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Enforcement decree of the use and protection of credit information act

제22편 통화․국채․금융 신용정보의 이용 및 보호에 관한 법률 시행령

ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

Wholly Amended by Presidential Decree No. 21765, Oct. 1, 2009

Article 1 (Purpose)

The purpose of this Decree is to provide for the matters delegated by the Use and Protection of Credit Information Act and other necessary matters concerning its enforcement.

Article 2 (Definitions)

(1) Information prescribed by Presidential Decree in subparagraph 1 of Article 2 of the Use and Protection of Credit Information Act (here-
inafter referred to as the Act ) means information falling under any of
the following subparagraphs: Provided, That the information publicly
notified or disclosed in accordance with other Acts and subordinate statutes, or publicly notified or disclosed through publications, broadcast media,
or the Internet home page, etc. of the State, local governments or public institutions (referring to the institutions provided for in subparagraph
3 of Article 2 of the Official Information Disclosure Act with the exception
of State agencies and local governments; hereafter the same shall apply in this Article) in compliance with other Acts and subordinate statutes,
shall be excluded:
1. Information on a living person, including his/her name, address, resident registration number, foreigner registration number, domestic residence
report number, passport number, gender, nationality and occupation,
and information on a company (referring to individuals and juristic persons that run business and the organizations thereof; hereinafter
the same shall apply) and a juristic person, including its trade name,
corporate registration number, taxpayer identification number, location of the head office and sales branches, date of establishment, purposes,
sales practices, business type, name of representative, and matters

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

concerning executives, by which a particular credit information subject
can be identified (limited to cases where such information is combined with the information falling under any of subparagraphs 2 through
6);
2. Information determined by Ordinance of the Prime Minister, by which the transaction details of a credit information subject can be determined in connection with commercial transactions, including loans, guaran- tees, provision of collateral, current accounts (including household cur- rent transactions), credit cards, installment financing, and facilities leases, and other financial transactions under the Act on Real Name Financial Transactions and Confidentiality;
3. Information determined by Ordinance of the Prime Minister, including delinquency, bankruptcy, substitute payments, or acts of disrupting the credit order through falsehoods, fraud, and other unlawful means, etc., in connection with commercial transactions, including financial transactions, by which the credit worthiness of a credit information subject (including a person falling under any of the following items if a credit information subject is a company) can be determined: (a) Oligopolistic stockholder who is the largest investor, under Article
39 (2) of the Framework Act on National Taxes;
(b) Oligopolistic stockholder under Article 39 (2) of the Framework Act on National Taxes, who is concurrently a director or auditor of the company concerned, and a joint guarantor thereof;
(c) The largest investor who holds not less than 30/100 of the total number of issued stocks with voting rights or the total amount of
equity of the company concerned;
(d) A partner with unlimited liability of the company concerned;
4. Information falling under any of the following items, by which the credit
transaction capacity of a credit information subject can be determined in connection with commercial transactions, including financial trans-
actions:
(a) Total amount of assets, liabilities, and income, and the tax returns of an individual;
(b) A company s overall information, including its history, outstanding
shares or shareholding ratio; its business details, including sales statements, orders received or major contracts for management;

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matters concerning finance, including financial statements (in-
cluding the consolidated financial statements and combined financial
statements; hereinafter the same shall apply); the auditor s
opinions and tax returns under the Act on External Audit of Stock
Companies;
5. Information on rulings and decisions of the court or public institutions,
information on any delinquency of taxes or public utilities charges,
etc., information on resident registration, taxpayer identification, and
corporate registration, and other information held by public institutions
that is prescribed by Ordinance of the Prime Minister, by which the
credit worthiness and credit transaction capacity can be determined
in connection with commercial transactions, including financial tran-
sactions;
6. Other information similar to that under subparagraphs 2 through 5
that is prescribed by Ordinance of the Prime Minister.
(2) Information prescribed by Presidential Decree in subparagraph 2
of Article 2 of the Act means an individual s credit information under
paragraph (1), excluding the information on a company and a juristic
person.
(3) Person prescribed by Presidential Decree in subparagraph 7 of Article
2 of the Act means a person who falls under any of the following:
1. Any postal government agency under the Postal Savings and Insurance
Act;
2. The National Federation of Mutual Savings Banks under the Mutual
Savings Banks Act;
3. Any small and medium enterprise start-up investment company and
any small and medium enterprise start-up investment cooperative under
the Support for Small and Medium Enterprise Establishment Act;
4. Any bonds registrar under the State Bond Act and the Registration
of Bonds and Debentures Act;
5. Any cooperative, mutual aid association, credit union, or any national
federation or association thereof established under any special Act;
6. Any corporation, public corporation, bank, guarantee fund, guarantee
foundation, or any national federation or association thereof established
under any special Act;
7. Any auditor under Article 3 of the Act on External Audit of Stock
Companies;

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

8. Other persons determined and publicly announced by the Financial
Services Commission.
(4) Claims prescribed by Presidential Decree in subparagraph 11 of Article 2 of the Act means monetary claims that may be subject to com- pulsory execution under Article 24, 26 or 56 of the Civil Execution Act.

Article 3 (Services Incidental to Credit Information Business)

The services incidental to credit information business under Article 4 (1) of the Act shall be any service arising in the course of running the business concerned as follows:
1. Services incidental to credit inquiry business under Article 4 (1) 1 of the Act:
(a) Consultancy services concerning the utilization of credit information, and consulting services of credit information;
(b) Development and sale services concerning the solutions and software
in relation to credit information (including a credit rating model and risk management model);
(c) Other services determined and publicly announced by the Financial
Services Commission;
2. Services incidental to credit investigation business (limited to the business under item (a)) or claims collection business under Article
4 (1) 2 or 3 of the Act:
(a) Services to investigate the current status and prices of leasehold of immovables and movables;
(b) Services to provide creditors, etc. with consultancy in relation to offering and implementation of claims management systems;
(c) Other services determined and publicly announced by the Financial
Services Commission;
3. Services incidental to credit rating business under Article 4 (1) 4 of the Act:
(a) Services to conduct feasibility studies, valuations, and corporate diagnosis;
(b) Services to develop and offer a credit rating model and risk man- agement model;
(c) Other services determined and publicly announced by the Financial
Services Commission.

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Article 4 (Application for Business License)

A person who intends to be licensed to conduct credit information business under Article 4 (2) of the Act, shall submit to the Financial Services
Commission an application determined and publicly announced by the
Financial Services Commission (including an application via electronic document) with the documents set forth in each of the following sub-
paragraphs attached. In such cases, the Financial Services Commission
shall verify the certified transcript of a corporate register by using shared administrative information in accordance with Article 21 (1) or 22-2 (1)
of the Electronic Government Act:
1. Articles of incorporation;
2. Documents stating the capital or the equity share of fundamental property;
3. Financial statements;
4. Business plans and a statement of forecast income and expenditure statement for two years;
5. Other documents determined by the Financial Services Commission.

Article 5 (Qualified Licensees by Type of Credit Information Business)

(1) Financial institutions prescribed by Presidential Decree in Article
5 (1) 1 of the Act means an institution falling under any of the following subparagraphs: Provided, That cases set forth in subparagraphs 9 through
14 means only the association or national federation thereof:
1. Any financial institution authorized and established by the Banking
Act (including a person deemed a financial institution under Article
59 of the same Act);
2. Any financial holding company under the Financial Holding Companies
Act;
3. The Korea Development Bank under the Korea Development Bank Act;
4. The Export-Import Bank of Korea under the Export-Import Bank of
Korea Act;
5. The Korea Finance Corporation under the Korea Finance Corporation
Act;
6. The Industrial Bank of Korea under the Industrial Bank of Korea Act;
7. The Korea Housing Finance Corporation under the Korea Housing
Finance Corporation Act;
8. An investment trader, investment broker, trust company, collective

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

investment scheme, security financial company, merchant bank,
financial brokerage company, and transfer agency under the Financial
Investment Services and Capital Markets Act;
9. Mutual savings banks and the national federation thereof under the
Mutual Savings Banks Act;
10. Agricultural cooperatives and the national federation thereof under
the Agricultural Cooperatives Act;
11. Fisheries cooperatives and the national federation thereof under the
Fisheries Cooperatives Act;
12. Forestry cooperatives and the national federation thereof under the
Forestry Cooperatives Act;
13. Credit unions and the national federation thereof under the Credit
Unions Act;
14. Community credit cooperatives and the national federation thereof under the Community Credit Cooperatives Act;
15. Any insurance company under the Insurance Business Act;
16. Any specialized credit financial business company under the Specialized
Credit Financial Business Act (including any person licensed or
registered under Article 3 (3) 1 of the Specialized Credit Financial
Business Act);
17. The Korea Technological Credit Guarantee Fund under the Korea
Technology Credit Guarantee Fund Act;
18. The Credit Guarantee Fund under the Credit Guarantee Fund Act;
19. Credit guarantee foundations and the national federation thereof under
the Regional Credit Guarantee Foundation Act;
20. The Korea Export Insurance Corporation under the Export Insurance
Act;
21. The Korea Deposit Insurance Corporation and financial institutions for resolution under the Depositor Protection Act;
22. Any financial institution that runs a financial business similar to such
financial institutions as set forth in subparagraphs 1 through 20 in a foreign country;
23. Any person who has been established under an Act and subordinate
statute of a foreign country and engages in one of the business activities set forth in Article 4 (1) 1 through 3 of the Act.
(2) Financial institutions prescribed by Presidential Decree in Article

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5 (2) 2 of the Act means an institution falling under any subparagraph
of paragraph (1).

Article 6 (Detailed Licensing Requirements, etc.)

(1) Any person who intends to obtain a license for credit information business under Article 6 (1) and (3) of the Act, shall satisfy the following
detailed requirements in relation to the personnel and physical facilities:
1. When engaging in credit inquiry business, the detailed requirements referred to in the following items shall be fulfilled:
(a) The person shall employ regular employees including a certified public accountant or ten or more persons who have experience in
engaging in credit inquiry services (including credit information
analysis services and credit rating services);
(b) The person shall furnish the information processing and commu- nication facilities publicly announced and determined by the Fi-
nancial Services Commission to be necessary to adequately process credit information;
2. Where credit investigation business and claims collection business are
separately or jointly conducted, 20 or more regular employees shall be employed;
3. When engaging in credit rating business, the detailed requirements
referred to in the following items shall be fulfilled:
(a) The company shall have 20 or more regular employees specialized in credit rating, including five certified public accountants and
five persons who have experience in security analysis and evaluation services [referring to persons who have three years or more experience
in conducting security analysis and evaluation services at a financial
institution under Article 5 (1) 1 through 18, a claims evaluation company under Article 263 of the Financial Investment Services
and Capital Markets Act, a credit rating agency under Article 28
of the Act (hereinafter referred to as credit rating agency ), or a foreign credit rating agency corresponding thereto; hereinafter
the same shall apply]: Provided, That if the issuers of the securities
to be analyzed and evaluated (referring to securities other than
the asset-backed securities under subparagraph 4 of Article 2 of the Asset-Backed Securitization Act) engage in three or less business
types (referring to the business type falling under an upper level

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

of the Korean Standard Industrial Classification publicly announced
by the Commissioner of the Statistics Korea under Article 22 (1)
of the Statistics Act); or if only the asset-backed securities are
evaluated under subparagraph 4 of Article 2 of the Asset-Backed
Securitization Act, the agency shall have regular employees specialized in credit rating including five or more certified public
accountants and five or more persons who have experience in security analysis and evaluation services;
(b) The credit rating agency shall be furnished with the computer system
facilities and data management mechanism publicly announced and determined by the Financial Services Commission to be nec-
essary for rendering credit rating services under Article 29 (1) of
the Act.
(2) The business plans under Article 6 (1) 2 of the Act shall be in compliance with the following requirements:
1. Income and expense outlooks shall be reasonable and implementable;
2. The organizational structure, governance and management structure on the business plans shall be appropriate to proceed with the business
plans and shall not hamper the sound credit information business through conflict of interests, unfair practices, etc.
(3) Major investors prescribed by Presidential Decree in Article 6 (1)
3 of the Act means a person falling under any of the following subpara- graphs:
1. A principal in cases where, on the basis of the total outstanding shares
with voting rights or total equity investments, a principal and a person, with whom the principal has a relationship falling under any sub- paragraph of Article 8 of the Enforcement Decree of the Financial Investment Services and Capital Markets Act (hereinafter referred to as affiliated person ) hold, under anyone s name, the largest number of shares or the highest equity interest with his/or her own funds (hereinafter referred to as largest shareholder );
2. A person falling under any of the following items, in cases where the largest shareholder is a juristic person:
(a) The largest shareholder of the juristic person concerned (if the actual
controlling person of the juristic person concerned is not the largest shareholder of the juristic person concerned, the actual controlling

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person shall be also included);
(b) The representative of the juristic person concerned;
3. A shareholder or investor who is an affiliated person of the largest
shareholder;
4. A person who holds, under anyone s name, shares or equity interest
with his/her own funds, and the total sum thereof amounts to 10/100
or greater of the total outstanding shares with voting rights or the
total equity investments;
5. A shareholder or investor who exercises a defactoinfluence over key
management matters of the juristic person concerned, including dis-
missal of executives, and falls under any of the following items:
(a) A shareholder or investor who, individually or in accordance with
an agreement or a contract with other shareholders or investors,
has appointed a representative director or the majority of directors;
(b) A shareholder or an investor determined by the Financial Services
Commission and deemed to exercise a controlling influence over
the key decisions or business executions, including management
strategy, organizational changes.
(4) The major investors under paragraph (3) shall fulfil the requirements
set forth in attached Table 1.

Article 7 (Capital)

Amount determined by Presidential Decree in Article 6 (2) 2 of the Act
means three billion won.

Article 8 (Matters to Declare and Report)

(1) Any matter prescribed by Presidential Decree in the main sentence
of Article 8 of the Act means any of the following subparagraphs:
1. The reduction of capital or basic assets;
2. Changes in the articles of incorporation, including the trade name.
(2) Insignificant matters prescribed by Presidential Decree in the proviso
to Article 8 of the Act means any of the following subparagraphs:
1. Changes in the representative and executives;
2. Matters that reflect any amendment of Acts and subordinate statutes
or receive a license and authorization pursuant to Acts and subordinate
statutes;
3. Matters concerning changes in provisional structure, wording, etc. that
do not entail any substantial change in the details of the articles of
incorporation.

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

Article 9 (Approval for Change in Controlling Shareholder, etc.)

(1) A controlling shareholder prescribed by Presidential Decree in Article
9 (1) of the Act means a person falling under any of the following subparagraphs: Provided, That the State, the Korea Deposit Insurance
Corporation under the Depositor Protection Act, and a person who holds less than 1/100 of the shares with voting rights shall be excluded:
1. In cases of a credit investigation company (referring to a person licensed
to engage in credit investigation business under Article 4 of the Act;
hereinafter the same shall apply), a claims collection agency (referring to a person licensed to engage claims collection business under Article
4 of the Act; hereinafter the same shall apply), and credit bureau
(referring to a person licensed to engage in credit inquiry business under Article 4 of the Act; hereinafter the same shall apply), a person
falling under any of the following items:
(a) A major investor falling under Article 6 (3) 1 and 3, or 5;
(b) A person who holds, under anyone s name, shares or equity interest with his/her own funds, and the total sum thereof amounts to 30/100 or greater of the total outstanding shares with voting rights or the
total equity investments;
2. In cases of a credit rating agency, a major investor under Article 6 (3).
(2) Requirements prescribed by Presidential Decree in Article 9 (1) of
the Act means the requirements for a major investor under attached Table
1.
(3) A person who intends to obtain approval under Article 9 (1) of the
Act, shall submit to the Financial Services Commission an application for approval determined and publicly announced by the Financial Services
Commission with the following documents attached:
1. The articles of incorporation (including the document corresponding thereto; applicable only to a juristic person);
2. In cases of a foreign company, the document corresponding to the certified
transcript of a corporate register;
3. The financial statement as of the end of the latest business year or an interim financial statement if a half term has elapsed after the
end of the latest business year (applicable only to a juristic person);
4. The audit report and review report developed by an auditor (referring

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to the auditor under Article 3 (1) of the Act on External Audit of Stock
Companies) with regard to the financial statement under subpara- graph 3;
5. Other documents determined by the Financial Services Commission to be necessary for the review of the approval requirements.
(4) The Financial Services Commission shall, upon receipt of an application
for approval under paragraph (3), verify the administrative information set forth in the following subparagraphs by using shared administrative
information under Article 21 (1) or 22-2 (1) of the Electronic Government
Act, and if an applicant does not consent to verification of a certified transcript of the resident registration card under subparagraph 2, it shall
cause him/her to attach it:
1. A certified transcript of the corporate register (applicable only to a domestic juristic person);
2. A certified transcript of the resident registration card (or, alternatively,
a business registration certificate under Article 5 (2) of the Value-Added
Tax Act);
3. A certified transcript of the corporate register of a credit information
company, of which a person intends to become a controlling shareholder. (5) Where the Financial Services Commission has received an application
for approval under paragraph (3), it shall review its details, determine
whether to approve it within 60 days, and notify, in writing, the applicant of the result thereof and ground therefor. In such cases, if any error exists
in the application for approval, it may request the applicant to redress
it.
(6) When calculating the review period under paragraph (5), the period determined by the Financial Services Commission, including the period
to correct any error in the application for approval, shall not be counted in the review period.
(7) Where the Financial Services Commission orders the disposition of
any share acquired without approval under Article 9 (2) of the Act, it shall order in writing by stating the number of shares to be disposed of,
due date of disposition, etc.
(8) Necessary matters, other than those provided for in paragraphs (1)
through (7), with regard to the methods and procedures to apply for approval for modification, or detailed standards for the requirements under para-

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

graph (2), etc. shall be determined and publicly announced by the Financial
Services Commission.

Article 10 (Authorization of Transfer, Acquisition by Transfer, etc. of

Credit Information Business)

(1) Where the Financial Services Commission intends to authorize credit information business to conduct a transfer and/or acquisition by transfer, or division and/or merger under Article 10 (1) of the Act, it shall review
whether the following requirements are fulfilled:
1. For transfer:
(a) It shall be inevitable given the management and financial standing, etc. of the credit information company concerned;
(b) It shall not hinder the protection of credit information subjects and the maintenance of sound order in credit;
(c) It shall not have any defect in implementing the procedures under
the Commercial Act and other relevant Acts and subordinate statutes;
2. For acquisition by transfer, division and merger:
(a) It shall not hinder the efficiency of credit information business and the maintenance of sound order in credit;
(b) Business plans and organizational operation plans in connection
with a transfer, division and merger shall be appropriate;
(c) Changes in the corporate ownership structure of a credit information company arising from transfer, division and merger shall comply
with relevant Acts and subordinate statutes;
(d) It shall not hinder the performance of procedures under the Com- mercial Act and other relevant Acts and subordinate statutes.
(2) The Financial Services Commission may determine and publicly notify the detailed requirements, application documents, and other necessary
matters for authorization under Article 10 (1) of the Act.

Article 11 (Concurrent Operation of Business)

Cases prescribed by Presidential Decree in subparagraph 2 of Article
11 of the Act means any case falling under any of the following subpara- graphs:
1. If allowed by relevant Acts and subordinate statutes, including cases where an asset manager commissions a claims collection agency to issue
on his/her behalf a certificate of liability under Article 10 of the Asset-

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Backed Securitization Act;
2. If a foreign creditor commissions a claims collection agency to issue on his/her behalf a certificate of liability.

Article 12 (Deferment of Cancellation of License, etc.)

Ground prescribed by Presidential Decree in the proviso to Article 14 (1) of the Act means the case amounting to a ground for cancellation of
license or authorization under Article 14 (1) 2 through 4 or 9 of the Act:

Provided, That cases where a corrective order is deemed of little practical

use as a ground for cancellation is highly likely to be unresolved or to harm the public interest, etc. shall be excluded.

Article 13 (Restrictions on Collection, Investigation and Processing) Purposes prescribed by Presidential Decree in Article 16 (2) of the Act means the use of information on an individual s disease by an insurance company, which is licensed to engage in insurance business by the Financial Services Commission under Article 4 of the Insurance Business Act, in conducting business requiring such information in connection with in- surance contracts and the payment of insurance benefits.

Article 14 (Entrustment of Collection, Investigation and Processing) (1) Another person who satisfies given requirements prescribed by Presidential Decree, including a given amount of capital in Article 17 (2) of the Act means a company which has the capital of 100 million won or more and is equipped with the personnel, physical facilities and security measures required to appropriately perform the processing of credit information in accordance with the standards determined and publicly announced by the Financial Services Commission.

(2) A person prescribed by Presidential Decree in Article 17 (3) of the Act means a credit information company, credit information collection agency, and financial institution determined and publicly announced by the Financial Services Commission under Article 5 (1).
(3) A person who intends to entrust the processing of credit information under Article 17 (3) of the Act, shall inform the Financial Services Commission of the scope of credit information provided, purpose and period of provision thereof, customer information management system, etc. in such format as determined and publicly announced by the Financial Services Commission, by no later than seven business days from the date when the commission agreement is expected to be executed.

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

Article 15 (Keeping Credit Information Accurate and Up-to-Date)

(1) Where a credit information provider/user intends to provide credit information for a credit information collection agency or a credit bureau
under Article 18 (1) of the Act, he/she shall verify accuracy thereof not to register inaccurate information.
(2) A credit information collection agency and credit bureau shall formulate
the standards and procedures to examine the accuracy of credit information to be registered, to accordingly verify and manage the accuracy of credit
information to be registered.
(3) A credit information company, credit information collection agency and credit information provider/user (hereinafter referred to as credit
information company, etc. ) shall register, modify and manage credit
information in accordance with the standards and procedures determined and publicly announced by the Financial Services Commission so as to
keep credit information accurate and up-to-date.
(4) Under Article 18 (2) of the Act, a credit information company, etc. shall delete out-dated credit information, which may disadvantage a credit
information subject, from the information subject to critical management,
within five years from the date when the ground for disadvantages does not exist.

Article 16 (Formulation of Technological, Physical and Administrative

Security Measures)

(1) Under Article 19 (1) of the Act, a credit information company, etc. shall formulate technological, physical and administrative security mea- sures that include the following in order to protect the security of the
credit information computer system:
1. Matters concerning installation and operation of the access control equipment to block illegal access to credit information by a third party,
including intrusion prevention system;
2. Matters concerning prevention of alteration, tampering, and destruction of the information entered in the credit information computer system;
3. Matters concerning granting of various kinds of permission for credit information treatment and inquiry depending on user positions and roles, and matters concerning periodic examination of logs of credit
information inquiries;
4. Other matters required to ensure the security of credit information.

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(2) The Financial Services Commission may determine and publicly notify
the details of the matters under each subparagraph of paragraph (1).
Article 17 (Appointment, etc. of Credit Information Administrator/Protector) (1) A credit information provider/user prescribed by Presidential Decree<.. image removed ..> in Article 20 (3) of the Act means a person who falls under Articles 5 (1)
1 through 21 and 21 (2) 9.
(2) Tasks prescribed by Presidential Decree, including protection of credit
information, handling of complaints raised by the credit information subject in connection with credit information in Article 20 (3) of the Act means
the business set forth in the following subparagraphs:
1. Enactment and amendment of internal control regulations in connection with the management and protection of credit information;
2. Handling of complaints in connection with the management and pro-
tection of credit information;
3. Examination as to whether executives and employees comply with relevant Acts and subordinate statutes and internal control regulations
in connection with the management and protection of credit information;
4. Examination as to whether a credit information provider/user responds, in good faith, to the due exercise of rights of a credit information subject
under the Act;
5. Provision of education in relation to the management and protection of credit information for executives and employees;
6. Other matters determined and publicly announced by the Financial
Services Commission to be necessary for the management and protection of credit information.
(3) Every credit information administrator/protector appointed under
Article 20 (3) of the Act shall fall under any of the following subparagraphs:
1. An executive;
2. A person in a position generally managing the provision, use, protection, management, etc. of credit information.
(4) Notwithstanding paragraph (3), if a credit information company, etc.
has a compliance officer under other Acts and subordinate statutes, it may appoint such person as a credit information administrator/protector. In such cases, the tasks set forth in paragraph (2) shall be incorporated
into the internal control regulations under relevant Acts and subordinate statutes.

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

Article 18 (Disqualifications of Persons Engaged in Credit Inquiry Busi- ness)

Any person prescribed by Presidential Decree in Article 22 (1) 7 of the
Act means a person who was an executive and employee at the time any
ground for cancellation of license, authorization, etc. occurred (the executive
and employee at the time any ground for prompt corrective measures occurred
under Article 10 of the same Act, in cases of a juristic person or company
license, authorization, etc. of which has been cancelled under Article 14
of the Act on the Structural Improvement of the Financial Industry), and
falls under any of the following subparagraphs:
1. An auditor or a member of the Audit Committee;
2. An executive who has been subject to caution, warning, reprimand,
suspension of performance of his/her duties, demand for dismissal,
or other measure taken by the Financial Services Commission or the
Governor of the Financial Supervisory Service (hereinafter referred
to as the FSS Governor ) under Article 24 of the Act on the Estab-
lishment, etc. of Financial Services Commission on grounds of unlawful
or wrongful practices in connection with the occurrence of a ground
for cancellation of license, authorization, etc.;
3. An employee who has been subject to suspension of performance of
his/her duties or severer measures taken by the Financial Services
Commission or the FSS Governor on the grounds of unlawful or wrongful
practices in connection with the occurrence of a ground for cancellation
of license, authorization, etc.;
4. A person who has resigned from office or retired before the disciplinary
measure under subparagraph 2 or 3 is duly taken against him/her.

Article 19 (Requests, etc. for Perusal and Provision of Credit Information of Public Institutions)

(1) Public organizations prescribed by Presidential Decree in Article
23 (1) of the Act means an institution falling under any of the following
subparagraphs:
1. A public institution determined and publicly announced by the Financial
Services Commission under Article 4 of the Act on the Management
of Public Institutions;
2. An institution determined and publicly announced by the Financial
Services Commission, capital, funds or expenses of which are invested,
contributed, or subsidized by the State or local governments;

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3. A special juristic person determined and publicly announced by the
Financial Services Commission, which is established under any special
Act;
4. A clearing house designated under the Bills of Exchange and Promissory
Notes Act and the Check Act and an electronic bill management institution designated under Article 3 of the Issuance and Distribution
of Electronic Bills Act;
5. Various levels of schools established pursuant to the Elementary and
Secondary Education Act, the Higher Education Act and other Acts;
6. A premium rate calculating institution under the Insurance Business
Act;
7. The Credit Counseling and Recovery Service authorized and established
by the Financial Services Commission under Article 32 of the Civil
Act.
(2) Credit information prescribed by Presidential Decree in Article 23 (2)
of the Act means credit information set forth in the following subparagraphs. In such cases, the specific scope of provision of credit information shall
be determined in consultation with the heads of public institutions and
a credit bureau or a credit information collection agency:
1. Information on the payment of premiums for employment insurance, industrial accident compensation insurance, national health insurance,
and national pension;
2. Information on electric power consumption and payment of electric bills;
3. Information on the delivery of goods or services to the Government
and the amount delivered;
4. Information on the deceased, resident registration number, and name changes;
5. Information on the declaration of foreign emigration and renunciation of emigration.
(3) A credit bureau or credit information collection agency which intends
to be provided with the information set forth in any subparagraph of paragraph (2) under Article 23 (2) of the Act, shall request in writing,
the State or local governments or the head of public institutions under
paragraph (1) (hereinafter referred to as public institutions ) to provide such credit information, and the head of public institutions which intends
to provide the credit information concerned, shall provide it in the form

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

of documents or periodic files, or through the Shared Service Center for
Administrative Information, etc. under Article 22 (4) of the Electronic
Government Act.
(4) The Financial Services Commission shall determine and publicly
announce the registration of and standards for use of the information
concerned in consideration of the necessity to use the information provided
by the heads of public institutions.
(5) Any credit information provider/user prescribed by Presidential
Decree in Article 23 (3) of the Act means a person falling under any
subparagraph of Article 2 (3).

Article 20 (Use of Computer Data of Resident Registration)

Any credit information provider/user prescribed by Presidential Decree<.. image removed ..>
in Article 24 (1) of the Act means a person falling under any subparagraph
of Article 5 (1).

Article 21 (Central Management and Utilization of Credit Information) (1) A person who intends to be registered as a credit information collection agency under Article 25 (1) of the Act, shall fill out the application form determined and publicly announced by the Financial Services Commission (including an electronic application) with the following items, attach the

articles of incorporation thereto and submit it to the Financial Services Commission. In such cases, the Financial Services Commission shall verify the certified transcript of a corporate register by using shared administrative information under Article 21 (1) or 22-2 (1) of the Electronic Government Act:
1. The name and address of the institution and name of the representative
thereof;
2. The scope of the credit information for central management and
utilization and the person with whom to exchange the credit information;
3. The necessity for central management and utilization.
(2) Financial institutions prescribed by Presidential Decree in Article
25 (2) 1 of the Act means the financial institutions set forth in Article
5 (1) 1 through 20 and the financial institutions falling under the following
subparagraphs:
1. A mutual aid association under the Framework Act on the Construction
Industry;
2. A claims registration institution under the State Bond Act and the
Registration of Bonds and Debentures Act;

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3. An agricultural and fishery distribution corporation under the Agri-
cultural and Fishery Marketing Corporation Act;
4. Credit Counseling and Recovery Service authorized and established
by the Financial Services Commission under Article 32 of the Civil
Act;
5. Korea Labor Welfare Corporation under the Industrial Accident Com-
pensation Insurance Act;
6. Korea Software Financial Cooperative under the Software Industry
Promotion Act;
7. Engineering Financial Cooperative under the Engineering Technology
Promotion Act;
8. A financial resolution institution under the Depositor Protection Act;
9. A postal agency under the Postal Savings and Insurance Act;
10. Electric Contractors<.. image removed ..>Financial Cooperative under the Electric
Constructors Financial Cooperative Act;
11. Korea Holding Guarantee Co., Ltd. under the Housing Act;
12. Small and Medium Business Corporation under the Small and Medium
Enterprises Promotion Act;
13. A venture capital and a venture capital cooperative under the Support for Small and Medium Enterprise Establishment Act;
14. Korea Federation of Small and Medium Business under the Small and
Medium Enterprise Cooperatives Act;
15. Korea Student Aid Foundation under the Act on the Establishment, etc. of Korea Student Aid Foundation;
16. Other institutions determined and publicly announced by the Financial
Services Commission.
(3) The scope of the credit information centrally managed and utilized
by a centralized credit information collection agency (hereinafter referred to as centralized credit information collection agency ) under Article
25 (2) 1 of the Act shall be set forth in attached Table 2: Provided, That
the Financial Services Commission may, if deemed necessary, determine
and publicly notify the information that shall be additionally centrally managed and utilized, other than the information provided for in attached
Table 2.
(4) An individual credit information collection agency under Article 25 (2)
2 of the Act shall determine the scope of the information subject to central

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management and utilization through an agreement, etc. among financial
institutions of the same type or among business owners of the same type, and obtain approval thereon from the Financial Services Commission.
(5) A person who intends to be registered as a credit information collection agency under Article 25 (3) 2 of the Act, shall meet the specific requirements
for physical facilities and personnel as set forth in the following sub-
paragraphs:
1. He/she shall furnish the information processing and information communication facilities determined and publicly announced by the
Financial Services Commission to be necessary to adequately perform the central management and utilization of credit information;
2. He/she shall employ regular employees including five or more persons
who have experience in engaging in credit information-related business for three or more years at an institution falling under Article 2 (3)
1,3, and 4, and any subparagraph of Article 5 (1), or a financial
organization falling under any of the following items: (a) A credit bureau;
(b) A credit information collection agency;
(c) Korea Financial Telecommunications and Clearings Institute estab- lished under permission of the Minister of Strategy and Finance
under Article 32 of the Civil Act;
(d) A premium rate calculating institution under the Insurance Business
Act.
(6) Pursuant to Article 25 (4) of the Act, the Financial Services Commission may cancel registration of a credit information collection agency, if it falls under any of the following subparagraphs:
1. It fails to meet the registration requirements under Article 25 (3) of
the Act;
2. In the event of a ground arises for preventing the central management and utilization of credit information, including failure to enter into an agreement between companies of the same type, or limitations on centralization under other Acts and subordinate statutes;
3. It violates duties to protect credit information, including unauthorized use, exchanges, etc. of the credit information subject to central man- agement and utilization;
4. It damages the public interest by violating the Act or other Acts and

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

subordinate statutes.
(7) Pursuant to Article 25 (4) of the Act, a person who may exchange the credit information subject to central management and utilization with
an other person shall be as follows: Provided, That the specific scope of
the credit information subject to central management and utilization between persons falling under the following subparagraphs and the person
who may exchange such information shall be determined and publicly announced by the Financial Services Commission:
1. Between a credit information provider/user and a credit information
collection agency that the credit information provider/user provides credit information for;
2. Between a credit information collection agency and a credit information
company;
3. Between credit information collection agency companies.
(8) A common computer network for credit information under Article 25
(6) of the Act shall be established so as to distinguish the credit information collection agency that centrally manages and utilizes the credit information
provided by the financial institutions set forth in paragraph (2) from the
credit information collection agency that centrally manages and utilizes the credit information provided by business owners in the same industry
other than the financial institutions set forth in paragraph (2).

Article 22 (Credit Information Council)

(1) Imposition of sanctions, as prescribed by Presidential Decree in Ar- ticle 26 (1) 2 of the Act means the imposition of penalties depending on
the type and degree of violations committed by financial institutions,
including ommission and delay of provision of credit information, fraudulent registration, etc., and detailed standards and procedures for penalties shall
be determined by the head of a centralized credit information collection
agency.
(2) The head of a centralized credit information collection agency shall form a Credit Information Council with less than 15 members in con-
sideration of the size, cost sharing ratio, representativeness of business sectors, etc. of the credit information subject to central management and
utilization, and determine operational matters, including convocation,
resolution, etc. thereof.
(3) The Financial Services Commission may recommend changes in con-

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sultation items and/or decisions of a Credit Information Council, if reports
made thereby under Article 26 (3) of the Act are deemed contradictory
to sound order in credit market or the public interests of banking con-
sumers.

Article 23 (Persons who are Engaged in Credit Investigation Company and Claims Collection Agency)

Any person prescribed by Presidential Decree in Article 27 (1) 7 of the
Act means any person who falls under any of the subparagraphs of Article
18.

Article 24 (Qualifications and Registration Procedures for Delegated

Claims Collectors)

(1) Persons who may be registered as a delegated claims collector under
Article 27 (9) of the Act shall fall under any of the following subparagraphs:
1. A person who has completed education courses on claims collection
business at any of the following institutions:
(a) Credit Information Companies Association under Article 44 of the
Act (hereinafter referred to as Credit Information Companies As-
sociation );
(b) Claims collection agency designated by the Credit Information
Companies Association;
(c) Other institutions determined and publicly announced by the
Financial Services Commission;
2. A person who has experience in engaging in claims collection business
for one or more years at a financial institution that falls under any
of Article 5 (1) 1 through 20, and has completed the education courses
under subparagraph 1;
3. Other persons who the Financial Services Commission has deemed to
have qualifications corresponding to subparagraphs 1 and 2.
(2) A person who intends to register as a delegated claims collector, shall
submit an application determined and publicly announced by the Financial Services Commission to the Financial Services Commission along with the documents certifying the qualifications set forth in paragraph (1).

Article 25 (Persons who are Engaged in Credit Rating Business)

Any person prescribed by Presidential Decree in subparagraph 7 of Article
28 of the Act means a person who falls under any subparagraph of Article
18.

Article 26 (Matters to be Observed by Credit Rating Agency)

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

(1) Any person prescribed by Presidential Decree in Article 29 (2) of
the Act means a person who falls under any of the following subparagraphs:
1. A juristic person who has invested 5/100 or more of the capital of
a credit rating agency;
2. A juristic person, 5/100 or more of capital of which has been invested by the credit rating agency concerned;
3. A juristic person who is an affiliated company of the credit rating agency concerned under the Monopoly Regulation and Fair Trade Act;
4. A juristic person, 40/100 or more of capital of which has been invested
by a juristic person who has a relationship set forth in subparagraphs
1 through 3 with the credit rating agency concerned;
5. Other persons who are determined and publicly announced by the
Financial Services Commission and likely to cause a conflict of interest regarding credit rating business.
(2) Matters prescribed by Presidential Decree in Article 29 (8) 5 of the
Act means the following matters:
1. Matters concerning the recording and storage of rating-related data;
2. Matters concerning the development of internal procedures to review
the adequacy of credit ratings;
3. Matters concerning the examination of compliance with the internal control standards for executives and employees under Article 29 (7)
(hereinafter referred to as internal control standards );
4. Matters concerning the procedures for the establishment and amend- ment of the internal control standards.
(3) Other necessary matters concerning internal control standards may be determined and publicly announced by the Financial Services Com-
mission.

Article 27 (Public Notification of Credit Information Utilization Status) (1) A credit information provider/user determined by Presidential Decree in Article 31 of the Act means an institution falling under any subparagraph of Article 5 (1).

(2) A credit information company, a credit information collection agency, and a person falling under paragraph (1) shall publicly notify the following matters under Article 31 of the Act:
1. The type and purpose of usage of the managed credit information;
2. The type, person to be provided with, and purpose of usage by the

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person to be provided with (limited to any person falling under para-
graph (1)), if credit information is provided to a third party;
3. The period of storage and usage of credit information, if any, and
procedures for and method of scrapping thereof;
4. In cases where the processing of credit information is entrusted under
Article 17 of the Act, the details of the work and the person entrusted
with such work;
5. Rights of credit information subjects and the method of exercise thereof;
6. The name, department and contact of a credit information administrator/
protector under Article 20 (3) of the Act or a person who handles complaints raised in connection with the credit information management
and protection under the same paragraph.
(3) Where a credit information company, a credit information collection agency and a person falling under paragraph (1) publicly notify the matters
set forth in any of the subparagraphs of paragraph (2), they shall do so
in a way falling under any of the following subparagraphs:
1. The matters concerned shall be furnished in a conspicuous place within a store and/or office for perusal;
2. The matters concerned shall be provided on the Internet homepage of the institution concerned to be viewed by a credit information subject
concerned.
Article 28 (Consent to Provision and Use of Personal Credit Information) (1) Personal credit information determined by Presidential Decree, including information on loan, guarantee, etc. in Article 32 (1) of the Act means an individual s credit information under Article 2 (2): Provided, That the following credit information to be provided to a credit information collection agency or credit bureau shall be excluded:
1. The credit information under Article 2 (1) 3;
2. The information under Article 2 (1) 5 similar to that set forth in subparagraph 1, including information on any delinquency of taxes
or public utilities charge, by which the credit worthiness of a credit information subject can be determined.
(2) Where a credit information provider/user intends to obtain consent
from the individual concerned under Article 32 (1) of the Act, he/she shall notify the following matters in advance: Provided, That where it is difficult
to indicate or notify the entire terms of consent due to its nature, the

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

credit information provider/user may provide the methods of ascertaining
the terms of consent, including the Internet homepage address and telephone number of operational sites of the institution concerned, and obtain his/her
consent:
1. A receiver of personal credit information;
2. The purpose of use of personal credit information;
3. The details of personal credit information to be provided;
4. The period during which a receiver stores and uses personal credit information (excluding a credit inquiry company and a credit information
collection agency).
(3) The personal identification number under Article 32 (1) 3 of the Act shall be any of the following numbers:
1. A personal identification number that the individual concerned has registered with a credit card company under subparagraph 2-2 of Article
2 of the Specialized Credit Financial Business Act;
2. A personal identification number sent from a credit information provider/user who intends to provide personal credit information for
a third party, through a text message of a mobile phone registered
under the name of the individual concerned;
3. Other personal identification numbers determined and publicly an- nounced by the Financial Services Commission.
(4) Where a credit information provider/user has obtained consent by wired or wireless communication under Article 32 (1) 4 of the Act, it shall notify
the matters prescribed in the subparagraphs of paragraph (2), within one
month, in writing, through electronic mails, mobile phone text messages, and in other ways determined and publicly announced by the Financial
Services Commission.
(5) Personal credit information prescribed by Presidential Decree in
Article 32 (2) of the Act means an individual s credit information under
Article 2 (2): Provided, That the following credit information shall be
excluded:
1. The credit information under Article 2 (1) 3;
2. The information under Article 2 (1) 5 similar to that set forth in
subparagraph 1, including information on any delinquency of taxes or public utilities charge, by which the credit worthiness of a credit
information subject can be determined (excluding the information on

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payment of premiums for national health insurance and national pension
under Article 19 (2) 1).
(6) A person who intends to be provided with personal credit information
by a credit bureau or a credit information collection agency under Article
32 (2) of the Act, shall notify the individual concerned of the matters prescribed in the following subparagraphs and obtain his/her consent:

Provided, That where it is difficult to indicate or notify the entire terms

of consent due to its nature, such person may provide the methods of ascertaining the terms of consent, including the Internet homepage address
and telephone number of operational sites of the institution concerned, and obtain his/her consent:
1. The provider of personal credit information;
2. The receiver s purpose of usage of personal credit information;
3. The items of personal credit information received;
4. The effective period of the consent on provision of personal credit
information.
(7) A credit bureau or credit information collection agency shall verify in the ways determined by the Financial Services Commission, including,
in writing, or through electronic records, as to whether a person who intends to be provided with personal credit information has obtained consent from
the individual concerned under Article 32 (3) of the Act.
(8) Purposes prescribed by Presidential Decree, including claims collection
(applicable only to the credit which is an object of collection), license and authorization, determination of a company s credit worthiness, and transfer
of securities in Article 32 (4) 4 of the Act means any of the following purposes:
1. A creditor who requests claims collection, provides a claims collection
agency with personal credit information of a person subject to claims collection, or receives the requested information from a claims collection
agency;
2. A creditor or claims collection agency is provided by a credit bureau with personal credit information on a person who failed to repay his/her
debts until due date, or a person subject to claims collection;
3. An administrative agency is provided by a credit bureau with personal credit information to use its license and authorization business;
4. The purpose to be provided by a credit information collection agency

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

and a credit bureau with the personal credit information on a company s
representative or a person falling under any item of Article 2 (1) 3 in order to determine whether to build and maintain business relations,
including financial transactions, with the company concerned;
5. Financial institutions under Article 25 (2) 1 of the Act, and the bearers of bills/checks, are provided by a credit information collection agency
and a credit bureau with the personal credit information on issuers, underwriters, endorsers, and guarantors of bills/checks, in order to
determine whether to build and maintain business relations therewith,
and verify intent to repay and solvency thereof, respectively.
(9) A person who intends to provide or has been provided with personal credit information under Article 32 (4) of the Act, shall inform or publicly
announce the credit information subject concerned of the provision of the personal credit information, the reason therefor, etc. through the methods
set forth in the following subparagraphs pursuant to paragraph (5) of
the same Article: Provided, That if a person who intends to provide personal
credit information in the ways set forth in subparagraphs 2 through 4, has already informed or publicly announced, a person who has been provided
with personal credit information need not inform or publicly notify:
1. In cases under Article 32 (4)1, 2 and 8 of the Act, the method of public notification of the credit information utilization under Article 31 of
the Act shall be used;
2. In cases under Article 32 (4) 3 of the Act, the public notification in writing, or through electronic mail or posting on an Internet homepage
shall be used;
3. In cases under Article 32 (4) 4 of the Act, the method of requesting notification of provision of credit information under Article 35 of the
Act shall be used;
4. In cases under Article 32 (4) 5 or 7 of the Act (excluding cases where tax material required to be submitted pursuant to Acts on taxation
is provided), the method of public notification as prescribed by Article
4-2 of the Act on Real Name Financial Transactions and Confidentiality shall be used.
(10) Any credit information provider/user prescribed by Presidential
Decree in Article 32 (6) of the Act means an institution falling under any subparagraph of Article 5 (1).

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(11) Matters determined by Presidential Decree, including the scope of
credit information provided in Article 32 (6) of the Act means the scope of personal credit information to be provided, and the credit information
management and protection mechanism of the person to be provided with.

Article 29 (Provision and Use of Personal Identification Information) Information prescribed by Presidential Decree in Article 34 (1) of the Act means information used to identify an individual, including name, address, resident registration number, foreigner registration number, domestic residence report number, passport number, gender, nationality, etc.

Article 30 (Requirement to Notify Provision of Credit Information, etc.) (1) Where a credit information subject requires a credit information company, etc. to notify, etc. the provision of his/her personal information pursuant to Article 35 of the Act (hereinafter referred to as his/her own information ), his/her identity shall be verified through any of the following methods:

1. Electronic documents containing a certified electronic signature pursuant to subparagraph 3 of Article 2 of the Digital Signature Act (referring to electronic documents under subparagraph 1 of Article 2
of the Framework Act on Electronic Commerce);
2. Entering the personal identification number, under Article 28 (3), by wired or wireless communication that ensures stability and reliability
of the consent to provide such information, in consideration of the details
and purpose of personal credit information to be provided;
3. Presenting identification indicating an individual s identity;
4. Telephone;
5. Internet homepage.
(2) Where a credit information company, etc. is required to notify under paragraph (1), it shall notify, within seven days from receipt of such request,
the credit information subject concerned of the person who has been provided his/her own personal information for the last one year, the purpose of
usage of such information, date of provision, major details, etc. (hereinafter
referred to as details of the credit information provided ) in a format determined and publicly announced by the Financial Services Commission,
and a centralized credit information collection agency, credit bureau, and
any other credit information provider/user determined and publicly an-

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

nounced by the Financial Services Commission shall enable a credit
information subject to view, through an Internet homepage, the details of the credit information provided for the last one year.
(3) Where a credit information company, etc. has notified details of the
credit information provided or enabled a credit information subject to view
it under paragraph (2), through its Internet homepage, it may cause a
credit information subject concerned to bear the cost arising from such
notification or inquiry.
(4) Where a credit information company, etc. has enabled a credit
information subject to view the details of the credit information provided
under paragraph (2), through its Internet homepage, notwithstanding
paragraph (3), it shall enable a credit information subject to view such
information free of charge once or more a year.
(5) A credit information company, etc. shall store the details notified to
or inquired by a credit information subject under paragraph (2) for three
years.

Article 31 (Notification, etc. of Credit Information Giving Rise to Refusal of Commercial Transaction)

(1) Information prescribed by Presidential Decree in Article 36 (1) of
the Act means the credit information set forth in Article 28 (1) 1 and 2.
(2) Matters prescribed by Presidential Decree, including the credit
information that gave rise to the refusal or cancellation thereof in Article
36 (1) of the Act means the following matters:
1. The credit information that gave rise to refusal or cancellation of
commercial transactions;
2. Name, address and contact of a credit bureau and credit information
collection agency which have provided the information set forth in
subparagraph 1;
3. The fact that such cancellation was not determined by a credit bureau
and credit information collection agency, and the fact, if any, that
other information was used along with the information provided by
a credit bureau or a credit information collection agency.

Article 32 (Rights, etc. to Revoke Consent to Provide and Use Personal

Credit Information)

(1) Under Article 37 (1) of the Act, a credit information subject may revoke
the consent to provide personal credit information by defining the target
information and details, through the Internet homepage of the institution

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concerned or by wired/wireless communication, in writing, or in other ways
determined and publicly announced by the Financial Services Commission:

Provided, That where the consent was made while establishing commercial

transactions, including financial transactions, he/she may revoke it only
after three months elapse.
(2) Under Article 37 (2) of the Act, an individual credit information subject
may request a credit information provider/user who contacts him/her for
the purposes of introducing goods or services or soliciting the purchase thereof to stop such contact by defining the target contact and details
in ways set forth in paragraph (1).
(3) A credit information provider/user, in receipt of a request under paragraphs (1) and (2), shall complete the appropriate actions within
one month from the receipt of such request.
(4) Where a credit information provider/user has verbally notified an individual who is its counterparty, pursuant to Article 37 (3) of the Act,
the additional post-notification shall be made within one month from the
first notification, in writing, or through electronic mail, mobile phone text message, the Internet homepage, or through other methods determined
by the Financial Services Commission.
(5) Pursuant to Article 37 (4) and (5) of the Act, a credit information provider/user shall provide measures, including toll-free numbers and
recipient-paid mail.

Article 33 (Demand for Perusal and Correction of Credit Information, etc.) (1) Ways prescribed by Presidential Decree, including telephone, Internet homepage, etc. in Article 38 (1) of the Act means any of the following ways:

1. Electronic documents containing a certified electronic signature pursuant to subparagraph 3 of Article 2 of the Digital Signature Act (referring to electronic documents under subparagraph 1 of Article 2 of the Framework Act on Electronic Commerce);
2. Entering the personal identification number, under Article 28 (3), by wired or wireless communication that ensures stability and reliability of the consent to provide such information, in consideration of the details
and purpose of personal credit information to be provided;
3. Presenting identification indicating an individual s identity;
4. Telephone;

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

5. Internet homepage.
(2) A credit information subject may be provided with or peruse his/her information under Article 38 (1) of the Act by means of written documents,
electronic documents, or an Internet homepage, etc.
(3) Where a credit information subject intends to request correction under
Article 38 (4) of the Act, he/she shall submit a request form for correction determined and publicly announced by the Financial Services Commission within 15 days from the receipt of notification of the result of processing
(if there exists no notification, within seven business days from making
the request for correction under Article 38 (1) of the Act) to the Financial
Services Commission along with the following documents:
1. Document stating the details of a request for correction to a credit information company, etc. under Article 38 (1) of the Act;
2. Notification details, if a credit information subject has been notified by a credit information company, etc. of the result of processing under
Article 38 (4) of the Act;
3. Evidentiary data verifying the fact of the credit information to be corrected.

Article 34 (Right to Free Perusal)

Regular intervals prescribed by Presidential Decree in Article 39 of the
Act means one year.

Article 35 (Prohibited Matters for Claims Collection Agency, etc.)

Any claims collection agency and its delegated claims collectors shall abide by the provisions of Articles 5, 6, and 8 of the Fair Debt Collection Practices
Act in collecting claims, and shall not violate the provisions of Articles
9 through 13 of the same Act in collecting claims.

Article 36 (Business of Credit Information Companies Association)

Any other business prescribed by Presidential Decree in Article 44 (3)
4 of the Act means the following business:
1. Collection and statistical work of information on management of a credit information company;
2. Education and publishing in relation to credit information business;
3. Business delegated or entrusted to a Credit Information Companies
Association under the Act or other Acts and subordinate statutes;
4. Other business determined and publicly announced by the Financial
Services Commission.

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ENFORCEMENT DECREE OF THE USE AND PROTECTION OF CREDIT INFORMATION ACT

Article 37 (Delegation or Entrustment of Authority)

(1) The Financial Services Commission shall entrust its authority under attached Table 3 to the FSS Governor in accordance with Article 49 of
the Act, and entrust the registration of delegated claims collectors under
Article 27 (3) of the Act to the Credit Information Companies Association. (2) The FSS Governor and the Credit Information Companies Association
shall report the details of processing of the business entrusted under
paragraph (1) to the Financial Services Commission every six month.

Article 38 (Criteria for Imposition of Fines for Negligence Depending on

Violations)

The criteria for imposing fines for negligence under Article 52 (1) through
(4) of the Act shall be determined as set forth in attached Table 4.

ADDENDA

Article 1 (Enforcement Date)

This Decree shall enter into force on the date of its promulgation.

Article 2 (Transitional Measures concerning Capital)

A credit investigation company and a claims collection agency licensed pursuant to the previous provisions at the time this Decree enters into
force shall be compliant with the amended provisions of Article 7 by the
settlement of accounts for 2012.

Article 3 (Transitional Measures concerning Citation of other Acts and

Subordinate Statutes)

The Small and Medium Enterprises Promotion Act in the amended provisions of Article 21 (2) 12 shall be deemed the Promotion of Small
and Medium Enterprises and Encouragement of Purchase of their Products
Act until November 21, 2009.

Article 4 Omitted.

Article 5 (Relationship with other Acts and Subordinate Statutes)

In the event that other Acts and subordinate statutes cite the provisions of the previous Enforcement Decree of the Use and Protection of Credit
Information Act at the time this Decree enters into force, if the provisions
corresponding thereto exist in this Decree, such corresponding provisions of this Decree shall be deemed to have been cited in lieu of the previous
provisions.

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