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Finance

Eight Percent upgrades credit scoring model based on 7.2 million data points

Online investment-linked finance firm Eight Percent will apply its fifth-generation proprietary credit scoring model, built using about 7.2 million personal credit screening data points, to personal credit loans. The company plans to evaluate repayment capacity in greater detail for mid-to-low credit borrowers and people with limited financial histories while reducing the number of screening variables. It said internal simulations showed improved discriminatory power for repayment capacity compared with using only credit scores from personal credit rating companies.

Finance

Bank household loans rise 7.6 trillion won as mortgage growth accelerates

Household loans across South Korea\'s financial sector rose 8.3 trillion won in June, the Financial Services Commission said on Wednesday. The increase was smaller than the previous month but larger than a year earlier. Mortgage loans rose 4.5 trillion won, with bank mortgage growth widening while second-tier lenders slowed. Bank household loans rose 7.6 trillion won. Other loans increased 3.7 trillion won, with credit loan growth easing.

Finance

MG Community Credit Cooperatives launches first local tax virtual account service in mutual finance sector

MG Community Credit Cooperatives has introduced a local tax virtual account payment service, the first in South Korea\'s mutual finance sector. The cooperative said the \"integrated virtual account\" collection service started on June 22. The system was built by linking its computer network with the local tax revenue collection platform operated by the Korea Local Information Research and Development Institute under the Ministry of the Interior and Safety. The service initially applies to regular and occasional local tax payments and is available in 49 local governments, excluding Seoul.