KCIS Next-Generation System Transition...Loans and Remote Account Openings Suspended Early Morning of the 5th

Restrictions on New and Extended Credit and Guarantee Products from Midnight to 8 a.m.
Account Transfers, ATM Withdrawals, and Card Payments Remain Available

The Korea Credit Information Services (KCIS) has completed preparations for the upgrade of its General Credit Information System and will proceed with a full transition to the next-generation system. During the transition process, which will take place in the early morning of October 5, some financial services, including loans and non-face-to-face account openings, will be temporarily unavailable.

KCIS announced on October 2 that it will carry out the transition of its General Credit Information System from midnight to 8 a.m. on October 5. The General Credit Information System enables financial institutions to centralize and share credit information, such as loan and delinquency records, which is essential for determining eligibility for financial transactions with clients. As stipulated by the Credit Information Act, KCIS operates the system as the Integrated Credit Information Concentration Institution.

During the system transition period, services including new, renewed, and extended credit products, remote opening of deposit accounts, new, renewed, and extended guarantee products, and accessing or printing personal credit information will be restricted. Consumers who wish to use these services will need to do so after 8 a.m., once the system transition is complete. However, account transfers, ATM cash withdrawals, cash services, and credit or check card payments will continue to be available as usual.

KCIS has repeatedly conducted rehearsal scenarios and tabletop exercises, simulating real transition conditions, to ensure a stable migration to the new system. An emergency response system has also been put in place to enable swift action in the event of unexpected disruptions.

KCIS has coordinated with industry associations and financial institutions to proactively inform financial consumers in advance about service interruptions resulting from the system upgrade.

KCIS will operate a central situation room throughout the holiday period when the system transition is underway, in order to monitor the transition in real time.

Yoo Sooyoung, President of KCIS, stated, "The General Credit Information System is a core financial infrastructure for key financial services, and we have conducted thorough pre-checks in cooperation with financial institutions. Even during the holiday when the upgrade takes place, we will operate a central situation room to monitor progress in real time and respond quickly to any emergencies in order to minimize inconvenience for financial consumers."

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