South Korean Credit Information Act
View Law TextNeed Help with South Korean Credit Information Act Compliance?
Get expert guidance on implementing South Korea's credit information protection requirements and ensuring ongoing compliance for your organization.
Get Expert HelpOverview
The Credit Information Act establishes requirements for the collection, processing, and protection of credit information in South Korea, enforced by the Financial Services Commission.
Key Facts
- Enacted in 1995
- Enforced by Financial Services Commission
- Applies to credit information businesses
Key Principles
Collection and Use Limitations
Credit information must be collected and used only for legitimate purposes with proper authorization.
Requirements
- Obtain explicit consent
- Specify collection purposes
- Limit use to stated purposes
- Regular purpose reviews
- Document justification
Examples
- Consent mechanisms
- Purpose statements
- Usage records
- Review documentation
Accuracy and Security
Credit information must be accurate and protected with appropriate security measures.
Requirements
- Verify information accuracy
- Implement security controls
- Regular updates
- Access management
- Security monitoring
Examples
- Verification procedures
- Security policies
- Update logs
- Access controls
Credit Information Subject Rights
Protection of rights for individuals regarding their credit information.
Requirements
- Right to access
- Right to correction
- Right to deletion
- Dispute resolution
- Response procedures
Examples
- Access request forms
- Correction procedures
- Deletion processes
- Dispute handling
Compliance Requirements
Credit Information Handling
Requirements for collecting, processing, and managing credit information.
Implementation Steps
- Obtain necessary licenses
- Implement security measures
- Train staff on requirements
- Regular compliance audits
- Document handling procedures
Required Documentation
- License certificates
- Security policies
- Training records
- Audit reports
- Procedure manuals
Consent Management
Specific requirements for obtaining and managing consent for credit information processing.
Implementation Steps
- Implement consent mechanisms
- Document consent collection
- Enable withdrawal options
- Regular consent reviews
- Update consent records
Required Documentation
- Consent forms
- Collection records
- Withdrawal procedures
- Review logs
- Update history
Credit Information Protection
Security and protection measures for credit information.
Implementation Steps
- Implement security controls
- Establish access management
- Monitor data access
- Regular security testing
- Incident response planning
Required Documentation
- Security measures
- Access logs
- Monitoring records
- Test results
- Response plans
Enforcement & Penalties
Administrative Penalties
The Financial Services Commission can impose administrative penalties for violations of the Credit Information Act.
Penalty Categories
Example Cases
Criminal Penalties
Serious violations may result in criminal prosecution.