South Korea Credit Information Act
Transparency and notices – South Korea Credit Information Act

South Korea Credit Information Act 35-3: Advance notice before reporting default

What does 35-3 require?

Designated providers and users, before passing default information to credit rating companies, corporate credit inquiry companies or credit bureaus, notify the subject of the creditor, the amount and start date, the expected registration date and the possible consequences such as lower scores and higher rates.

Maintained by Gerard BlokdykVerified against the published standard Control text last updated

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