The Korea Credit Bureau will completely overhaul its general credit information system, which shares loan and delinquency data among financial companies, for the first time in a decade. As part of the system transition, some financial services, including loans and online account openings, will be temporarily suspended from midnight to 8 a.m. on October 5.
On September 28, the Korea Credit Bureau announced that it will transition the general credit information system, established in 2016, to a next-generation system. This system is a key financial infrastructure that allows financial institutions to assess customer transactions based on shared credit information, including loans and delinquencies.
This overhaul marks the final phase of a next-generation project that has been in progress since 2021. The Korea Credit Bureau has previously upgraded its insurance and technology credit information systems, and the general credit information system will complete the transition on October 5. The upgrade will replace outdated equipment, implement the latest technological structures, enhance system stability and scalability, and strengthen security measures.
During the transition period, new, renewal, and extension applications for credit products such as loans, leases, installment plans, credit cards, and card loans will be halted. Additionally, online and mobile account openings for deposit accounts will be unavailable, along with restrictions on new, renewal, and extension applications for financial guarantee products and the ability to view and print personal credit information.
However, services such as account transfers, ATM withdrawals, cash services, and credit and debit card payments will continue to operate normally.
Yoo Soo-young, head of the Korea Credit Bureau, stated, “This overhaul is a foundational effort to support the development of the financial industry for the next decade and beyond.”
* This article has been translated by AI.
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