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)
Consent
| Code | Title |
|---|---|
| KRCRED-2 | Lawful Basis and Consent for Credit Information |
Enforcement
| Code | Title |
|---|---|
| KRCRED-5 | FSC + PIPC Cooperation, Sanctions |
Rights
| Code | Title |
|---|---|
| KRCRED-3 | Data Subject Rights |
Scope
| Code | Title |
|---|---|
| KRCRED-1 | Scope and Purpose of Credit Information Act |
Security
| Code | Title |
|---|---|
| KRCRED-4 | Security, Cross-Border, Duties of Data Processors |
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 5 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 5 controls organised across 5 domains. The largest domains are Consent (1 controls), Enforcement (1 controls), Rights (1 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 does not currently have cross-framework mappings in our system. Check back as we continuously expand our mapping database.
How do I get started with South Korea Credit Information Act compliance?
Start your South Korea Credit Information Act compliance journey by running a self-assessment on our platform to identify your current compliance posture. Our AI advisory can answer specific questions about South Korea Credit Information Act requirements, and cross-framework mapping helps you leverage existing controls from other frameworks you may already comply with. Create a free account to access all 5 controls and track your progress.
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