신용사면 대상자Block Media | February 10, 2024 2:21 PM | Finance, Policy, People
According to the financial authorities on the 10th, a credit amnesty to delete the delinquency history of 2.59 million ordinary people and small business owners will be implemented from the 12th of next month.
This credit pardon is the fourth in history. In January 2000, when the sharing of delinquency history of those who had completed their arrears was stopped after the IMF crisis, approximately 320,000 people who had delinquent loans of 10 million won or less or credit card payments of 1 million won or less benefited.
In May 2001, the suspension of sharing of delinquency history was implemented to improve problems such as the rapid increase in defaulters due to the worsening economic situation. Among the defaulters at that time, the delinquency records of 1.02 million people who had repaid their delinquent debt by the end of May 2001 were deleted.
Most recently, in accordance with the Corona Credit Recovery Support Plan, sharing of delinquency history was stopped for 2.28 million people who defaulted on loans of 20 million won or less from January 2020 to August 2021 and whose delinquencies were repaid by the end of 2021.
This credit recovery is for borrowers who incurred a delinquency of 20 million won or less from September 1, 2021 to January 31 of this year, but repay the full amount by May 31 of this year.
The purpose is to help ordinary people and small business owners who have inevitably incurred delinquency in the abnormal economic situation with high interest rates and high inflation in the aftermath of COVID-19 to quickly return to normal economic activities.
Starting March 12, you can check whether you are eligible for credit recovery support through the websites of personal credit rating companies and individual business credit rating companies.
During the target selection period, the number of borrowers with small delinquencies was approximately 2.98 million (based on NICE personal loan borrowers), and the number of borrowers who repaid the delinquent amount in full by the end of last month was approximately 2.59 million. 2.59 million people who have repaid their arrears in full can receive credit recovery support without a separate application.
The remaining 390,000 people who have not repaid their delinquent debt in full can also receive credit recovery support if they repay the delinquent amount in full by May 31.
If you are eligible for support, your credit score will automatically increase because your delinquency history information will not be reflected in your credit evaluation. As a result, it is expected that it will be of great help to the resurgence of ordinary people and small business owners by making it possible to issue credit cards, take out new loans, and change loan conditions to better ones.
According to the financial authorities, this credit amnesty is expected to increase the credit score of the recipient by an average of 39 points (based on NICE).
Based on the increased credit score, 150,000 people will be able to receive a credit card by meeting the minimum credit score required for card issuance, and 250,000 people will be able to receive a loan with a lower interest rate as their credit score exceeds the average credit score of new borrowers in the banking industry.
Separately from this credit amnesty, the information registration period for borrowers who used debt restructuring will also be shortened from March next month.
When ordinary people and small business owners use debt restructuring from the Credit Recovery Committee or New Start Fund, their debt adjustment usage information is registered with the Credit Information Service, and they may face various disadvantages during financial transactions.
Currently, debt adjustment information registration is deregistered if repayments are made faithfully for two years according to the debt adjustment plan, but in the future, debt adjustment information registration will be deregistered even if repayments are made for one year.
Starting in the second quarter of this year, a path will be opened to receive debt restructuring not only for financial debts but also for overdue communication bills.
When telecommunication bills are overdue, the use of phone calls and text messages is restricted, which causes many restrictions on economic activities, including job seeking. However, telecommunication bills and small payments have been excluded from debt adjustment through the Credit Recovery Committee.
However, in the future, it will be possible to have financial and telecommunication debt adjusted in one stop from the Financial Services Commission. If it is difficult to repay the telecommunications debt, the amount of the debt will be adjusted to help the debtor recover, taking into account assets and income.
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