Direct business by technology evaluators through visits to bank branches, etc.; |
| 12. | Including business factors, such as achievements of attracting evaluations and bank visits, in the performance evaluation for technology evaluators; |
| 13. | Other acts determined and publicly notified by the Financial Services Commission. |
| 1. | Matters regarding the record and storage of credit evaluation-related data; |
| 2. | Matters regarding the preparation of internal procedures for examining the adequacy of credit evaluation; |
| 3. | Matters regarding the procedures that executive officers and employees must follow when performing their duties, including the following: |
| (a) | Procedures and methods for checking whether executive officers and employees comply with internal control standards; |
| (b) | Matters regarding procedures or standards to prevent unfair acts or violations of prohibitions and restrictions; |
| 4. | Matters regarding the identification, evaluation, and management of conflicts of interest (including matters related to the prevention of conflicts of interest between the corporate credit inquiry business and the concurrent business under Article 11 (4) of the Act, the separation of personnel of the department in charge, etc.); |
| 5. | Other acts determined and publicly notified by the Financial Services Commission. |
| 1. | Matters regarding the qualifications of users; |
| 2. | Matters regarding the rights and obligations of users; |
| 3. | Other matters determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
SECTION 2 Personal Credit Information Management Business
| Article 18-6 (Rules of Conduct of Personal Credit Information Management Companies) |
| 1. | Forcing or unfairly inducing to ask only the personal credit information management company for transmission; |
| 2. | Forcing or inducing not to request transmission from a third party other than the personal credit information management company, or forcing to withdraw the transmission request made to a third party (Including acts that make it more difficult to ask a third party for transmission than to request transmission from the personal credit information management company); |
| 4. | Making the method of changing or withdrawing the transmission request made to the personal credit information management company or a third party more difficult than the procedure required for the initial request for transmission; |
| 5. | Requesting financial or economic compensation, such as fees and penalties, in return for withdrawing the transmission request made to the personal credit information management company; |
| 6. | Recommending or soliciting signing of a contract recognized as unsuitable for financial consumers for the benefit of the personal credit information management company; |
| 7. | Failing to explain important matters about financial products to financial consumers so that they can understand them; |
| 8. | Failing to immediately delete the credit information of the owner of credit information despite the request of the owner of credit information who is an individual; |
| 9. | Making the method of deleting the credit information of the owner of credit information who is an individual, which is owned by the personal credit information management company, more difficult than the procedures necessary to request transmission; |
| 10. | Changing the content of the transmission request without the consent of the owner of credit information who is an individual, or requesting personal credit information beyond the extent requested by the owner of credit information from the credit information provider/user, etc. under Article 22-9 (3) 1 of the Act (hereinafter referred to as “credit information provider/user, etc.”); |
| 11. | Other acts similar to those under subparagraphs 1 through 10, as determined and publicly notified by the Financial Services Commission. |
| (2) | Details to be included in the internal management regulations under Article 22-9 (2) of the Act shall be determined and publicly notified by the Financial Services Commission. |
| (3) | “Methods prescribed by Presidential Decree” in the provisions, with the exception of the subparagraphs, of Article 22-9 (3) of the Act means perusal of the means under the subparagraphs of that paragraph (hereinafter referred to as “means of access”) in the name of the owner of credit information through delegation, proxy, acting on his or her behalf, or in other similar manners through any of the following methods: |
| 1. | Directly storing the means of access; |
| 2. | Securing the right of the owner of credit information who is an individual to access the means of access; |
| 3. | Practically securing the right to control, use, or access the means of access; |
| 4. | Other methods similar to those under subparagraphs 1 through 3, as determined and publicly notified by the Financial Services Commission. |
| (4) | “Credit information providers/users prescribed by Presidential Decree” in Article 22-9 (3) 1 of the Act means the following: <Amended on Jun. 7, 2022> |
| 4. | Credit information companies, personal credit information management companies, and claims collection agencies; |
| 9. | Other persons similar to those under subparagraphs 1 through 8, as determined and publicly notified by the Financial Services Commission. |
| 1. | The Ministry of the Interior and Safety; |
| 2. | The Ministry of Health and Welfare; |
| 3. | The Ministry of Employment and Labor; |
| 4. | The National Tax Service; |
| 5. | The Korea Customs Service; |
| 6. | The Public Procurement Service; |
| 12. | Local governments and local government associations; |
| 14. | The National Pension Service; |
| 15. | Other institutions determined and publicly notified by the Financial Services Commission. |
| (6) | “Methods prescribed by the Presidential Decree” in Article 22-9 (3) 2 of the Act means cases where the owner of credit information presents identification verifying his or her identity to a credit information company, etc. or has his or her identity verified by phone or on the Internet website, etc. |
| (7) | “Methods prescribed by Presidential Decree” in Article 22-9 (4) of the Act means a method meeting all of the following requirements, except for the methods under paragraph (3): |
| 1. | It shall be a method predetermined between the person transmitting personal credit information and the person receiving it; |
| 2. | It shall be a method by which the person transmitting personal credit information and the person receiving it can mutually identify and authenticate; |
| 3. | It shall be a method by which the person transmitting personal credit information and the person receiving it can mutually verify; |
| 4. | In transmitting information, it shall be a method of encryption using commercial encryption software or a secure algorithm; |
| 5. | Other requirements determined and publicly notified by the Financial Services Commission shall be satisfied. |
| (8) | “Cases prescribed by Presidential Decree” in Article 22-9 (5) of the Act means cases meeting the standards determined and publicly notified by the Financial Services Commission taking into consideration the characteristics of credit information providers/users, etc., such as the size of assets, the number of personal credit information managed, market share, and whether an external computer system is used. |
| 1. | The Committee for Centralized Management of Credit Information; |
| 2. | The Korea Financial Telecommunications and Clearings Institute established with permission from the Financial Services Commission pursuant to Article 32 of the Civil Act; |
| 5. | Other institutions similar to those under subparagraphs 1 through 4, as designated by the Financial Services Commission. |
| (10) | Pursuant to Article 22-9 (4) and (5) of the Act, the credit information provider/user, etc. that has transmitted personal credit information, and the relay institution and the personal credit information management company that have received the personal credit information shall prepare and keep records of the transmission details, and the personal credit information management company shall notify the owner of credit information of the records of the received credit information at least once a year. |
| (11) | The standards for calculating expenses, etc. under Article 22-9 (7) of the Act shall be determined and publicly notified by the Financial Services Commission taking into consideration the characteristics and processing costs of the personal credit information subject to the exercise of the right to request transmission, and the scope and amount of requested personal credit information. |
[This Article Newly Inserted on Aug. 4, 2020]
SECTION 3 Use and Provision of Public Information
| Article 19 (Requests, etc. for Provision of Credit Information to Public Institutions) |
| (1) | "Public organization prescribed by Presidential Decree" in the former part, with the exception of the subparagraphs, of Article 23 (2) of the Act means the following institutions: <Amended on Sep. 11, 2015; Sep. 22, 2016; Jun. 7, 2022> |
| 2. | An institution determined and publicly notified by the Financial Services Commission, the capital, funds or expenses of which are invested, contributed, or subsidized by the State or local governments; |
| 3. | A special corporation determined and publicly notified by the Financial Services Commission, which is established under a Special Act; |
| 7. | The Credit Counseling and Recovery Service. |
| (2) | “Credit information prescribed by Presidential Decree” in the former part, with the exception of the subparagraphs, of Article 23 (2) of the Act means the following credit information: <Amended on Sep. 11, 2015; Aug. 4, 2020; Jun. 7, 2022> |
| 1. | Information on the payment of premiums for employment insurance, industrial accident compensation insurance, national health insurance, and national pension; |
| 2. | Information on electricity use such as information on the amount of electricity consumption and electricity bill payment; |
| 3. | Achievements of supply of goods to the Government and the amount supplied; |
| 4. | Information on the deceased and information on resident registration numbers and name changes; |
| 5. | Information on reports of overseas emigration and declaration of renunciation of emigration; |
| 6. | Credit information held by a public institution (referring to the State, local governments, or a public organization under paragraph (1); hereafter in this Article the same shall apply) that can be provided to a credit information collection agency pursuant to relevant statutes or regulations; |
| 7. | Information on whether the following companies and cooperatives are certified, authorized, recognized, designated, registered, etc.: |
| (e) | Other companies and cooperatives similar to those under items (a) through (d), as determined and publicly notified by the Financial Services Commission. |
| (3) | The specific scope of credit information that can be provided to a credit information collection agency pursuant to Article 23 (2) of the Act shall be determined through consultation between the head of the public institution and the credit information collection agency. <Newly Inserted on Jun. 7, 2022> |
| (4) | A credit information collection agency intending to receive information under the subparagraphs of Article 23 (2) of the Act pursuant to Article 23 (2) of the Act shall make the request for the provision of credit information in writing to the head of the public institution, and if the head of the public institution intends to provide such credit information, he or she shall provide it as a document or periodic file, or through the Administrative Information-Sharing Center, etc. under Article 37 (1) of the Electronic Government Act. <Amended on May 4, 2010; Sep. 11, 2015; Jun. 7, 2022> |
| (5) | The Financial Services Commission shall determine and publicly notify the registration and use standards, etc. of the relevant information, taking into consideration the necessity of using the information provided by the heads of public institutions. <Amended on Jun. 7, 2022> |
| (6) | “Users of credit information prescribed by Presidential Decree” in Article 23 (3) of the Act means the following: <Amended on Sep. 11, 2015; Aug. 4, 2020; Jun. 7, 2022> |
| 1. | Persons under Article 2 (6) 7 (a) through (t) and (v) through (ab); |
| 2. | Persons falling under any subparagraph of Article 21 (2); |
| 3. | Personal credit rating companies; |
| 4. | Credit rating companies for sole proprietors; |
| 5. | Corporate credit bureaus. |
[Title Amended on Sep. 11, 2015]
| Article 20 (Use of Computer Data of Resident Registration) |
"Credit information provider/user prescribed by Presidential Decree" means a person falling under each item of Article 2 (6) 7. <Amended on Aug. 4, 2020; Jun. 7, 2022>
Section 4 Credit Information Collection Agencies and Data-Specialized Institutions
| Article 21 (Central Management and Utilization of Credit Information) |
| (1) | A person who intends to be permitted as a credit information collection agency under Article 25 (1) of the Act, shall complete the application form determined and publicly notified by the Financial Services Commission (including an electronic application) with the following items; attach the articles of incorporation thereto, and submit it to the Financial Services Commission. In such cases, the Financial Services Commission shall verify the certificate of corporate registration by using shared administrative information under Article 36 (1) of the Electronic Government Act: <Amended on May 4, 2010; Aug. 17, 2011; Sep. 11, 2015> |
| 1. | The name and address of the institution and name of the representative thereof; |
| 2. | The scope of credit information for central management and utilization and the person with whom to exchange the credit information; |
| 3. | The necessity for central management and utilization. |
| (2) | “Financial institutions prescribed by Presidential Decree” in Article 25 (2) 1 of the Act means the institutions under Article 2 (6) 7 (a) through (t), and (v) through (ab), and the following institutions: <Amended on Jan. 17, 2011; Jan. 25, 2012; Jun. 30, 2015; Sep. 11, 2015; Mar. 11, 2016; Jul. 6, 2016; Sep. 22, 2016; May 28, 2018; Apr. 2, 2019; Jun. 25, 2019; Aug. 4, 2020; Aug. 11, 2020; Dec. 8, 2020; Jun. 7, 2022> |
| 4. | The Credit Counseling and Recovery Service; |
| 10. | The Electric Contractors' Financial Cooperative under the Electric Constructors' Financial Cooperative Act; |
| 16. | The Korea Asset Management Corporation; |
| 17. | The Microfinance Foundation; |
| 22. | A special purpose company which has registered its asset-backed securitization plan with the Financial Services Commission under the Asset-Backed Securitization Act; |
| 27. | A corporate credit bureau that conducts technology credit evaluation business; |
| 29. | Other financial institutions holding credit information which are determined and publicly notified by the Financial Services Commission. |
| (3) | The scope of the credit information centrally managed and utilized by the Committee for Centralized Management of Credit Information shall be specified in attached Table 2: Provided, That the Financial Services Commission may, if deemed necessary, determine and publicly notify any additional information that shall be centrally managed and utilized, other than the information in attached Table 2. <Amended on Sep. 11, 2015> |
| (4) | An individual credit information collection agency under Article 25 (2) 2 of the Act shall determine the scope of information subject to central management and utilization by agreement, etc. among business owners of the same type and reflect it to its articles of incorporation. <Amended on Sep. 11, 2015> |
| (5) | A person who intends to be permitted as a credit information collection agency shall meet all of the requirements classified as follows to ensure the public nature and neutrality under Article 25 (3) 2 of the Act: <Newly Inserted on Sep. 11, 2015; Aug. 4, 2020; Jun. 7, 2022> |
| 1. | In cases of the Committee for Centralized Management of Credit Information: The following requirements: |
| (a) | It shall have a risk management system to prevent disclosure, etc. of credit information and an internal control system to protect the rights and interests of owners of credit information; |
| (b) | Where it performs any duties, other than those prescribed in subparagraphs of Article 25-2 of the Act (hereafter referred to as "duties of the collection agency" in this Article), it shall establish a system to prevent conflicts of interests, such as distinguishing the duties of the collection agency from any other duties; |
| (c) | It shall not violate any statutes or regulations and not be likely to impede sound practices in credit transactions; |
| (d) | It shall prepare a plan to organize its employees and business process methods so as to guarantee the neutrality of business performance among financial institutions in Article 2 (6) 7 (a) through (t) and (v) through (ab), and institutions under the subparagraphs of Article 21 (2) or among groups of such institutions classified by type, characteristics of business, etc. and to secure the representativeness of such groups; |
| 2. | In cases of an individual credit information collection agency: Requirements prescribed in subparagraph 1 (a) through (c). |
| (6) | A person who intends to be permitted as a credit information collection agency under Article 25 (3) 3 of the Act shall meet the following specific requirements for physical facilities and personnel: <Amended on Sep. 11, 2015; Aug. 4, 2020; Jun. 7, 2022> |
| 1. | He or she shall furnish the information processing and information communication facilities determined and publicly notified by the Financial Services Commission, as necessary to adequately perform the central management and utilization of credit information; |
| 2. | He or she shall employ regular employees, including at least five persons, who have at least three years’ experiences in credit information-related business at institutions under the items of Article 2 (6) 7 and Article 2 (18) 1, 3, and 4, or the following financial organizations: |
| (a) | Personal credit rating companies; |
| (b) | Credit rating companies for sole proprietors; |
| (c) | Corporate credit bureaus; |
| (d) | Personal credit information management companies; |
| (e) | Credit information collection agencies; |
| (f) | The Korea Financial Telecommunications and Clearings Institute established with permission from the Financial Services Commission pursuant to Article 32 of the Civil Act; |
| (7) | Specific criteria necessary for the requirements for permission in paragraphs (5) and (6) shall be determined and publicly notified by the Financial Services Commission. <Newly Inserted on Sep. 11, 2015> |
| (8) | Where a credit information collection agency falls under any of the following cases, the Financial Services Commission may revoke its permission pursuant to Article 25 (4) of the Act: <Amended on Sep. 11, 2015> |
| 3. | Where it violates any condition of the permission; |
| 4. | Where any cause occurs, making it impractical to conduct centralized management and use of credit information, such as failure to reach an agreement between the same type of enterprises or restriction on centralization under other statutes or regulations; |
| 5. | Where it violates its duty to protect credit information, such as exchanging or using credit information centrally managed and used without consent; |
| 6. | Where it causes serious damage to public interests by violating the Act or other statutes or regulations. |
| (9) | Pursuant to Article 25 (4) of the Act, a person who may exchange the owner of credit information to central management and utilization with any other person shall be as follows: Provided, That the specific scope of the owner of credit information to central management and utilization between the following persons and the person who may exchange such information shall be determined and publicly notified by the Financial Services Commission: |
| 1. | Between a credit information provider/user and a credit information collection agency that the credit information provider/user provides credit information; |
| 2. | Between a credit information collection agency and a credit information company; |
| 3. | Between credit information collection agency companies. |
| (10) | In exchanging credit information centrally managed and used between a credit collection agency, a personal credit rating company, a credit rating company for sole proprietors, or a corporate credit bureau that provides business credit ratings under paragraph (9), protective measures classified in subparagraphs of Article 14 (4) shall be prepared to provide any information by which an individual owner of credit information can be identified. <Newly Inserted on Sep. 11, 2015; Aug. 4, 2020> |
| (11) | A common computer network for credit information under Article 25 (6) of the Act, shall be established so as to distinguish the credit information collection agency that centrally manages and utilizes the credit information provided by the financial institutions defined in paragraph (2) from the credit information collection agency that centrally manages and utilizes the credit information provided by business owners in the same industry, other than the financial institutions defined in paragraph (2). |
| Article 21-2 (Duties of the Committee for Centralized Management of Credit Information) |
| 1. | Using credit information to provide pseudonymized or anonymized information for the purpose of statistical preparation, research, record preservation for public interest, etc.; |
| 2. | Investigation and analysis outsourced by a person with whom the credit information is to be exchanged under Article 21 (9); |
| 3. | Consulting on the use of credit information. |
| (2) | "Duties prescribed by Presidential Decree" in subparagraph 6 of Article 25-2 of the Act means the following: <Amended on Aug. 4, 2020; Jun. 7, 2022> |
| 1. | Education, public relation, and publishing related to credit information; |
| 2. | Collection, survey and processing of information concerning technology as necessary to generate the technical credit information; |
| 2-2. | Support for the owners of credit information so that they can manage the details, etc. of consent; |
| 2-3. | Support for the smooth operation of requests for transmission of personal credit information (including transmission through a relay institution pursuant to Article 22-9 (5) of the Act) such as identification of the owner of credit information, management of the current status of exercise of the right to request transmission, and the duties under the subparagraphs of Article 28-4; |
| 2-4. | Duties related to standardization of credit information; |
| 3. | Other duties determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 22 (Duties of the Committee for Intensive Management of Credit Information) |
| 2. | Duties prescribed in this Decree or other statutes or regulations as the duties of the Committee for Intensive Management of Credit Information under Article 26 (1) of the Act (hereinafter referred to as the “Committee for Intensive Management of Credit information”); |
| 3. | Other duties determined and publicly notified by the Financial Services Commission taking into consideration the importance of the duties, etc. |
| (2) | “Sanctions ... as prescribed by Presidential Decree” in Article 26 (1) 3 of the Act means monetary sanctions imposed in accordance with the type and severity of violations, such as omission or delay in provision of credit information or false registration by financial institutions and institutions under Article 21 (2). <Amended on Sep. 11, 2015; Aug. 4, 2020> |
| (3) | Detailed standards and procedures for the imposition of monetary sanctions under paragraph (2) shall be determined by the Committee for Intensive Management of Credit Information. <Amended on Sep. 11, 2015; Aug. 4, 2020> |
| (4) | In addition to the duties under Article 26 (1) 1 through 4 of the Act, the Committee for Intensive Management of Credit Information performs the following duties: <Newly Inserted on Sep. 11, 2015; Aug. 4, 2020> |
| 1. | Deliberation on the budget and settlement of accounts for the intensive management and utilization of credit information; |
| 2. | Deliberation on personnel management of executive officers of credit information collection agencies. |
| (5) | Where the contents reported by the Committee for Intensive Management of Credit Information under Article 26 (3) of the Act are deemed to be contrary to sound credit order or the rights and interests of financial consumers, the Financial Services Commission may recommend modification in the decision. <Amended on Sep. 11, 2015; Aug. 4, 2020> |
[Title Amended on Sep. 11, 2015]
| Article 22-2 (Organization and Operation of the Committee for Intensive Management of Credit Information) |
| (1) | The Committee for Intensive Management of Credit Information shall be comprised of the following members: |
| 1. | The head of the Committee for Centralized Management of Credit Information; |
| 2. | Persons commissioned by the head of the Committee for Centralized Management of Credit Information, from among persons recommended by the heads of associations, national federations, federations, etc. prescribed by the articles of incorporation of the Committee for Centralized Management of Credit Information, taking into consideration the scale of credit information, expense sharing ratio, representativeness by business category, etc. |
| 3. | Persons commissioned by the Committee for Centralized Management of Credit Information taking into consideration the publicness, professionalism, and neutrality of centralized management and use of credit information, gender, etc. |
| (2) | The Committee for Intensive Management of Credit Information may, in order to handle its duties efficiently, establish subcommittees, taking into consideration the characteristics, etc. of credit information centrally managed and used. |
| (3) | Except as otherwise expressly provided for in paragraphs (1) and (2), necessary matters for the organization, operation, etc. of the Committee for Intensive Management of Credit Information shall be prescribed by the articles of incorporation of the Committee for Centralized Management of Credit Information. |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 22-3 (Personal Credit Rating System Verification Committee) |
| 1. | Deliberation on the results, etc. of analysis of handling civil complaints related to personal credit rating and credit rating for sole proprietors; |
| 2. | Other matters determined and publicly notified by the Financial Services Commission. |
| (2) | The head of the Committee for Centralized Management of Credit Information shall become the chairperson of the personal credit rating system verification committee (hereinafter referred to as “verification committee”) under Article 26-3 (1) of the Act (hereafter in this Article referred to as “chairperson”). |
| (3) | The members of the verification committee shall be appointed by the chairperson from among any of the following persons: |
| 1. | A person who has majored in business management, economics, statistics, law, etc., has specialized knowledge in credit evaluation, personal information protection, and financial consumer protection, and has served at an accredited research institute as an assistant professor or in a higher or equivalent position for at least five years; |
| 2. | A person who has been engaged in the relevant field for at least five years as an attorney at law or a certified public accountant and has extensive experience in the duties related to credit evaluation, personal information protection, and financial consumer protection; |
| 3. | Other persons who have extensive knowledge of and experience in credit evaluation, personal information protection, and financial consumer protection, as determined and publicly notified by the Financial Services Commission. |
| (4) | Except for the chairperson, the term of office of the members of the verification committee shall be two years and may be consecutively renewed only twice. |
| (6) | In order to perform the duties under the subparagraphs of Article 26-3 (1) of the Act, the verification committee may request the submission of data determined and publicly notified by the Financial Services Commission, the statement of opinions, etc. from a personal credit rating company, etc. under subparagraph 1 of that paragraph (hereinafter referred to as "personal credit rating company, etc."). |
| (7) | A person who has been requested to submit data, etc. under paragraph (6) shall comply therewith, unless there is a compelling reason not to do so. |
| (8) | In any of the following cases, a member of the verification committee shall be excluded from the relevant deliberation and resolution: |
| 1. | Where the member or his or her spouse or former spouse becomes a party to the relevant agenda item (if the party is a corporation, organization, etc., its executive officers shall be included; hereafter in this subparagraph and subparagraph 2, the same shall apply) or is a joint right holder or a joint obligor with a party to the relevant agenda item; |
| 3. | Where the member or a corporation, organization, etc. to which the member belongs is or was an agent of a party to the relevant agenda item. |
| (9) | If there is a ground for exclusion under paragraph (8) or there are circumstances that make it difficult to expect a fair evaluation from a member, a party to the relevant agenda item may file a request for challenge with the verification committee, and the verification committee shall decide on it by resolution. In such cases, the member subject to the request for challenge shall not participate in the deliberation. In addition, if falling under any of the grounds for exclusion, the member shall recuse himself or herself from the deliberation. |
| (10) | The chairperson may dismiss a member in any of the following cases: |
| 1. | Where the member is unable to perform his or her duties due to mental or physical disability, etc.; |
| 2. | Where there is any misconduct related to the member's duties, such as divulging information learned through the activities of the verification committee to others or using it for his or her own benefit; |
| 3. | Where it is deemed inappropriate to retain the position of a member due to neglect of duties, injury to dignity, or other reasons; |
| 4. | Where the member fails to recuse himself or herself despite falling under any of the subparagraphs of paragraph (8); |
| 5. | Where the member expresses that it is difficult to perform his or her duties. |
| (11) | The verification committee shall report the results of the deliberation under paragraph (5) to the Financial Services Commission within one month and shall notify the relevant personal credit rating company, etc. without delay. |
| (12) | Details regarding the composition and operation of the verification committee, reporting and notification of the results of deliberation, etc. under paragraphs (1) through (11) shall be determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 22-4 (Data-Specialized Institution) |
| (1) | The Financial Services Commission may designate a corporation or institution that meets all of the following requirements as a data-specialized institution pursuant to Article 26-4 (1) of the Act: |
| 1. | It shall be one of the following corporations or institutions: |
| (c) | A corporation that meets the requirements for capital, sales, etc. determined and publicly notified by the Financial Services Commission; |
| 2. | It shall have facilities, equipment, personnel, organization, and financial capacity determined and publicly notified by the Financial Services Commission; |
| 3. | It shall have a risk management system to prevent leakage, etc. of credit information and internal control devices to protect the rights and interests of the owners of credit information; |
| 4. | It shall meet other requirements determined and publicly notified by the Financial Services Commission. |
| (2) | A person who intends to obtain designation as a data-specialized institution pursuant to paragraph (1) shall submit to the Financial Services Commission a written application for designation determined and publicly notified by the Financial Services Commission, along with the following documents (including electronic documents; hereinafter the same shall apply). In such cases, the Financial Services Commission shall verify the certificate of registration of the relevant corporation (applicable only to corporations) through administrative data matching under Article 36 (1) of the Electronic Government Act, and shall require the corporation to submit it, if it does not consent to the verification: |
| 1. | The articles of incorporation or other equivalent regulations; |
| 2. | Documents verifying whether the requirements under paragraph (1) are met; |
| 3. | Other documents determined and publicly notified by the Financial Services Commission. |
| (3) | Where having designated a data-specialized institution upon receipt of an application under paragraph (2), the Financial Services Commission shall issue a written designation of data-specialized institution in the form determined and publicly notified by the Financial Services Commission, and shall publicly announce the name, address, telephone number, and the name of the representative of the data-specialized institution pursuant to Article 7 of the Act. |
| (4) | The Financial Services Commission may revoke the designation of a data-specialized institution designated under paragraph (3), if the data-specialized institution falls under any of the following cases: Provided, That the designation shall be revoked if it falls under subparagraph 1 or 2: |
| 1. | Where it has been designated as a data-specialized institution by fraud or other improper means; |
| 2. | Where the designated data-specialized institution wants the designation to be revoked, or has been dissolved or has closed its business; |
| 3. | Where it no longer meets the requirements under paragraph (1); |
| 4. | Where it is deemed not capable of properly performing its duties, such as inadequately performing the duties of the data-specialized institution by intention or gross negligence. |
| (5) | To revoke the designation of a data-specialized institution pursuant to paragraph (4), the Financial Services Commission shall hold a hearing. |
| (6) | Details of the designation and revocation of designation of a data-specialized institution under paragraphs (1) through (5) shall be determined and publicly notified by the Financial Services Commission. |
| 1. | Survey and research on the combination of information sets, and pseudonymization or anonymization, and other similar duties; |
| 2. | Duties related to the standardization of combination of information sets and pseudonymization or anonymization; |
| 3. | Duties related to mutual cooperation for standardization, etc. of duties among data-specialized institutions; |
| 4. | Other duties similar to those in subparagraphs 1 through 3, as determined and publicly notified by the Financial Services Commission. |
| (5) | Duties of the Adequacy Evaluation Committee under Article 26-4 (3) of the Act (hereinafter referred to as “Evaluation Committee”) shall be as follows: |
| 1. | Evaluation of adequacy of pseudonymization or anonymization of information sets combined by data-specialized institutions; |
| 2. | Evaluation of adequacy of anonymization processing by credit information companies, etc.; |
| 3. | Other duties similar to those under subparagraphs 1 and 2, as determined and publicly notified by the Financial Services Commission. |
| (9) | Details of the composition and operation of the Evaluation Committee shall be determined by the head of the data-specialized institution. |
| (10) | "Risk management system prescribed by Presidential Decree" in the provisions, with the exception of the subparagraphs, of Article 26-4 (4) of the Act means the risk management systems classified as follows: <Amended on Jun. 7, 2022> |
| (a) | An employee in charge of the duties under Article 26-4 (2) 1 of the Act shall not concurrently perform the duties under subparagraph 2 of that paragraph: Provided, That the same shall not apply to those who instruct or supervise the execution of duties, such as the representatives and department heads; |
| (b) | Other standards determined and publicly notified by the Financial Services Commission shall be met; |
| (a) | An employee in charge of the duties under the subparagraphs of Article 26-4 (2) of the Act (hereinafter referred to as “duties of a specialized institution”) shall not concurrently perform other duties under the Act or other statutes or regulations, except for the duties performed by specialized institutions pursuant to Article 28-3 (1) of the Personal Information Protection Act: Provided, That the same shall not apply to those who instruct or supervise the execution of duties, such as the representatives and department heads; |
| (b) | The server performing the duties of a specialized institution shall be separated from the server performing the duties that cannot be concurrently performed under the main clause of item (a); |
| (c) | Other standards determined and publicly notified by the Financial Services Commission shall be met. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 23 (Persons who are Engaged in Credit Investigation Company and Claims Collection Agency) |
| Article 24 (Qualifications and Registration Procedures for Delegated Claims Collectors) |
| (1) | Any of the following persons may be registered as a delegated claims collector under Article 27 (10) of the Act: <Amended on Sep. 11, 2015; May 28, 2018> |
| 1. | A person who has completed education courses on claims collection business at any of the following institutions: |
| (a) | Credit Information Companies Association in Article 44 of the Act (hereinafter referred to as the "Credit Information Companies Association"); |
| (b) | Claims collection agency designated by the Credit Information Companies Association; |
| (c) | Other institutions determined and publicly notified by the Financial Services Commission; |
| 2. | Deleted; <Sep. 11, 2015> |
| 3. | Other persons who the Financial Services Commission deems to have qualifications equivalent to subparagraph 1. |
| (2) | A claims collection agency that intends to register a person intending to serve as its delegated claims collector shall submit an application determined and publicly notified by the Financial Services Commission to the Financial Services Commission, accompanied by the documents certifying the qualifications of the delegated claims collector in paragraph (1). <Amended on Sep. 11, 2015> |
| Article 24-2 (Institutions Prohibited from Entrusting Services to Unlicensed Claims Collection Business Entities) |
"Credit information provider/user prescribed by Presidential Decree, such as a credit finance company and a credit business entity" in Article 27-2 of the Act means the following: <Amended on Aug. 4, 2020; Jun. 7, 2022> | 1. | Nonghyup banks, agricultural cooperatives, and the National Agricultural Cooperative Federation established under the Agricultural Cooperatives Act; |
| 7. | Suhyup banks, fisheries cooperatives, and the National Federation of Fisheries Cooperatives established under the Fisheries Cooperatives Act; |
| 8. | Credit unions and the National Credit Union Federation of Korea established under the Credit Unions Act; |
| 9. | Banks established under the Banking Act (including branches or agencies deemed banks under Article 59 of that Act); |
| 15. | Online investment-linked financial business entities. |
[This Article Newly Inserted on May 28, 2018]
| Article 25 Deleted. <Aug. 27, 2013> |
| Article 26 Deleted. <Aug. 27, 2013> |
CHAPTER VI PROTECTION OF OWNERS OF UTILITY MODEL RIGHTS
| Article 27 (Public Announcement of Credit Information Utilization Status) |
| (1) | "Credit information provider/user prescribed by Presidential Decree" in the provisions, with the exception of the subparagraphs, of Article 31 (1) of the Act means those under Article 2 (6) 7 (a) through (ab) and Article 21 (2) 1 through 21. <Amended on Sep. 11, 2015; Mar. 29, 2016; Aug. 4, 2020; Jun. 7, 2022> |
| (2) | “Persons prescribed by Presidential Decree” in Article 31 (1) 1 of the Act means persons who meet all of the following requirements: <Amended on Aug. 4, 2020> |
| 1. | To be one of the personal credit rating companies, credit rating companies for sole proprietors, corporate credit bureaus, and credit information collection agencies; |
| 2. | To have total assets of at least two trillion won and at least 300 regular employees as of the end of the immediately preceding business year; in such cases, the calculation method of the number of regular employees shall be determined and publicly notified by the Financial Services Commission. |
| 1. | Results of deliberation by the verification committee (limited to those subject to the verification of personal credit evaluation system under Article 26-3 of the Act); |
| 2. | Other matters determined and publicly notified by the Financial Services Commission. |
| 1. | Placing them in an easily visible place in a store or office to make it available for perusal; |
| 2. | Providing them on the Internet website of the relevant institution, so that the relevant owners of credit information can peruse. |
| Article 28 (Consent to Provision and Use of Personal Credit Information) |
| (1) | Deleted. <Sep. 11, 2015> |
| (2) | Where a credit information provider/user intends to obtain consent from the relevant owner of credit information under the main clause of Article 32 (1) of the Act, he or she shall inform the following matters in advance: Provided, That where it is impracticable to indicate or inform all the details of consent due to the characteristics of the consent methods, the consent is obtained after explanation is provided on how to check the details of consent, including the Internet website address and telephone number of workplace of the relevant institution: <Amended on Sep. 11, 2015; Aug. 4, 2020> |
| 1. | A recipient of personal credit information; |
| 2. | Recipient’s purpose of use of personal credit information; |
| 3. | The details of personal credit information to be provided; |
| 4. | The period during which the person receiving personal credit information (excluding personal credit rating companies, credit rating companies for sole proprietors, corporate credit bureaus, and credit information collection agencies) retains and uses the information; |
| 5. | The fact that the owner of credit information has the right to refuse consent, and if there is a disadvantage due to the refusal of consent, the details of the disadvantage. |
| (3) | Where a credit information provider/user has obtained consent by wired or wireless communication under Article 32 (1) 4 of the Act, it shall notify the matters prescribed in subparagraphs of paragraph (2), within one month, in writing, by electronic mail, mobile phone text message, or other means determined and publicly notified by the Financial Services Commission. <Amended on Sep. 11, 2015> |
| (4) | "Means determined by Presidential Decree" in Article 32 (1) 5 of the Act means the methods of notifying the relevant owner of credit information of the matters requiring consent and obtaining his or her consent by confirming his or her expression of intent to give consent, by using means of securing the safety and reliability of consent to the provision of information. <Newly Inserted on Sep. 11, 2015> |
| (5) | In obtaining consent to the provision of personal credit information from the relevant owner of credit information by means under paragraph (4), a credit information provider/user or a person who intends to receive personal credit information from a personal credit rating company, a credit rating company for sole proprietors, a corporate credit bureau, or a credit information collection agency shall, taking the following matters into consideration, adopt and use the means by which the safety and reliability of the consent to the provision of information can be secured: <Amended on Sep. 11, 2015; Aug. 4, 2020> |
| 1. | Type, characteristics, and level of risk of a commercial transaction relationship, including financial transactions; |
| 2. | Characteristics of the business or business type of any of the following persons: |
| (a) | A credit information provider/user; |
| (b) | A person who intends to receive personal credit information from a personal credit rating company, a credit rating company for sole proprietors, or a corporate credit bureau; |
| (c) | A person who intends to receive personal credit information from a credit information collection agency; |
| 3. | Number of owners of credit information from whom the consent to the provision of information is to be obtained. |
| (6) | A person who intends to be provided with personal credit information by a personal credit rating company, a credit rating company for sole proprietors, a corporate credit bureau, or a credit information collection agency as prescribed in Article 32 (2) of the Act, shall inform the relevant individual of the matters prescribed in the following subparagraphs and obtain his or her consent: Provided, That where it is impracticable to indicate or inform all the entire details of consent due to the characteristics of the consent method, the consent is obtained after explanation is provided on how to check the details of consent, including the Internet website address and telephone number of workplace of the relevant institution: <Amended on Aug. 4, 2020> |
| 1. | The provider of personal credit information; |
| 2. | Recipient's purpose of use of personal credit information; |
| 3. | The items of personal credit information received; |
| 4. | The effective period of the consent on provision of personal credit information; |
| 5. | The fact that the individual has the right to refuse consent, and if there is a disadvantage due to the refusal of consent, the details of the disadvantage. |
| (7) | A personal credit rating company, a credit rating company for sole proprietors, a corporate credit bureau, or a credit information collection agency shall, under Article 32 (3) of the Act, verify in writing, or through electronic records, etc. as to whether a person who intends to be provided with personal credit information has obtained consent from the relevant owners of personal information under Article 32 (3) of the Act, and regularly examine the truth or falsehood of the matters verified. <Amended on Sep. 11, 2015; Aug. 4, 2020> |
| (8) | In distinguishing compulsory consent matters and optional consent matters from each other under the former part of Article 32 (4) of the Act, a credit information provider/user shall take the following matters, etc. into consideration: <Newly Inserted on Sep. 11, 2015; Aug. 4, 2020> |
| 1. | Whether no commercial transaction relationship, including financial transactions, with the owner of credit information can be established and maintained if the relevant owner of credit information does not consent to the consent matters; |
| 2. | Whether the relevant personal credit information which is provided and used with consent to the consent matters is directly related to the goods or services provided to the owner of credit information in accordance with a commercial transaction relationship with the credit information provider/user (including cases where a third party on a separate contract, agreement, etc. with the credit information provider/user has provided goods or services which have been agreed to be provided in a commercial transaction relationship which was applied by the owner of credit information to the relevant credit information provider/user); |
| 3. | Whether it is impractical to perform obligations under this Act or other statutes or regulations unless the owner of credit information gives consent to the consent matter. |
| (9) | Where a credit information provider/user obtains consent by distinguishing compulsory consent matters and other optional consent matters from each other in accordance with the former part of Article 32 (4) of the Act, it shall ensure that an owner of credit information can readily understand each consent matter in the manner, such as distinguishing the forms of the written consents, etc. <Newly Inserted on Sep. 11, 2015; Aug. 4, 2020> |
| (10) | "Purposes prescribed by Presidential Decree, including claims collection (applicable only to credit subject to collection), permission and authorization, determination of a company's credit worthiness, and transfer of securities" in Article 32 (6) 4 of the Act means the following purposes: <Amended on Aug. 17, 2011; Sep. 11, 2015; Jan. 10, 2017; Aug. 4, 2020> |
| 1. | A creditor who requests claims collection, provides a claims collection agency with personal credit information of a person subject to claims collection, or receives the requested information from a claims collection agency; |
| 2. | A creditor or claims collection agency is provided by a personal credit rating company, a credit rating company for sole proprietors, or a corporate credit bureau with personal credit information on a person who failed to repay any of his or her debts the due date, or a person subject to claims collection; |
| 3. | An administrative agency is provided by a personal credit rating company, a credit rating company for sole proprietors, or a corporate credit bureau with personal credit information to use for its permission and authorization services; |
| 4. | The purpose to be provided by a personal credit rating company, a credit rating company for sole proprietors, a corporate credit bureau, or a credit information collection agency with the personal credit information on a company's representative or a person falling under any subparagraph of Article 2 (9) in order to determine whether to build and maintain business relations, including financial transactions, with the relevant company; |
| 5. | Financial institutions under Article 21 (2), and the bearers of bills/checks, are provided by a personal credit rating company, a credit rating company for sole proprietors, a corporate credit bureau, or a credit information collection agency with the personal credit information on issuers, underwriters, endorsers, and guarantors of bills/checks, in order to determine whether to build and maintain business relations therewith, and verify intent to repay and solvency thereof, respectively; |
| 6. | If a credit information provider/user who has acquired a nominative claim under Article 450 of the Civil Act falls under any of the following cases, the purpose to provide the personal credit information of the obligor of the relevant nominative claim to a personal credit rating company, a credit rating company for sole proprietors, a corporate credit bureau, or a credit information collection agency or to be provided with such information by a personal credit rating company, a credit rating company for sole proprietors, a corporate credit bureau, or a credit information collection agency: |
| (a) | Where the transferor of a nominative claim has obtained consent from the relevant obligor to the provision or receipt of the personal information of an obligor in any manner prescribed in subparagraph of Article 32 (1) of the Act, as at the time a commercial transaction relationship which constitutes a cause for the nominative claim was established; |
| (b) | Where the credit information of the obligor of the nominative claim can be provided or received under this Act or other statutes or regulations; |
| 7. | Deleted. <Aug. 4, 2020> |
| 1. | Where information related to over-the-counter (OTC) derivatives trading is provided to the Financial Services Commission, the Financial Supervisory Service, or the Bank of Korea for risk management and investor protection in the trading of OTC derivatives; |
| 2. | Where information on a third party in a liability insurance contract under Article 719 of the Commercial Act is provided to or received from a credit information collection agency to investigate and prevent insurance fraud; |
| 3. | Where information on a third party in an automobile insurance contract under Article 726-2 of the Commercial Act is provided to or received from a credit information collection agency to investigate and prevent insurance fraud. |
| (12) | Where a credit information company, etc. notifies in advance an owner of credit information of the fact of providing his or her personal credit information, the reasons therefor, etc. in accordance with the main clause of Article 32 (7) of the Act and where such notification is made or publicly announced ex post facto inevitably under the proviso of that Article 32 (7) of the Act, the timing and methods of notification or public announcement by reason for the provision thereof and by person who make notification or public announcement shall be as specified in attached Table 2-2. <Amended on Sep. 11, 2015> |
| (13) | “Persons prescribed by Presidential Decree” in Article 32 (8) of the Act means persons under Article 2 (6) 7 (a) through (ab). <Amended on Aug. 17, 2011; Sep. 11, 2015; Aug. 4, 2020; Jun. 7, 2022> |
| (14) | "Matters determined by Presidential Decree, including the scope of credit information provided" in Article 32 (8) of the Act means the scope of personal credit information to be provided, and the credit information management and protection system for the person to be provided with. <Amended on Aug. 17, 2011; Sep. 11, 2015> |
| Article 28-2 (Use of Personal Credit Information) |
“Purposes prescribed by Presidential Decree” in Article 33 (2) of the Act means the purposes for those referred to in each of the following subparagraphs to use personal illness, injury, or other similar information in connection with their duties, where necessary for performing any of the following duties: | 1. | Insurance business under subparagraph 2 of Article 2 of the Insurance Business Act or incidental business under Article 11-2 of that Act performed by an insurance company under subparagraph 6 of Article 2 of that Act, which is performed for the purpose of maintaining and improving personal health, preventing diseases in advance or worsening of diseases, etc.; |
| 2. | Incidental business under Article 46 (1) 7 of the Specialized Credit Finance Business Act performed by a credit card company under subparagraph 2-2 of Article 2 of that Act, which receives a fee from a credit card member and exempts the credit card member from debts (limited to debts related to subparagraph 2 (b) of Article 2 of that Act) or defers the repayment of such debts in the event of a specific accident to the credit card member, such as death or illness; |
| 4. | Mutual aid business performed by a mutual aid association, etc.; |
| 5. | Personal credit information management business performed by the personal credit information management company to provide to the owner of credit information who is an individual with an integrated information about his or her disease; |
| 6. | Duties performed by the Committee for Centralized Management of Credit Information pursuant to Article 25-2 of the Act; |
| 7. | Duties performed by financial institutions to provide economic benefits to financial consumers or to prevent damage to financial consumers other than those prescribed in subparagraphs 1 through 6, as prescribed by Ordinance of the Prime Minister. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 28-3 (Request for Transmission of Personal Credit Information) |
| (1) | “Credit information providers/users prescribed by Presidential Decree” in Article 33-2 (1) 3 of the Act means the persons under Article 2 (6) 7 (a) through (t) and (v) through (ab), and the subparagraphs of Article 21 (2). <Amended on Jun. 7, 2022> |
| 1. | Credit rating companies for sole proprietors; |
| 2. | Others determined and publicly notified by the Financial Services Commission. |
| (3) | Where exercising the right to request transmission of personal credit information pursuant to Article 33-2 (1) and (4) of the Act, the owner of credit information who is an individual shall do so in a manner falling under any subparagraph of Article 32 (1) of the Act: Provided, That if special terms are written or agreed upon at the request of the owner of credit information who is an individual, which prohibits the provision of the relevant information to a third party or the non-face-to-face information inquiry, the right to request transmission of the relevant information shall be exercised face-to-face. |
| (4) | A credit information provider/user, etc. who has received a request for transmission of personal credit information pursuant to paragraph (3) shall immediately transmit the personal credit information requested for transmission in a manner that it can be processed by computers: Provided, That if it is not personal credit information within the last five years, it may be provided in a manner determined by the credit information provider/user, etc. |
| (5) | If the transmission of personal credit information under paragraph (4) is delayed or impossible due to a computer system failure, etc., the delay and the cause therefor shall be notified to the owner of credit information who is an individual, and the personal credit information shall be transmitted as soon as such cause is resolved. |
| (6) | The scope of personal credit information about oneself that can be requested for transmission by the owner of credit information who is an individual pursuant to Article 33-2 (2) of the Act shall be as follows: <Amended on Jun. 7, 2022> |
| 2. | Information on payment of national taxes, customs duties, and local taxes; |
| 3. | Information on payment of insurance premiums for employment insurance, industrial accident compensation insurance, national health insurance, national pension, and public pension; |
| 4. | Information on payment of telecommunications fees to telecommunications business operators under Article 18-6 (4) 6, micropayment, and similar information, which can check the transaction details of the owner of credit information; |
| 5. | Other information similar to the information under subparagraphs 1 through 4 that can check the transaction details of the owner of credit information who is an individual, as determined and publicly notified by Financial Services Commission. |
| 1. | The end time of the transmission request; |
| 2. | Other matters determined and publicly notified by the Financial Services Commission. |
| 1. | Where it is not verified that the owner of credit information who is an individual has requested the transfer; |
| 2. | Where the owner of credit information requested the transmission, but it is suspected that the transmission request was made because of deception or intimidation by a third party; |
| 5. | Where it becomes known that the request for transmission is made by improper means, such as stealing authentication information of the owner of credit information who is an individual; |
| 6. | Other cases similar to those under subparagraphs 1 through 5, as determined and publicly notified by the Financial Services Commission. |
| (12) | Where a credit information provider/user, etc. in receipt of a request for transmission under Article 33-2 (8) of the Act rejects the request for transmission or suspends or discontinues the transmission, the credit information provider/user, etc. shall notify the owner of credit information who is an individual of such fact without delay. |
| (11) | Details regarding the request for transmission of personal credit information, withdrawal or rejection of the request for transmission, and suspension or discontinuation of transmission under paragraphs (1) through (12) shall be determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 28-4 (Operation of Consultative Council on Transmission of Personal Credit Information) |
The Committee for Centralized Management of Credit Information, the Financial Security Agency established with permission from the Financial Services Commission pursuant to Article 32 of the Civil Act (hereinafter referred to as the “Financial Security Agency”), and other persons designated by the Financial Services Commission may have consultative councils, institutions, etc. that support the following duties related to the transmission of personal credit information under Article 22-9 (4) through (6) of the Act and Article 33-2 of the Act: | 1. | The scope of personal credit information that can be requested to be transmitted, standardization, verification, and error management of personal credit information; |
| 2. | Calculating the cost upon the transmission request; |
| 3. | Guaranteeing the rights of financial consumers; |
| 5. | Criteria for authentication of the owner of credit information, etc. for transmission and management of personal credit information; |
| 6. | Protection and security of information for the safe transmission and management of personal credit information; |
| 7. | Other duties similar to those under subparagraphs 1 through 6, as determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 29 (Collection, Use, and Provision of Personally Identifiable Information) |
"Information prescribed by Presidential Decree” in Article 34 of the Act means the personally identifiable number. [This Article Wholly Amended on Aug. 4, 2020]
| Article 29-2 (Principle of Consent to Use of Personal Credit Information, etc.) |
| 1. | Where it is impracticable to indicate or inform all the details of consent due to the characteristics of the consent method, such as a telephone call, and the consent is obtained after explanation is provided on how to check the details of the consent, such as the Internet website address or the business phone number of the credit information company, etc.; |
| 2. | Other cases similar to those under subparagraph 1, as determined and publicly notified by the Financial Services Commission. |
| (2) | "Credit information provider/user prescribed by Presidential Decree" in the provisions, with the exception of the subparagraphs, of Article 34-2 (2) of the Act and in the main clause of paragraph (3) of that Article means those specified in Article 17 (7) 2 through 4. |
| (3) | Where omitting some of the matters subject to notification under the main clause of Article 34 (1) of the Act (hereinafter referred to as "matters subject to notification") or extracting only important matters to inform the owner of credit information pursuant to the main clause of Article 34-2 (3) of the Act and to obtain consent to use of information under the main clause of that paragraph (hereinafter referred to as “consent to use of information”), the following matters shall be notified: |
| 1. | The following matters among the matters subject to notification: |
| (4) | Where the owner of credit information who is an individual makes a request to inform all of the matters subject to notification pursuant to the proviso of Article 34-2 (3) of the Act, all of the matters subject to notification shall be informed without delay. |
| (5) | Where informing the matters subject to notification pursuant to the main clause of Article 34-2 (3) of the Act, any matters that may inflict a disadvantage on the owner of credit information shall not be underemphasized. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 29-3 (Consent Level for Information Use) |
| 1. | Matters subject to notification; |
| 3. | Other matters determined and publicly notified by the Financial Services Commission. |
| 1. | Whether the text was marked by enlarging the font size or line spacing, etc. to make it easier for the owner of credit information to read the matters of the consent to use of information; |
| 2. | Whether some of the matters subject to notification were omitted or only important matters were extracted to inform the owner of credit information pursuant to the main clause of Article 34-2 (3) of the Act; |
| 3. | Other matters determined and publicly notified by the Financial Services Commission. |
| 1. | Where it is unreasonable to maintain the previously granted consent level for information use in terms of protecting the owner of credit information or maintaining a sound credit order, due to changes in the standards for the consent level for information use, changes in the matters subject to notification, etc.; |
| 2. | Where the relevant credit information provider/user is dissolved or has closed his or her business; |
| 3. | Where it becomes difficult for the owner of credit information to easily recognize the consent level for information use due to non-indication, distortion, etc. of the granted consent level for information use; |
| 4. | Other cases determined and publicly notified by the Financial Services Commission. |
| (5) | Where revoking or changing the consent level for information use pursuant to Article 34-3 (3) of the Act, the Financial Services Commission shall inform the relevant credit information provider/user in advance: Provided, That in urgent cases to protect the owner of credit information or maintain a sound credit order, the Financial Services Commission need not inform him or her in advance. |
| (6) | Details regarding the methods and procedures for granting, revoking, and changing the consent level for information use pursuant to paragraphs (1) through (5) shall be determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 30 (Fact-Finding Inquiry, etc. into Use and Provision of Credit Information) |
| (1) | In accordance with the main clause of Article 35 (1) of the Act, a credit information company, etc. shall allow the owner of credit information to inquire into matters for inquiry (referring to the matters classified in the subparagraphs of that paragraph; hereafter in this Article the same shall apply) within the period determined and publicly notified by the Financial Services Commission commencing from the date of use or provision of the personal credit information in the manner classified as follows: Provided, That where any inevitable cause exists as prescribed in the proviso of Article 32 (7) of the Act, the inquiry shall be made possible at the time notification or public announcement is made, as prescribed in attached Table 2-2: <Amended on Sep. 11, 2015; Mar. 29, 2016; Aug. 4, 2020; Jun. 7, 2022> |
| 1. | Any of the following credit information companies, etc.: Method of constructing a personal credit information inquiry system for convenient verification of matters for inquiry by an owner of credit information, and posting the method, procedures, etc. for using such personal credit information inquiry system on the Internet website, etc.: |
| (a) | A credit information collection agency; |
| (b) | A personal credit rating company; |
| (c) | A credit rating company for sole proprietors; |
| (d) | A corporate credit bureau; |
| (e) | A personal credit information management company; |
| (f) | Institutions under Article 2 (6) 7 (a) through (ab) (excluding institutions that do not have a computerized system to manage personal credit information and have personal credit information on fewer than 10,000 owners of credit information); |
| (g) | Institutions prescribed in Article 21 (2) 1 through 23 (excluding institutions that do not have a computerized system to manage personal credit information and have personal credit information on fewer than 10,000 owners of credit information); |
| 2. | A credit information company, etc. other than those defined in subparagraph 1: Method prescribed in subparagraph 1, or enabling an owner of credit information to peruse the matters for inquiry at an office, shop, etc. |
| (2) | A credit information company, etc. should allow an owner of credit information prescribed in paragraph (1) to inquire into the matters for inquiry for the last three years from the date such request for inquiry is made. <Amended on Sep. 11, 2015> |
| (3) | In allowing an owner of credit information to inquire into matters for inquiry under paragraph (1), a credit information company, etc. shall verify whether the person who has requested the inquiry is the actual credit information concerning the relevant matters for inquiry. In such cases, a credit information company, etc. may adopt and use means by which the safety and reliability of the identification of a principal can be secured, taking into consideration the type, characteristics, level of risk, etc. of a commercial transaction relationship, including financial transactions. <Amended on Sep. 11, 2015> |
| (4) | “Cases prescribed by Presidential Decree, such as where it is used for the purpose of internal business management or provided for repeated outsourcing of business affairs” in the proviso of Article 35 (1) of the Act means where it is used or provided for the following purposes: Provided, That where personal credit information is used or provided for the purpose of introducing or recommending to purchase any goods or service shall be excluded therefrom: <Amended on Sep. 11, 2015; Mar. 29, 2016; Jun. 7, 2022> |
| 1. | Risk management and internal control, including credit risk management; |
| 2. | Analysis of clients and development of goods and services; |
| 4. | Performing outsourced affairs; |
| 5. | Examining business and financial status; |
| 6. | Providing data to the State or local governments, as prescribed by other statutes or regulations. |
| (5) | "Matters prescribed by Presidential Decree" in Article 35 (1) 1 of the Act means the period of keeping and using the relevant personal credit information. <Amended on Sep. 11, 2015> |
| (6) | "Matters prescribed by Presidential Decree" in Article 35 (1) 2 of the Act means the period for keeping and using the relevant personal credit information by the recipient thereof. <Newly Inserted on Sep. 11, 2015> |
| (7) | A credit information company, etc., upon request for notification from an owner of credit information under Article 35 (2) of the Act, shall notify the relevant owner of credit information of the matters inquired into regularly from the time it receives such request in the format and manner determined and publicly notified by the Financial Services Commission. <Newly Inserted on Sep. 11, 2015> |
| (8) | A credit information company, etc. may cause the relevant owner of credit information to bear the expenses directly incurred in the inquiry under paragraph (1) or notification under paragraph (7): Provided, That if a personal credit information inquiry system referred to in paragraph (1) is available for making inquiry into matters for inquiry, an owner of credit information shall be allowed to make the inquiry free of charge at least once annually. <Newly Inserted on Sep. 11, 2015> |
| (9) | A credit information company, etc. shall preserve the details inquired into by an owner of credit information, as prescribed in paragraph (1) and the details notified to an owner of credit information, as prescribed in paragraph (7) for three years. <Newly Inserted on Sep. 11, 2015> |
[Title Amended on Sep. 11, 2015]
| Article 30-2 (Obligation to Explain Possibility of Declining Personal Credit Score) |
| (1) | “Credit information providers/users prescribed by Presidential Decree” in the provisions, with the exception of the subparagraphs, of Article 35-2 of the Act means the following: |
| 2. | Other institutions determined and publicly notified by the Financial Services Commission. |
| (2) | "Financial transactions prescribed by Presidential Decree" in the provisions, with the exception of the subparagraphs, of Article 35-2 of the Act means transactions that pose credit risk on credit information providers/users under subparagraph 1-3 (a) of Article 2 of the Act. |
| 1. | Types of financial transactions that are likely to result in disadvantages when the personal credit score declines; |
| 2. | The fact that credit scores for credit extensions in financial areas with high average delinquency rates may decline more sharply than credit scores for credit extensions in other financial areas such as banks; |
| 3. | The fact that credit scores for credit extensions in a type with high average delinquency rates may decline more sharply than credit scores for typical credit extensions; |
| 4. | Other matters that may affect the relevant owner of credit information through the relevant financial transaction, as determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 30-3 (Prior Notification of Credit Information Providers/Users) |
| (1) | "Credit information providers/users prescribed by Presidential Decree” in Article 35-3 (1) of the Act means the following: <Amended on Jun. 7, 2022> |
| 1. | Persons under the items of Article 2 (6) 7; |
| 2. | Persons under the subparagraphs of Article 21 (2); |
| 3. | Enterprises and corporations engaging in commercial transactions; |
| 4. | Others determined and publicly notified by the Financial Services Commission. |
| 1. | The fact that the credit score may not be recovered for a certain period even if the arrears are repaid after information registration; |
| 2. | The fact that the record is kept for a certain period even after the repayment of arrears after information registration; |
| 3. | Other matters determined and publicly notified by the Financial Services Commission. |
| (3) | Notification under Article 35-3 (1) of the Act shall be given no later than five business days prior to the provision of personal credit information, through any of the following methods: <Amended on Jun. 7, 2022> |
| 4. | By text message on mobile phone; |
| 5. | Other methods recognized and publicly notified by the Financial Services Commission as appropriate to notify the owner of credit information of the matters related to personal credit information inquiry, etc. |
| (4) | Notwithstanding paragraph (3), notification under Article 35-3 (1) of the Act may be given by the deadline set in the relevant subparagraph, in the following cases: <Newly Inserted on Jun. 7, 2022> |
| 1. | Where the owner of credit information is not disadvantaged by the provision of information, as determined and publicly notified by the Financial Services Commission: Before the provision of personal credit information; |
| 2. | Where information on the fact of arrears is provided and the period from the date of occurrence of arrears to the expected date of registration of the relevant information is less than five business days (excluding cases falling under subparagraph 1): One business day before the provision of personal credit information. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 31 (Notification, etc. of Credit Information Constituting Grounds for Refusal of Commercial Transaction) |
| (1) | "Information prescribed by Presidential Decree" in Article 36 (1) of the Act means the following credit information: <Amended on Sep. 11, 2015; Aug. 4, 2020> |
| 2. | Credit information under the items of subparagraph 1-6 of Article 2 of the Act: Provided, That the credit information under items (d), (e), and (g) of that subparagraph shall be excluded, and the credit information under item (h) of that subparagraph shall be limited to the information under Article 2 (17) 3 (limited to information related to arrears), 5, and 6. |
| (2) | "Matters prescribed by Presidential Decree, including the credit information that gave rise to the refusal or cancellation thereof" in Article 36 (1) of the Act means the following matters: <Amended on Sep. 11, 2015; Aug. 4, 2020> |
| 1. | The credit information that constitutes the grounds for refusal or revocation of commercial transactions; |
| 2. | Name, address, phone number, etc. of the personal credit rating company, credit rating company for sole proprietors, corporate credit bureau, or credit information collection agency that has provided the information under subparagraph 1; |
| 3. | The fact that the personal credit rating company, credit rating company for sole proprietors, corporate credit bureau, or credit information collection agency has not made the decision to refuse or suspend the establishment of a commercial transaction relationship and where information other than the information provided by the personal credit rating company, credit rating company for sole proprietors, corporate credit bureau, or credit information collection agency is also used, such fact and that other information. |
| Article 31-2 (Explanation of Personal Credit Evaluation Results and Filing of Objection) |
| 2. | Other transactions similar to those under subparagraph 1, as determined and publicly notified by the Financial Services Commission. |
| (3) | “Credit information providers/users prescribed by Presidential Decree” in Article 36-2 (1) 1 (b) of the Act means the credit information providers/users under paragraph (1). |
| (4) | “Acts prescribed by Presidential Decree” in Article 36-2 (1) 1 (c) of the Act means decisions on whether to offer or accept a contract for a transaction under paragraph (2). |
| 1. | Where the content requested by the owner of credit information who is an individual to be corrected or deleted is different from the truth; |
| (6) | The owner of credit information who is an individual shall exercise the rights under Article 36-2 (1) and (2) of the Act in writing, or through e-mail, Internet website, application, etc. in accordance with the form determined and publicly notified by the Financial Services Commission. |
| (7) | A personal credit rating company, etc. shall take necessary measures, such as explanation, correction, and deletion, for the owner of credit information who has exercised the rights under Article 36-2 (1) and (2) of the Act, and shall explain the results thereof to the owner of credit information in writing, or through e-mail, Internet website, application, etc. in accordance with the form determined and publicly notified by the Financial Services Commission. |
| (8) | Where explaining to the owner of credit information who is an individual, the personal credit rating company, etc. shall comply with the following classification: |
| 1. | Where explaining the matters under Article 36-2 (1) 2 (a) of the Act: Unless there is a request from the owner of credit information who is an individual, they may be indicated with the result of the most recent automated evaluation at the time of request, which is a credit rating or score (including percentage) determined by the personal credit rating company, etc.; |
| 2. | Where explaining the matters under Article 36-2 (1) 2 (b) of the Act: When the automated evaluation is conducted, the proportion of each type of credit information (information for determining credit transaction, information for determining credit rating, information for determining credit transaction capacity, etc.) under subparagraph 1 of Article 2 of the Act may be explained or the explanation may be provided in accordance with the form prepared by each financial sector association; |
| 3. | Where explaining the matters under Article 36-2 (1) 2 (c) of the Act: Credit information that the financial company, etc. obtains directly from the owner of credit information who is an individual, the Committee for Centralized Management of Credit Information, a personal credit rating company, etc. that requests the explanation may be explained: Provided, That information generated or inferred by a financial company, etc. by processing basic information on its own may be excluded. |
| (9) | Where having refused a request from the owner of credit information who is an individual pursuant to Article 36-2 (3) of the Act, the personal credit rating company, etc. shall explain the grounds and reasons for refusal in writing or through e-mail, Internet website, application, etc. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 32 (Rights, etc. to Revoke Consent to Provide and Use Personal Credit Information) |
| (1) | Pursuant to Article 37 (1) of the Act, an owner of credit information may revoke the consent to provide personal credit information by defining the target information and details, through the Internet website of the relevant institution or by wired/wireless communication, in writing, or other means determined and publicly notified by the Financial Services Commission: <Amended on Sep. 11, 2015> |
| (2) | Pursuant to Article 37 (2) of the Act, an individual owner of credit information may request a credit information provider/user who contacts him or her for the purposes of introducing goods or services or soliciting the purchase thereof to cease such contact by defining the target contact and details by means defined in paragraph (1). |
| (3) | A credit information provider/user, in receipt of request under paragraphs (1) and (2), shall complete the appropriate actions within one month from the receipt of such request. |
| (4) | Where a credit information provider/user has verbally notified its individual counterparty pursuant to Article 37 (3) of the Act, the additional post-notification shall be made within one month from the first notification, in writing, or through electronic mail, mobile phone text message, the Internet website, or through other methods determined by the Financial Services Commission. |
| Article 33 (Request for Perusal, Correction of Credit Information, etc.) |
| (1) | "Means prescribed by Presidential Decree, including telephone, Internet website, etc." in Article 38 (1) of the Act means any of the following means: <Amended on Sep. 11, 2015> |
| 1. | Presentation of identification indicating an individual's identity; |
| 2. | Use of telephone or Internet website; |
| 3. | Methods, other than those prescribed in subparagraphs 1 and 2, by which a person who requests the provision and perusal of his or her personal information verifies that he or she is the very owner of credit information, by using means to secure the safety and reliability of the verification of the principal. In such cases, a credit information company, etc. may adopt and use means by which the safety and reliability of the identification of a principal can be secured taking into consideration the type, characteristics, level of risk, etc. of a commercial transaction relationship, including financial transactions. |
| (2) | An owner of credit information may be provided with or peruse his or her information pursuant to Article 38 (1) of the Act by means of written documents, electronic documents, or an Internet website, etc. |
| (4) | Where intending to make a request for correction pursuant to Article 38 (5) of the Act, the owner of credit information shall submit to the Financial Services Commission a written request for correction determined and publicly notified by the Financial Services Commission within 15 days from the date of receipt of the notification of the processing results (if there is no such notification, the day on which seven business days have passed since the request for correction under paragraph (2) of that Article), along with the following documents: <Amended on Aug. 4, 2020; Jun. 7, 2022> |
| 1. | Documents stating the details of a request for correction to a credit information company, etc. under Article 38 (2) of the Act; |
| 2. | Notification details, if an owner of credit information has been notified by a credit information company, etc. of the processing results under Article 38 (5) of the Act; |
| 3. | Evidentiary materials verifying whether the credit information subject to the request for correction is true. |
| (5) | Where intending to make a request for correction to the Personal Information Protection Commission under Article 7 of the Personal Information Protection Act (hereinafter referred to as the “Protection Commission”) pursuant to the proviso of Article 38 (5) of the Act, the owner of credit information shall submit to the Protection Commission a written request for correction determined and publicly notified by the Financial Services Commission within 15 days from the date of receipt of the notification of the processing results (if there is no such notification, it refers to the day on which seven business days have passed since the request for correction under Article 38 (2) of the Act), along with the following documents: <Newly Inserted on Aug. 4, 2020> |
| 1. | Documents stating the details of a request for correction to a credit information company, etc. under Article 38 (2) of the Act; |
| 2. | Notification details, if an owner of credit information has been notified by an enterprise or a corporation engaging in commercial transactions of the processing results under Article 38 (5) of the Act; |
| 3. | Evidentiary materials verifying whether the credit information subject to the request for correction is true. |
| Article 33-2 (Requirements for Suspension of Provision of Information and Matters to Be Notified to Owners of Credit Information) |
| (1) | Where a personal credit rating company or a credit rating company for sole proprietors in receipt of a request under Article 38-2 (1) of the Act is deemed to have received the relevant request due to any of the following occurrences, as prescribed in Article 38-2 (2) of the Act, it shall suspend, without delay, the provision of personal credit information of the owner of credit information to the person who has requested the information, if it is suspected that a credit information provider/user or any other user (hereafter in this Article referred to as "information requester") has requested the personal credit information using the stolen personal credit information of the relevant owner of credit information as a result of such occurrence: <Amended on Aug. 4, 2020> |
| 1. | Disclosure of the personal credit information of the relevant owner of credit information; |
| 2. | Loss of the identification card of the relevant owner of credit information; |
| 3. | Facts similar to those provided for in subparagraph 1 or 2, determined and publicly notified by the Financial Services Commission. |
| (2) | Matters to be notified by a personal credit rating company or a credit rating company for sole proprietors to an owner of credit information pursuant to the former part of Article 38-2 (1) and (2) of the Act shall be classified as follows: <Amended on Aug. 4, 2020> |
| 1. | Where the notification is made pursuant to Article 38-2 (1) of the Act by providing the personal credit information of the relevant owner of credit information to the information requester: Recipient of the personal credit information, and the purpose, details and date of the provision; |
| 2. | Where the notification is made pursuant to Article 38-2 (2) of the Act without providing the personal credit information of the relevant owner of credit information to the information requester: Information requester, and the purpose and date of the request. |
| (3) | Pursuant to Article 38-2 (3) of the Act, a personal credit rating company or a credit rating company for sole proprietors shall notify the relevant owner of credit information of the matters classified in the subparagraphs of paragraph (2) by any of the following means: <Amended on Dec. 10, 2019; Aug. 4, 2020> |
| 4. | Text message via a cellular phone; |
| 5. | Means similar to those provided for in subparagraphs 1 through 4; |
| 6. | Other methods recognized and publicly notified by the Financial Services Commission as appropriate for the notification of the matters regarding personal credit information inquiry, etc. to the owner of credit information. |
| (4) | A personal credit rating company or a credit rating company for sole proprietors may, pursuant to Article 38-2 (3) of the Act, cause the relevant owner of credit information to bear the expenses incurred in making notification under paragraphs (2) and (3): Provided, That where any of the occurrences exist under paragraph (1) 1 and notification is made because such fact has occurred due to any cause attributable to a credit information company, etc., it shall cause the relevant credit information company, etc. to bear such expenses. <Amended on Aug. 4, 2020> |
[This Article Newly Inserted on Sep. 11, 2015]
[Title Amended on Aug. 4, 2020]
| Article 33-3 (Requests for Deletion of Personal Credit Information) |
| (1) | "Period prescribed by Presidential Decree" in the main clause of Article 38-3 (1) of the Act means the period classified as follows: |
| 1. | In cases of personal credit information under Article 17-2 (1) 1: Five years; |
| 2. | In cases of personal credit information under Article 17-2 (1) 2: Three months. |
| (2) | Where any disadvantage is incurred by an owner of credit information by deleting his or her personal credit information by a credit information provider/user at the request for deletion in accordance with the main clause of Article 38-3 (1) of the Act, the relevant owner of credit information shall be informed that such disadvantage may occur, before deleting such information. |
| (3) | The management of personal credit information by a credit information provider/user pursuant to Article 38-3 (3) of the Act shall be conducted as prescribed in subparagraphs of Article 17-2 (1) 1. |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 34 (Right to Free Perusal) |
| (1) | "Regular intervals prescribed by Presidential Decree" in Article 39 of the Act means four months. <Amended on Aug. 17, 2011; Aug. 4, 2020> |
| (2) | “Personal credit rating company prescribed by Presidential Decree” in the provisions, with the exception of the subparagraphs, of Article 39 of the Act means a professional personal credit rating company. <Newly Inserted on Aug. 4, 2020> |
| (3) | “Credit information prescribed by Presidential Decree” in subparagraph 3 of Article 39 of the Act means the following: <Newly Inserted on Aug. 4, 2020> |
| 2. | Other information determined and publicly notified by the Financial Services Commission. |
| Article 34-2 (Perusal of Creditor Change Information) |
| (1) | “Credit information providers/users prescribed by Presidential Decree” in Article 39-2 (1) of the Act means the persons under Article 2 (6) 7 (a) through (t) and (v) through (ab), and the subparagraphs of Article 21 (2). <Amended on Jun. 7, 2022> |
| 1. | Transactions under subparagraph 1-3 (a) of Article 2 of the Act in which an owner of credit information who is an individual becomes a debtor; |
| 2. | Transactions similar to those under subparagraph 1, as determined and publicly notified by the Financial Services Commission. |
| 1. | The following information pertaining to the fact of acquisition, transfer, or acquisition by transfer of bonds: |
| (b) | The details of transfer, or acquisition by transfer, of bonds and the details of institutions for transfer or acquisition by transfer, after the first loan date; |
| (c) | The transferor, transferee, and date of the final transaction; |
| (d) | Principal of the bond transferred at the time of the final transfer or acquisition by transfer. |
| 2. | Whether the extinctive prescription of the bond has been completed (if the extinctive prescription has not been completed, the initial date of the extinctive prescription shall be included); |
| 3. | Whether the benefit of time has been lost, and the date of loss; |
| 4. | Whether legal measures, such as provisional seizure and compulsory execution related to debt, have been executed, and the date of the execution; |
| 5. | Whether the claims collection is entrusted to the claims collection agency, and the name of such company; |
| 6. | Contact information of the credit information provider/user that the owner of credit information can contact. |
| (4) | In order to store creditor change information under Article 39-2 (1) of the Act (hereinafter referred to as "creditor change information") separately from the information to be managed and utilized intensively under Article 25 (1) of the Act (hereafter in this Article referred to as “intensive management information”), as prescribed in Article 39-2 (3) of the Act, the Committee for Centralized Management of Credit Information shall prepare and operate management standards, access rights, storage space, etc. for creditor change information and intensive management information, respectively. |
| (5) | Where a person under paragraph (1) provides creditor change information to the Committee for Centralized Management of Credit Information, or the Committee for Centralized Management of Credit Information issues creditor change information to an owner of credit information who is an individual or allows him or her to peruse the creditor change information, expenses determined by the Committee for Intensive Management of Credit Information may be claimed, taking into consideration the expenses, etc. incurred in accumulation, storage, etc. of the creditor change information. |
| (6) | Details regarding the burden of expenses for the provision, issuance, perusal, and exercise of the right to peruse creditor change information under paragraphs (1) through (5) shall be determined by the Committee for Intensive Management of Credit Information. |
[This Article Newly Inserted on Aug. 4, 2020]
[Previous Article 34-2 moved to Article 34-4 <Aug. 4, 2020>]
| Article 34-3 (Methods and Procedures for Exercising Rights of Owners of Credit Information) |
“Methods and procedures prescribed by Presidential Decree, such as in writing” in the provisions, with the exception of the subparagraphs, of Article 39-3 (1) of the Act means delegating the power of representation, including the specific content, scope, and period of the representation, by using means that can ensure safety and reliability, such as in writing or through electronic documents, Internet websites, applications, or messengers. [This Article Wholly Amended on Aug. 4, 2020]
| Article 34-4 (Notification of Divulgence of Personal Credit Information) |
| (1) | Where a credit information company, etc. intends to make notification pursuant to Article 39-4 (1) of the Act, it shall notify the divulgence of personal credit information to the relevant owner of credit information as prescribed in any subparagraph of Article 33-2 (3). <Amended on Aug. 4, 2020> |
| (2) | In cases falling under the former part of Article 39-4 (3) of the Act, a credit information company, etc. shall widely notify that the personal credit information has been divulged in any of the following means, other than those provide for in paragraph (1): <Amended on Aug. 4, 2020> |
| 1. | Posting such fact on its Internet website; |
| 2. | Enabling the relevant owners of credit information to peruse such fact at an office, shop, etc.; |
| 3. | Publishing such fact in general daily newspapers, general weekly newspapers, or Internet newspapers (referring to general daily newspapers, general weekly newspapers, or Internet newspapers under subparagraph 1 (a) or (c) of Article 2 of the Act on the Promotion of Newspapers or subparagraph 2 of that Article) whose distribution area is equal to or larger than the Special Metropolitan City, a Metropolitan City, a Special Self-Governing City, a Do, or a Special Self-Governing Province where their main office is located. |
| (3) | Notwithstanding paragraph (1), where it is obvious that no damage was caused from the disclosure of personal credit information and measures to prevent the spread of divulged information and additional disclosure of credit information is deemed urgently needed under Article 39-4 (2) of the Act, the credit information company, etc. shall notify the credit information subjects of such fact, without delay, after taking the relevant measures. In such cases, the details of the measures taken shall also be notified together. <Amended on Aug. 4, 2020> |
| (4) | "Personal credit information, the scale of which exceeds that prescribed by Presidential Decree" in the former part of Article 39-4 (3) of the Act means personal credit information of at least ten thousand owners of credit information. <Amended on Aug. 4, 2020> |
| (5) | “Institutions prescribed by Presidential Decree” in the former part of Article 39-4 (3) of the Act means the Financial Supervisory Service. <Amended on Aug. 4, 2020> |
| (6) | A credit information company, etc. (excluding enterprises and corporations engaging in commercial transactions) obligated to report pursuant to the former part of Article 39-4 (3) of the Act shall submit a written report determined and publicly notified by the Financial Services Commission to the Financial Services Commission or the Financial Supervisory Service, without delay, at the time it becomes aware of the divulgence of the credit information. <Amended on Aug. 4, 2020> |
| (7) | Notwithstanding paragraph (6), in cases falling under the former part of paragraph (3), the report under paragraph (6) may be submitted without delay after first notifying the Financial Services Commission or the Financial Supervisory Service that the personal credit information has been leaked and taking measures to prevent further leakage. In such cases, the details of the measures shall be submitted together. <Amended on Aug. 4, 2020> |
[This Article Newly Inserted on Sep. 11, 2015]
[Title Amended on Aug. 4, 2020]
[Moved from Article 34-2 <Aug. 4, 2020>]
| Article 34-5 (Rules of Conduct regarding Pseudonymization and Anonymization) |
| (1) | “Method prescribed by Presidential Decree” in Article 40-2 (1) of the Act means a method of controlling access to additional information through technical, physical, and administrative protective measures determined and publicly notified by the Financial Services Commission. |
| (2) | Credit information companies, etc. shall establish and implement technical, physical, and administrative security measures that include the following matters pursuant to Article 40-2 (2) of the Act, and shall prepare and keep matters determined and publicly notified by the Financial Services Commission, such as the purpose of processing pseudonymized information, processing and retention period, and destruction: |
| 1. | Matters regarding the installation and operation of access control devices, such as an intrusion prevention system to block third parties from illegally accessing pseudonymized information; |
| 2. | Matters to prevent change, damage, and destruction of pseudonymized information; |
| 3. | Matters regarding granting the authority to handle and inquire about pseudonymized information differentially on the basis of position and task, and matters regarding the periodic inspection of records of access to pseudonymized information; |
| 4. | Matters regarding separating personal credit information from pseudonymized information prior to pseudonymization; |
| 6. | Other matters determined and publicly notified by the Financial Services Commission to ensure the safety of pseudonymized information. |
| (3) | The Financial Services Commission may determine and publicly notify specific details of matters under the subparagraphs of paragraph (2). |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 35 (Prohibited Matters for Claims Collection Agency, etc.) |
| Article 35-2 (Verification, etc. of Recruitment Channels of Agents of Recruitment Business) |
| 1. | Whether the personal credit information used for the recruitment business is not kept safe or whether no information is yet discarded despite the purpose of use is attained or the period of use has elapsed; |
| 2. | Whether the personal credit information provided for in subparagraph 1 is used for any purpose other than recruitment business or whether it is provided to a third party. |
| (3) | "Registration agency prescribed by Presidential Decree" in Article 41-2 (3) of the Act means an agency with which a person falling under any subparagraph of paragraph (1) is registered in accordance with the statutes or regulations, etc. concerning recruitment business outsourced by a credit information provider/user (hereafter referred to as "registration agency" in this Article). |
| (4) | A credit information provider/user shall verify the matters provided for in subparagraphs of Article 41-2 (1) of the Act at least once each quarter. |
| (5) | A credit information provider/user shall notify the registration agency of the matters verified under paragraph (4) by no later than the deadline classified as follows: |
| 1. | Where it is verified that an agent of recruitment business has used illegally acquired credit information in the recruitment business pursuant to Article 41-2 (1) 1 of the Act: Within seven days from the verification date; |
| 2. | Where any matter, other than that prescribed in subparagraph 1 is verified: Within one month from the end of the relevant quarter based on the end of each quarter. |
| (6) | In cases of paragraph (5) 1, a credit information provider/user shall notify the fact verified under paragraph (4) also to the Financial Services Commission. |
| (7) | A registration agency shall report the matters notified by a credit information provider/user under paragraph (5) to the Financial Services Commission within two months from the end of the relevant quarter as at the last day of each quarter. |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 35-3 (Calculation Standard, etc. of Penalty Surcharges) |
| (1) | The total sales under the main clause, with the exception of the subparagraphs, of Article 42-2 (1) of the Act shall be the average annual sales of the relevant credit information company, etc. for the immediately preceding three business years (hereafter in this Article referred to as “annual average sales”): Provided, That in the following cases, the amount shall be the average annual sales: <Amended on Aug. 4, 2020> |
| 1. | Where three years have not passed since the commencement of the business based on the first day of the relevant business year: An amount obtained by converting the sales amount from the commencement of the business until the last day of the immediately preceding business year into an average annual sales amount; |
| 2. | Where the business commenced in the relevant business year: An amount obtained by converting the sales amount from the commencement date of the business until the date of violation, into an average annual sales amount. |
| 1. | Where no business performance exists due to failure to commence business, suspension of business, etc.; |
| 2. | Where it is difficult to calculate sales amount objectively because the data for calculation of sales amount ceases to exist, damaged, etc. due to a natural disaster, etc. |
| (3) | Standards for calculating penalty surcharges shall be as specified in attached Table 2-3. <Amended on Oct. 17, 2017> |
| (4) | In cases falling under the proviso of Article 42-2 (2) of the Act, the smaller of the following amounts shall be the maximum imposable penalty surcharge: |
| 1. | 3/100 of the average annual sales of a credit information company, etc., the scale of which is similar to that of the relevant credit information company; |
| 2. | 3/100 of the average annual sales of a credit information company, etc., the type of which is the same as the relevant credit information company; |
| (5) | Deleted. <Oct. 17, 2017> |
| (6) | Where data such as financial statements are necessary for the calculation of sales under paragraph (1), the Financial Services Commission (referring to the Protection Commission where a penalty surcharge is imposed on enterprises and corporations engaging in commercial transactions; hereafter in Articles 35-4 through 35-7 the same shall apply) may request the relevant credit information company, etc. to submit relevant data within a period of up to 20 days. <Amended on Aug. 4, 2020> |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 35-4 (Submission of Opinions) |
| (1) | The Financial Services Commission shall provide a person directly involved, interested persons, etc., with an opportunity to state their opinions before imposing an administrative fine under Article 42-2 of the Act. |
| (2) | A person directly involved, interested persons, etc. referred to in paragraph (1) may attend a meeting of the Financial Services Commission and state their opinions or submit necessary data. |
| (3) | A person directly involved, interested persons, etc. may, in stating their opinions or submitting data, seek advice from a lawyer or designate him or her as his or her attorney. |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 35-5 (Procedures for Imposition, Payment, etc. of Penalty Surcharges) |
| (1) | In imposing a penalty surcharge under Article 42-2 of the Act, the Financial Services Commission shall issue a written notice to pay the penalty surcharge, specifying the facts of violation, amount imposed, method of raising an objection, period for raising an objection, etc. |
| (2) | A person in receipt of a notice referred to in paragraph (1) shall pay the penalty surcharge at a collecting agency designated by the Financial Services Commission within 60 days from the receipt date of the notice. |
| (3) | Except as otherwise expressly provided for in paragraphs (1) and (2), specific matters necessary for the imposition of penalty surcharges shall be determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 35-6 (Extension of Payment Deadline and Payment in Installment) |
| (1) | Where it is deemed difficult for a person who has received a disposition of a penalty surcharge (hereinafter referred to as "person liable to pay a penalty surcharge") to fully pay the penalty surcharge on any of the following grounds, the Financial Services Commission may grant an extension of the payment deadline or allow installment payments pursuant to Article 42-2 (9) of the Act. In such cases, he or she may be requested to provide security, if deemed necessary: |
| 1. | Where he or she has suffered a significant economic loss due to a disaster, etc.; |
| 2. | Where his or her business is in serious crisis due to deterioration of business conditions; |
| 3. | Where he or she is expected to face significant financial difficulty if the penalty surcharge is paid in lump sum. |
| (2) | Where the payment deadline is extended or the installment payment is allowed pursuant to paragraph (1), the payment deadline shall not be extended exceeding one year, the interval of installment payment shall not exceed six months, and the number of installment payment shall exceed three times. |
| (3) | If a person liable to pay a penalty surcharge intends to extend the payment deadline of a penalty surcharge or to pay in installment pursuant to paragraph (1), he or she shall file an application with the Financial Services Commission not later than ten days prior to the payment deadline. |
| (4) | If a person liable to pay a penalty surcharge for whom an extension of payment deadline is granted or installment payment is allowed pursuant to paragraph (1) falls under any of the following subparagraphs, the Financial Supervisory Commission may revoke the decision on the extension of payment deadline or installment payment and collect the penalty surcharge in lump sum: |
| 1. | Where he or she fails to pay the penalty surcharge determined to be paid in installments by the payment deadline; |
| 2. | Where he or she fails to comply with an order to change security or any other order of the Financial Services Commission necessary for the perpetuation of security; |
| 3. | Where it is deemed impractical to collect the full amount or remainder of the penalty surcharge due to compulsory execution, commencement of an auction, adjudication of bankruptcy, dissolution of the corporation, disposition on default of any national tax or local tax, or any other similar incidents. |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 35-7 (Disposition on Deficits) |
If a person liable to pay a penalty surcharge falls under any of the following grounds, the Financial Services Commission may write it off as a bad debt pursuant to Article 42-2 (9): | 1. | Where the disposition on default is concluded and the portion appropriated for the amount in arrears is smaller than such amount in arrears; |
| 2. | Where the extinctive prescription of the right to collect the amount, etc. to be collected is completed; |
| 3. | Where it is ascertained that the whereabouts of a defaulter is unknown or a defaulter has no asset; |
| 4. | Where it is verified that the computed value of the total assets forming the subject matter of the disposition of arrears, is barely sufficient to appropriate for the amount in arrears, and there will be no leftover; |
| 5. | Where it is verified that the total assets that are the subject matter of the disposition of arrears is barely sufficient to appropriate for repaying bonds, etc., secured as a national tax, local tax, a right to lease on a deposit basis, pledge or mortgage, etc., and no assets will remain; |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 35-8 Deleted. <Aug. 4, 2020> |
| Article 35-9 (Scope of Credit Information Company, etc. Obligated to Purchase Indemnity Insurance, etc.) |
"Credit information company, etc. prescribed by Presidential Decree" in Article 43-3 of the Act means a person determined and publicly notified by the Financial services Commission, from among the following: <Amended on Aug. 4, 2020; Jun. 7, 2022> | 1. | A credit information collection agency; |
| 2. | A credit information company; |
| 2-2. | A personal credit information management company; |
| 2-3. | A claims collection agency; |
| 3. | A person under Article 2 (6) 7 (a) through (ab); |
| 4. | A person defined in any subparagraph of Article 21 (2). |
[This Article Newly Inserted on Sep. 11, 2015]
| Article 36 (Business of Credit Information Companies Association) |
| 1. | Collection of information and preparation of statistics related to the management of a credit information company, personal credit information management company, or claims collection agency; |
| 2. | Education (excluding education under subparagraph 4) and publication business on credit information-related industries (including operation of related facilities); |
| 3. | Business delegated or entrusted to a Credit Information Companies Association under the Act or other statutes or regulations; |
| 4. | Education for executive officers and employees of credit information-related industries and production of standard textbooks; |
| 5. | Other business determined and publicly announced by the Financial Services Commission. |
| Article 36-2 (Supervision and Inspection) |
“Persons prescribed by Presidential Decree” in the provisions, with the exception of the subparagraphs, of Article 45 (1) of the Act means persons excluding the following persons: | 1. | A special purpose company that has registered an asset-backed securitization plan with the Financial Services Commission in accordance with the Asset-Backed Securitization Act; |
| 2. | The Korea Inclusive Finance Agency; |
| 3. | The Credit Counseling and Recovery Service; |
| 4. | The Microfinance Foundation; |
| 6. | Other persons determined and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 36-3 (Financial Services Commission's Authority to Issue Orders) |
| 4. | Matters regarding service operation of credit information companies, etc.; |
| 5. | Matters regarding business, finance, and risk of credit information companies, etc.; |
| 6. | Matters regarding the reporting of business details. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 36-4 (Request for Data Submission and Investigation by the Protection Commission) |
| (1) | “Cases prescribed by Presidential Decree” in Article 45-3 (1) 3 of the Act means cases where an event or accident has occurred or is highly likely to occur, which infringes on the rights or interests of an owner of credit information, such as leakage of personal credit information. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 36-5 (Constant Evaluation of Status of Use and Management of Personal Credit Information) |
| (2) | “Matters prescribed by Presidential Decree” in Article 45-5 (2) of the Act means matters requested by the FSS Governor among the details of the inspection results submitted by the Financial Services Commission pursuant to paragraph (1) of that Article. |
| (3) | The Financial Services Commission may grant a certification mark for the safety of personal credit information utilization and management (hereinafter referred to as “certification mark”) to institutions with excellent scores or grades under Article 45-5 (1) of the Act. In such cases, details, such as the standards for granting a certification mark, shall be prescribed and publicly notified by the Financial Services Commission. |
[This Article Newly Inserted on Aug. 4, 2020]
| Article 37 (Delegation or Entrustment of Authority) |
| (1) | In Article 49 of the Act, “authority prescribed by Presidential Decree” means the authority and duties under paragraphs 2 through 6, and "persons prescribed by Presidential Decree” means the Financial Security Service. <Newly Inserted on Aug. 4, 2020> |
| (2) | Pursuant to Article 49 of the Act, the Financial Services Commission shall entrust the authority under attached Table 3 to the FSS Governor. <Amended on Aug. 4, 2020> |
| (3) | Pursuant to Article 49 of the Act, the Financial Services Commission shall entrust the following duties to the Committee for Centralized Management of Credit Information: <Newly Inserted on Aug. 4, 2020> |
| 1. | Disclosure of the results of deliberation by the personal credit rating system verification committee under Article 26-3 (4) of the Act; |
| (4) | Pursuant to Article 49 of the Act, the Financial Services Commission shall entrust the following duties to a data-specialized institution: <Newly Inserted on Aug. 4, 2020> |
| (5) | Pursuant to Article 49 of the Act, the Financial Services Commission shall entrust the Credit Information Companies Association with the registration of delegated claims collectors under Article 27 (3) of the Act. <Newly Inserted on Aug. 4, 2020> |
| (6) | Pursuant to Article 49 of the Act, the Financial Services Commission shall entrust the following duties to the Financial Security Agency: <Newly Inserted on Aug. 4, 2020> |
| 1. | Receipt of results of inspection on the management and protection of personal credit information under Article 20 (6) of the Act; |
| 2. | Confirmation of submission of inspection results by credit information administrators/guardians under Article 45-5 (1) of the Act, indication of scores or grades of the results, and transmission of the results under paragraph (2) of that Article. |
| (7) | The FSS Governor, the Committee for Centralized Management of Credit Information, data-specialized institutions, the Credit Information Companies Association, and the Financial Security Agency shall report to the Financial Services Commission every six months on the details of the duties entrusted under paragraphs (2) through (6). <Amended on Aug. 4, 2020> |
| Article 37-2 (Management of Sensitive Information and Personally Identifiable Information) |
| (1) | Where it is unavoidable for performing the following business affairs (for the Protection Commission, it shall be limited to the business affairs of subparagraphs 8, 8-2, 8-5, 11, and 12), the Financial Services Commission (including a person entrusted with duties of the Financial Services Commission pursuant to Article 37), the FSS Governor, and the Protection Commission may process any information constituting criminal records referred to in subparagraph 2 of Article 18 of the Enforcement Decree of the Personal Information Protection Act, and the information that contains personal identification numbers: <Amended by Presidential Decree No. 26517, Sep. 11, 2015; Aug. 4, 2020> |
| 1-2. | Business affairs regarding permission for personal credit information management business under Article 4 of the Act; |
| 2-2. | Business affairs regarding qualification examination of the largest shareholder under Article 9-2 of the Act; |
| 3. | Business affairs regarding authorization of transfer, acquisition by transfer, etc. of credit information business, personal credit information management business, or claims collection business under Article 10 of the Act; |
| 5. | Business affairs regarding the authorization of concurrent office holding by executive officers under Article 13 of the Act; |
| 6. | Business affairs regarding the revocation of permission, etc., and suspension of business under Article 14 of the Act; |
| 7. | Business affairs regarding the registration of delegated claims collectors under Article 27 of the Act; |
| 8-4. | Business affairs regarding the confirmation of the agent of recruitment business under Article 41-2 (1) of the Act, and business affairs related to the reporting under paragraph (3) of that Article; |
| 8-5. | Business affairs regarding the imposition, collection, etc. of penalty surcharges under Article 42-2 of the Act; |
| 9. | Business affairs regarding the supervision, inspection, follow-up measures, etc. prescribed in Article 45 of the Act; |
| (2) | Where it is unavoidable for conducting the following business affairs, a credit information company, personal credit information management company, or claims collection agency may collect and process the data containing criminal record materials referred to in subparagraph 2 of Article 18 of the Enforcement Decree of the Personal Information Protection Act and personal identification numbers: Provided, That where personal identification numbers are to be collected directly from individuals, consents shall be obtained from the relevant individuals: <Newly Inserted on Aug. 6, 2014; Sep. 11, 2015; Aug. 4, 2020> |
| 1. | Business affairs regarding the credit inquiry business, personal credit information management business, and claims collection business performed in connection with financial transactions under Article 4 (1) of the Act; |
| 2. | Business affairs regarding concurrent business and incidental business; |
| (3) | Where it is unavoidable for conducting business affairs referred to in Article 25 (1) of the Act and subparagraphs of Article 25-2 of the Act, a credit information collection agency and a person with whom credit information is to be exchanged pursuant to Article 25 (4) of the Act may collect and process personal identification numbers: Provided, That where personal identification numbers are to be collected directly from individuals, consents shall be obtained from the relevant individuals: <Newly Inserted on Aug. 6, 2014; Sep. 11, 2015> |
| (4) | Where it is unavoidable for conducting business affairs that use credit information for financial transactions, an institution under Article 21 (2) may collect and process the data containing personal identification numbers: Provided, That where personal identification numbers are to be collected directly from individuals, consents shall be obtained from the relevant individuals: <Newly Inserted on Aug. 6, 2014; Sep. 11, 2015> |
| (5) | Where it is unavoidable for integrating the credit information of an owner of credit information who is an individual and providing it to the owner of credit information, a personal credit information management company may process data containing personal identification numbers: Provided, That where the personal identification number is to be collected directly from the individual, consent shall be obtained from the relevant individual. <Newly Inserted on Aug. 4, 2020> |
| (6) | The credit information provider/user, etc. (excluding personal credit information management companies) may process data containing personal identification numbers, where the personal identification numbers it possesses are necessary for identifying an owner of credit information who is an individual pursuant to Article 22-9 (4) and Article 33-2 (5) of the Act and transmitting the individual's credit information. <Newly Inserted on Aug. 4, 2020> |
[This Article Newly Inserted on Jan. 6, 2012]
| Article 38 (Criteria for Imposition of Administrative Fines Depending on Violations) |
ADDENDA <Presidential Decree No. 21765, Oct. 1, 2009>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 (Transitional Measures concerning Capital)
A credit investigation company and a claims collection agency permitted pursuant to the previous provisions at the time this Decree enters into force shall be compliant with the amended provisions of Article 7 by the settlement of accounts for 2012. Article 3 (Transitional Measures concerning Citation of other Statutes)
The "Small and Medium Enterprises Promotion Act" in the amended provisions of Article 21 (2) 12 shall be deemed the "Promotion of Small and Medium Enterprises and Encouragement of Purchase of Their Products Act" until November 21, 2009. Article 4 Omitted.
Article 5 (Relationship to other Statutes)
Where other statutes cite the provisions of the previous Enforcement Decree of the Credit Information Use and Protection Act at the time this Decree enters into force, if the provisions corresponding thereto exist in this Decree, such corresponding provisions of this Decree shall be deemed to have been cited in lieu of the previous provisions.
ADDENDA <Presidential Decree No. 22151, May 4, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on May 5, 2010.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 22220, Jun. 28, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 6, 2010
Articles 2 and 3 Omitted.
ADDENDUM <Presidential Decree No. 22467, Nov. 15, 2010>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 22493, Nov. 2, 2010>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 18, 2010
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 22626, Jan. 17, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 23076, Aug. 17, 2011>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 20, 2011.
Article 2 (Applicability to Reporting by Credit Bureaus)
The amended provisions of Article 18-2 (1) shall apply to reporting on the business matters that are handled by credit bureaus between January 1 and December 31 in 2012. Article 3 (Applicability to Public Notification of Credit Information Utilization Status)
The amended provisions of Article 27 (2) 7 shall apply to those which are publicly notified on and after the enforcement date of this Decree. Article 4 (Applicability to Base Date for Right to Free Perusal)
The amended provisions of Article 34 shall apply to those who receive their own information from credit bureaus or peruse such information on and after the enforcement date of this Decree. Article 5 (Transitional Measures concerning Period of Use of Credit Information, etc.)
With respect to any credit information that is registered with credit information companies, etc., and managed by such companies, etc., for which the cause of disadvantage is removed pursuant to Article 18 (2) of the Act, as at the time this Decree enters into force, the previous provisions shall apply, notwithstanding the amended provisions of Article 15 (4) through (6). Article 6 (Transitional Measures concerning Notification to Owners of Credit Information or Public Disclosure)
Where notification or public disclosure is made to owners of credit information pursuant to the previous provisions at the time this Decree enters into force, the previous provisions shall be deemed notification or public disclosure pursuant to the amended provisions of Article 28 (9) or (10).
ADDENDA <Presidential Decree No. 23488, Jan. 6, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation. (Proviso Omitted.)
Article 2 Omitted.
ADDENDA <Presidential Decree No. 23535, Jan. 25, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on January 26, 2012.
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 24076, Aug. 31, 2012>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 2, 2012. (Proviso Omitted.)
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 24697, Aug. 27, 2013>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 29, 2013. (Proviso Omitted.)
Articles 2 through 13 Omitted.
ADDENDA <Presidential Decree No. 25155, Feb. 11, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on February 14, 2014.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 25532, Aug. 6, 2014>
This Decree shall enter into force on August 7, 2014.
ADDENDA <Presidential Decree No. 25945, Dec. 30, 2014>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date the registration of merger is completed pursuant to Article 4 (6) of the Addenda to the Korea Development Bank Act wholly amended by Act No. 12663. Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 26369, Jun. 30, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2015.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 26517, Sep. 11, 2015>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 12, 2015: Provided, That the amended provisions of Articles 16-2, 17-2, 28, 29, 30, 33-2, and 33-3 shall enter into force on March 12, 2016. Article 2 (Transitional Measures concerning Incompetent Persons, etc.)
The adjudication of adult guardianship, limited guardianship, and specific guardianship referred to in the amended provisions of Article 2 (1) 5 shall be deemed to include adjudication of incompetency or quasi-incompetency on a person for whom the adjudication of incompetency or quasi-incompetency remains in effect under Article 2 of the Addenda to partially amended Civil Act (Act No. 10429). Article 3 (Transitional Measures concerning Appointment, etc. of Credit Information Administrator/Guardian)
A person who falls under the amended provisions of Article 17 (1) or (2) shall meet the requirements prescribed in Article 20 (3) of the Act within three months after this Decree enters into force. Article 4 (Transitional Measures concerning Scope of Credit Information Company, etc. Obligated to Purchase Insurance, etc. to Perform Liability to Compensate for Damage)
A person who falls under the amended provisions of Article 35-9 shall meet the requirements prescribed in Article 43-3 of the Act within one month after this Decree enters into force. Article 5 (Transitional Measures concerning Criteria for Imposition of Fines for Negligence)
Notwithstanding the amended provisions of attached Table 4, the application of the criteria for the imposition of penalty surcharges for an offence committed before this Act enters into force shall be governed by the former provisions.
Article 6 Omitted.
ADDENDA <Presidential Decree No. 27037, Mar. 11, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 27070, Mar. 29, 2016>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 27205, May 31, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 30, 2016. (Proviso Omitted.)
Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 27322, Jul. 6, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 25, 2016.
Articles 2 through 4 Omitted.
ADDENDA <Presidential Decree No. 27511, Sep. 22, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 23, 2016.
Articles 2 through 8 Omitted.
ADDENDA <Presidential Decree No. 27556, Oct. 25, 2016>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 1, 2016.
Article 2 Omitted.
ADDENDUM <Presidential Decree No. 27786, Jan. 10, 2017>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 28150, Jun. 27, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on July 1, 2017: Provided, That the amended provisions of Article 3 shall enter into force on the date of its promulgation. Articles 2 and 3 Omitted.
ADDENDA <Presidential Decree No. 28152, Jun. 27, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 28283, Sep. 5, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force three months after the date of its promulgation: Provided, That Article 6 of attached Table shall enter into force on the date of its promulgation. Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 28387, Oct. 17, 2017>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 19, 2017.
Article 2 (Transitional Measures concerning Standards for Calculating Penalty Surcharges)
Notwithstanding the amended provisions of Article 35-3 (3) and (5) and attached Table 2-3, the former Article 35-3 (3) and (5) shall govern in applying standards for calculating penalty surcharges to any violations committed before this Decree enters into force.
ADDENDUM <Presidential Decree No. 28918, May 28, 2018>
This Decree shall enter into force on May 29, 2018.
ADDENDA <Presidential Decree No. 29269, Oct. 30, 2018>
Article 1 (Enforcement Date)
This Decree shall enter into force on November 1, 2018.
Articles 2 through 11 Omitted.
ADDENDA <Presidential Decree No. 29677, Apr. 2, 2019>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation.
Article 2 Omitted.
ADDENDA <Presidential Decree No. 29892, Jun. 25, 2019>
Article 1 (Enforcement Date)
This Decree shall enter into force on September 16, 2019. (Proviso Omitted.)
Articles 2 through 10 Omitted.
ADDENDUM <Presidential Decree No. 30235, Dec. 10, 2019>
This Decree shall enter into force on the date of its promulgation.
ADDENDA <Presidential Decree No. 30893, Aug. 4, 2020>
Article 1 (Enforcement Date)
| (1) | This Decree shall enter into force on August 5, 2020: Provided, That the amended provisions classified as follows shall enter into force on the dates specified in the relevant subparagraphs: |
Article 2 (Special Cases concerning Scope of Credit Information Companies Obligated to Purchase Insurance for Execution of Liability for Damages)
Those to whom the amended provisions of subparagraph 2-2 or 2-3 of Article 35-9 are applicable shall, notwithstanding the same amended provisions, take measures, such as purchasing insurance in accordance with Article 43-3 of the Act, within one month after this Decree enters into force. Article 3 Omitted.
Article 4 (Relationship with Other Statutes and Regulations)
Where the previous provisions are cited in other statutes or regulations as at the time this Decree enters into force and there are corresponding provisions in this Decree, the relevant provisions of this Decree shall be deemed to have been cited in lieu of the previous provisions.
ADDENDA <Presidential Decree No. 30934, Aug. 11, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force on August 12, 2020.
Articles 2 through 5 Omitted.
ADDENDA <Presidential Decree No. 31221, Dec. 8, 2020>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 10, 2020.
Articles 2 through 9 Omitted.
ADDENDA <Presidential Decree No. 32091, Oct. 21, 2021>
Article 1 (Enforcement Date)
This Decree shall enter into force on October 21, 2021.
Articles 2 through 6 Omitted.
ADDENDA <Presidential Decree No. 32274, Dec. 28, 2021>
Article 1 (Enforcement Date)
This Decree shall enter into force on December 30, 2021.
Articles 2 through 14 Omitted.
ADDENDA <Presidential Decree No. 32684, Jun. 7, 2022>
Article 1 (Enforcement Date)
This Decree shall enter into force on the date of its promulgation: Provided, That the amended provisions of Article 14-2 and attached Table 1-2 shall enter into force three months after the date of its promulgation, and the amended provisions of Article 30-3 shall enter into force six months after the date of its promulgation. Article 2 (Transitional Measures concerning Period for Prior Notification for Credit Information Providers/Users)
| (1) | The main clause, with the exception of the subparagraphs, of the previous Article 30-3 (3) shall apply to the deadline for prior notification for cases where the notification under the main clause, with the exception of the subparagraphs, of the previous Article 30-3 (3) has not been given by the enforcement date of the amended provisions of Article 30-3 under the proviso of Article 1 of this Addenda and the period from the enforcement date to the date of provision of the personal credit information is less than seven days (excluding cases falling under the amended provisions of Article 30-3 (4) 1). |
| (2) | The proviso, with the exception of the subparagraphs, of the previous Article 30-3 (3) shall apply to the deadline for prior notification for cases where the notification under the main clause, with the exception of the subparagraphs, of the previous Article 30-3 (3) has not been given by the enforcement date of the amended provisions of Article 30-3 under the proviso of Article 1 of this Addenda and the period from the enforcement date to the date of provision of the personal credit information is not more than one day (excluding cases falling under the amended provisions of Article 30-3 (4) 1). |
Article 3 Omitted.
ADDENDA <Presidential Decree No. 32733, Jun. 28, 2022>
Article 1 (Enforcement Date)
This Decree shall enter into force on June 29, 2022.
Articles 2 through 4 Omitted.