South Korea. Financial data. Act

Credit Information ActAct on the Use and Protection of Credit Information (신용정보법)

In force

Partly verified

Low confidence. Sources read only name the Act; details from general knowledge. [Link: official Korean (law.go.kr); KLRI official English (Feb 2024 version)]

§1Summary

Synopsis

Governs personal credit information held by financial companies and credit bureaus, overriding PIPA in that field. It sets consent, use limits and the MyData portability framework for financial data.

Key themes

credit information
financial data
MyData
consent
data portability

Unique features

Underpins Korea's licensed MyData financial data-portability ecosystem.

SaaS relevance

Fintech SaaS handling Korean credit data must comply and may need MyData licensing.

§2Dates

Key dates

Adopted 1995
In force 1995
2020 amendment created MyData (personal credit information management) business

§3Text and authority

Text

Authoritative text law.go.kr
English text elaw.klri.re.kr

Authority

Financial Services Commission (FSC)

§4Where it applies

Domestic law of: South Korea

§5Sources and verification

Verification

Low confidence.

Partly verified

Low confidence. Sources read only name the Act; details from general knowledge. [Link: official Korean (law.go.kr); KLRI official English (Feb 2024 version)]