South Korea Credit Information Act
The South Korea Credit Information Use and Protection Act (as amended 2020, effective 2021) regulates the collection, use, and protection of credit information (financial and personal credit data). The 2020 MyData amendments enable individuals to request their financial data be transferred to authorized third-party service providers. Financial Services Commission (FSC) and Financial Supervisory Service (FSS) oversee compliance. Covers credit bureaus, financial institutions, and MyData operators.
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Framework Domains (5)
Chapter I — General Provisions and Licensing
| Code | Title |
|---|---|
| Art.1 | Purpose |
| Art.2 | Definitions |
| Art.4 | Credit Information Business Licensing |
| Art.5 | Licence Requirements |
Chapter III — Collection, Investigation, and Processing
| Code | Title |
|---|---|
| Art.15 | Collection and Investigation Methods |
| Art.16 | Purpose Limitation |
| Art.17 | Accuracy and Currency |
| Art.18 | Processing Standards |
Chapter IV — Distribution, Use, and Management
| Code | Title |
|---|---|
| Art.32 | Consent for Use |
| Art.33 | Provision to Third Parties |
| Art.34 | Cross-Border Transfer |
| Art.35 | Automated Decision-Making |
| Art.36 | Purpose Limitation on Use |
Chapter VI — Protection of Data Subjects
| Code | Title |
|---|---|
| Art.38 | Right to Access Credit Information |
| Art.38-2 | Right to Data Portability |
| Art.38-3 | MyData Business |
| Art.39 | Right to Correction |
| Art.40 | Right to Deletion |
Supervision and Enforcement
Supervisory bodies, liability, and penalty frameworks
| Code | Title |
|---|---|
| Art. 32 | Entry into Force |
| Art. 34 | Notification of Personal Information Breach |
| Art. 36 | Right to Correction or Deletion |
| Art. 69-71 | Supervisory Powers |
| Art. 70 | Criminal Penalties for False Consent |
| Art. 73 | Administrative Fines |
| Art.45 | Financial Services Commission Oversight |
| Art.50 | Penalties for Violations |
| Art.51 | Administrative Sanctions |
| Art.52 | Dispute Resolution |
| Sec. 35 | Security of Processing |
| Sec. 37 | Financial Penalties |
| Sec. 40 | Right to Object |
| Sec. 72 | Offences and penalties |
Maps to 526 other frameworks
Frequently Asked Questions
What is South Korea Credit Information Act?
South Korea Credit Information Act is a compliance framework from South Korea with 5 domains and 32 controls. The South Korea Credit Information Use and Protection Act (as amended 2020, effective 2021) regulates the collection, use, and protection of credit information (financial and personal credit data). The 2020 MyData amendments enable individuals to request their financial data be transferred to authorized third-party service providers. Financial Services Commission (FSC) and Financial Supervisory Service (FSS) oversee compliance. Covers credit bureaus, financial institutions, and MyData operators. It is used by organisations to establish and maintain compliance with industry standards and regulatory requirements.
How many controls does South Korea Credit Information Act have?
South Korea Credit Information Act has 32 controls organised across 5 domains. The largest domains are Supervision and Enforcement (14 controls), Chapter IV — Distribution, Use, and Management (5 controls), Chapter VI — Protection of Data Subjects (5 controls). Each control defines specific requirements that organisations must implement to achieve compliance.
What frameworks does South Korea Credit Information Act map to?
South Korea Credit Information Act maps to 526 other compliance frameworks. The top mapping partners are Greece Law 4624/2019 — Hellenic Data Protection Authority (HDPA) Implementation Act (28% coverage), EU Digital Services Act — Minors Protection Provisions (Regulation 2022/2065) (28% coverage), EU In Vitro Diagnostic Medical Devices Regulation (IVDR) (28% coverage). Use our comparison tool to explore control-level mappings between frameworks.
How do I get started with South Korea Credit Information Act compliance?
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