Search results for Credit Information Service
Finance
Banks vary in how they use SCB to assess small business loans
South Korean banks have begun piloting Small Business-specialised Credit Evaluation (SCB), which adds business growth potential such as sales, industry and commercial area to traditional credit assessment. Banks are using SCB in different ways, including overriding internal grades to improve approval odds and offering higher loan limits or broader support. A high SCB grade does not guarantee approval if other risk factors exist. Regulators allow use for approvals, limits and rates, while standards vary by bank.
Finance
MyData market expands as Korea faces impact of consecutive base rate hikes
Korea\'s financial MyData service is set to expand beyond individuals to sole proprietors and small merchants, evolving from simple data checks to executing financial tasks. The Financial Services Commission plans to broaden the right to request transmission of credit information and to introduce a \"My AI agent\". Separately, the Bank of Korea has raised its base rate for a second straight month, adding to upward pressure on loan rates and borrowers\' interest burdens.
Finance
One-stop update links name, ID number changes across financial firms
Financial consumers in South Korea who change their name or resident registration number will be able to update their personal information across other financial companies by visiting just one firm they use. The authorities plan to implement the system in the first half of 2027 after building related infrastructure. Under the plan, the Korea Credit Information Services will verify the change and share it with other firms the next day.
