Financial authorities are enhancing a 'one-stop support system' that allows victims of illegal lending to report incidents and request necessary remedies, such as halting illegal collections, appointing debt representatives, and filing for investigations, all in one go. Victims who report to the police will also receive support from the Credit Recovery Committee, from investigations to recovery lawsuits.
The Financial Services Commission announced on the 30th that it finalized the 'Supplementary Measures for One-Stop Support Against Illegal Lending' during a meeting of the 'Inclusive Finance Promotion Group' on the 28th. The improved system is effective immediately.
The one-stop support for illegal lending means that once a victim reports an incident, the Credit Recovery Committee will assign a dedicated staff member to assist with everything from victim protection to investigation requests and debt adjustments.
The most significant change is the online reporting method. Previously, victims had to navigate different menus on the Financial Supervisory Service's website to report incidents, request investigations, appoint debt representatives, and obtain invalidation certificates for loan contracts. This process required victims to repeatedly input the same creditor information and loan repayment details, causing inconvenience.
Starting on the 31st, victims will be able to submit all requests at once through the newly established 'One-Stop Reporting for Illegal Lending' portal on the Financial Supervisory Service's website.
Additionally, for victims who report to the police, officers will check the victims' willingness to use the one-stop support during their investigation. If the victim agrees, they can access the Credit Recovery Committee app via a QR code on the spot to request counseling.
The Credit Recovery Committee will support the investigation process by allowing victims to review investigation materials, supplement data, and check the status of investigations. Once the identity of illegal lenders is confirmed, the committee will collaborate with the Korea Legal Aid Corporation to assist with invalidation of loan contracts, recovery of unjust gains, and damage claims.
According to the operational status of the one-stop support system for illegal lending, 821 victims utilized the service in the past six months, with 656 reporting 4,705 incidents. Dedicated staff members facilitated debt resolution agreements in 645 cases and helped 123 victims access debt adjustments, inclusive finance policies, and employment and welfare support. Investigations were requested for 895 illegal lenders whose criminal activities were specifically confirmed.
The Financial Services Commission stated, 'Currently, the one-stop support service for illegal lending is only available through direct visits to the Credit Recovery Committee. We plan to implement an online service by October to make it easier for victims to access support anytime, anywhere.'
* This article has been translated by AI.
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