Loan and Account Opening Services to Be Suspended Early Morning on October 5 Due to KCIS System Overhaul

First Overhaul of General Credit Information System in Ten Years

The Korea Credit Information Services (KCIS) will be undertaking a major overhaul of its General Credit Information System for the first time in ten years. As a result, some financial services—including loan processing and non-face-to-face bank account openings—will be temporarily unavailable from midnight to 8 a.m. on October 5.

KCIS announced on September 28, 2026, that the General Credit Information System will be revamped to provide more stable and convenient financial services. The General Credit Information System is a platform that consolidates and shares credit information, such as loans and delinquencies, which financial institutions use to determine whether to engage in financial transactions with customers. KCIS, designated as the integrated credit information concentrator under the Credit Information Act, is responsible for operating this system.

During the system upgrade, some financial transactions requiring general credit information processing will be suspended from midnight to 8 a.m. on October 5. The issuance, renewal, and extension of credit products such as loans, leases, installment financing, credit cards, and card loans, as well as non-face-to-face deposit account openings via internet and mobile channels, will be restricted.

The issuance, renewal, and extension of financial guarantee and performance-based guarantee products will also be suspended, and consumers will be unable to view or print their personal credit information records. KCIS recommends that financial consumers who plan to take out loans or open accounts during this time complete their work in advance or use the services after the system revamp is completed at 8 a.m. Not all financial transactions will be interrupted, however. Services unrelated to general credit information processing, such as account transfers, ATM withdrawals and cash services, as well as credit and debit card payments, will remain available as usual.

This upgrade marks the launch of a next-generation system, the first major change since the General Credit Information System was initially established in 2016. KCIS has been moving forward step-by-step with the system upgrade since formulating its Information Strategy Plan (ISP) in 2021. After revamping the insurance and technology credit information systems in February, KCIS will complete the last phase with the new General Credit Information System going live on October 5.

KCIS’s plan is to replace outdated equipment and establish the infrastructure needed to utilize the latest technological frameworks, thereby enhancing the system’s stability and scalability. The organization also intends to reinforce its security measures to minimize the risk of data leaks and ensure the safer protection of consumers’ credit information. KCIS President Yoo Sooyoung stated, "This system revamp is not just about replacing old equipment; it is about laying the cornerstone for the development of the financial industry for the next ten years or more. Through this, KCIS will take a leap forward as a core financial infrastructure institution supporting financial innovation in the AI era."

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