Credit Information System Transition; Some Loan and Account-Opening Services to Be Suspended from 12 a.m. to 8 a.m. on the 5th

[Financial News] Korea Credit Information Services said on the 2nd that it had completed preparations to overhaul the General Credit Information System and would begin the full-scale transition to a next-generation system.
The General Credit Information System consolidates and shares credit information, such as loan and delinquency data, that financial institutions need to determine whether to conduct financial transactions with customers. Under the Credit Information Act, the system is operated by Korea Credit Information Services, the comprehensive credit information aggregation agency.
Accordingly, some financial services, including loans and account openings, will be suspended from 12 a.m. to 8 a.m. on the 5th while the system transition is carried out.
Yoo Soo-young, president of Korea Credit Information Services, said, "Because the General Credit Information System is critical financial infrastructure required for major financial services, we have conducted thorough advance inspections with financial institutions. We will monitor the work in real time by operating a comprehensive situation room even during the holiday period when the overhaul is carried out, and respond swiftly if an emergency arises to minimize inconvenience to financial consumers."

[email protected] Ye Byeong-jeong Reporter