Credit Recovery Committee's Debt Adjustment Now Allows Applications Without Financial Asset Documents... First Use of MyData

From August 31, All Asset Information Checked at Once: Deposits, Insurance, Stocks, and Funds
First Case of "Institution-Front Transmission" Utilizing MyData
Enhancing Convenience for the Elderly and Digitally Vulnerable Groups

Starting from August 31, applicants for debt adjustment at the Credit Recovery Committee will no longer need to obtain and submit separate documents related to their financial assets, such as deposits, insurance, stocks, or funds. With the applicant's consent, a one-stop application system will be introduced, allowing asset information to be verified all at once through Financial MyData.

On the 14th, a commemorative photo was taken at the Credit Recovery Committee's 'Business Agreement Ceremony for Enhancing User Convenience in Debt Adjustment Based on Financial MyData.' (From left: Byeongdeuk Chae, President of the Korea Financial Telecommunications and Clearing Institute; Eungyung Kim, Chairperson of the Credit Recovery Committee; Yusam Choi, President of the Korea Credit Information Services)

The Credit Recovery Committee announced on August 18 that it had concluded a "Financial MyData Adoption Business Agreement to Enhance User Convenience for Debt Adjustment" with the Korea Credit Information Services and the Korea Financial Telecommunications & Clearings Institute at its headquarters in Seoul on August 14.

Previously, those applying for debt adjustment sometimes had to obtain and submit financial asset documents required for review themselves. Because of this, elderly users, digitally vulnerable groups, and working individuals experienced inconvenience in the process.

With this agreement, beginning August 31, the Credit Recovery Committee will verify financial asset information—such as deposits, insurance, stocks, and funds—at once using Financial MyData, provided applicants agree and exercise their right to request data transmission. This is expected to reduce the burden of submitting documents while also increasing the accuracy and efficiency of the debt adjustment review process.

In particular, this service marks the first instance of "institution-front transmission," where an institution that is not a Financial MyData provider obtains MyData from users with their consent and utilizes it for work.

The Credit Recovery Committee will guide applicants through the MyData usage procedures during the debt adjustment application process and use the confirmed financial asset information for review. Korea Credit Information Services will be responsible for establishing the MyData one-stop support platform as well as for intermediary data transmission and integrated authentication. The Korea Financial Telecommunications & Clearings Institute will support the issuance of dedicated authentication certificates for applicants who utilize face-to-face services.

As a result, users unfamiliar with non-face-to-face transactions will also be able to receive a certificate for in-person use at the Credit Recovery Committee’s consultation desk, verify their financial assets, and apply for debt adjustment. Chairperson Eungyeong Kim of the Credit Recovery Committee stated, "By leveraging Financial MyData and financial authentication infrastructure for debt adjustment work, this will be an opportunity to enhance both user convenience and the quality of reviews," and added, "We will expand cooperation with related organizations so that anyone struggling with debt can access the debt adjustment system."

This content was produced with the assistance of AI translation services.