South Korea Credit Information Act
Debt collection – South Korea Credit Information Act

South Korea Credit Information Act 27: Debt collection staff and delegated collectors

What does 27 require?

Debt collection companies do not employ or delegate to disqualified persons (minors outside designated work, persons under guardianship, undischarged bankrupts, persons within the set periods after imprisonment, dismissal, licence revocation or registration cancellation); collect only through staff or delegated collectors registered with the FSC for that company; do not collect non-eligible claims or use unregistered, other-company or suspended collectors; ensure collectors carry and show identification; and supervise delegated collectors so they comply with the Fair Debt Collection Practices Act.

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