If you know the importance of managing your credit rating, you know that the most damaging thing that can happen to your credit rating is when you become delinquent. The higher your credit rating, the more benefits you can receive, and the lower your credit rating, the fewer benefits you can receive. 닥터규의 정보도서관
Content summary: Hide
Viewing your delinquency history
How to view your late payment history
1. NiceKeeper
2. AllCredit
How to delete a late payment
1. Deletion period
2. Short-term and long-term delinquency record registration and deletion periods
3. Delete Public Records
How to view your short-term and long-term delinquency history
How to look up a delinquency record
If you have a history of late payments, it will affect your credit rating. Even if you have repaid all your past due amounts in the future, the delinquency record will not be deleted until a certain period of time, and financial companies will use it to determine your creditworthiness.
It is recommended that you pay off your delinquent accounts as soon as possible after checking your credit report, as it will remain on your credit report for one to five years after you have paid off your delinquent accounts.
The penalties for having a bad credit score include
Borrowing money may be difficult or impossible.
Lower credit limits or inability to get a credit card.
Increased interest rates on loans.
You may be restricted from getting a cell phone (or financing a device).
How to check your late payment history
NiceKimi
AllCredit
NICE Jikimi allows you to check your credit information without registering. However, when using the free credit check for nationals (non-members), you must enter personal information to verify your identity.
1. NICE Jikimi
Access the NICE Jikimi homepage.
Check all the required terms and conditions and agree to them. After that, proceed to verify your identity.
Enter your name, social security number, and verify your mobile phone, credit card, or public certificate.
Check the default information, short-term delinquency history, and check all delinquency history records such as loans, guarantees, and short-term card loans.
If you find any negative factors in your credit score, we can help you improve your credit score.
2. AllCredit
Here’s how to check your delinquency history on the AllCredit website.
After accessing the AllCredit homepage, click on the National Free Credit Inquiry in the lower right corner and verify your identity.
Currently, there are two credit bureaus in Korea, KCB and NICE, and both of them provide a service to check your delinquency record through credit information inquiry for free up to three times a year (once a quarter).
If you need to check whether you are delinquent in telecommunication bills instead of card or loan delinquency, you can search for telecommunication delinquency on the joint management website of broadcasting and telecommunication credit information.
Check Telecommunication Delinquency Record
Deleting Delinquent Records
After checking your delinquency record, check when your delinquency record can be deleted.
1. Deletion period
In the case of loan and card delinquency, if you are more than 5 business days late, all financial companies share your delinquency record, so even if you are unavoidably late, it is recommended to pay within 5 days.
If it is more than 5 days, the delinquency period is as follows.
Less than 100,000 won: No credit score impact.
More than 100,000 won but less than 300,000 won/less than 30 days overdue: 1 year to delete
Over $300,000/over 30 days overdue: 3 years to delete
300,000 won or more/90 days or more overdue: 5 years to delete
2. Short-term and long-term delinquency record registration and deletion periods
Delinquency is calculated based on ‘business days’ and is divided into short-term and long-term delinquency.
Short-term delinquency refers to repayment after less than 3 months of delinquency, and long-term delinquency refers to repayment after more than 3 months of delinquency (disadvantage in financial transactions due to being listed on the default list).
Regardless of the period and number of delinquent payments, if you pay less than 100,000 won, it is not recorded as a short-term delinquency, so the delinquency record is not shared with credit rating agencies and financial companies.
However, the financial company will keep a record of the delinquency, which may result in disadvantages when applying for additional loans or extending the maturity of the loan.
If you make one late payment of 100,000 won or more for more than 5 business days, your credit score will not be affected, but your late payment record will be shared with credit bureaus and financial companies for the duration of the late payment. Therefore, it is recommended that you do not make late payments as you may be disadvantaged in financial transactions.
3. Deletion of public records
If you proceed with personal rehabilitation, your public record will be listed in the Korea Credit Information Bureau, and the record will be deleted about two weeks after the date of discharge if you receive a discharge decision from the court after paying the repayment amount in full. If more than two weeks have passed since the exemption and the public information has not been deleted, you must request deletion from the Korea Bankers Association.
National Banking Federation website
How to check short-term and long-term delinquency records
When applying for a government-supported loan or general loan, you can check your short-term and long-term delinquency records first. In the case of short-term delinquency records, you may be able to remember them on your own after a short period of time, but long-term delinquency records may not be remembered because it has been a long time.
For simple information such as your credit score and loan history, you can use NICE Keeper or AllCredit for free three times a year.
NICE Keeper: Go to https://www.credit.co.kr/ → Try it → Apply for National Credit Report
AllCredit: Go to https://www.allcredit.co.kr/ → View Free National Credit Report
We’ve summarized how to view delinquency records and the period for deleting records. In the case of delinquency records, it is said that they cannot be deleted once listed, so it seems that it is most important not to make delinquent payments. However, depending on the situation, there are cases where delinquent payments are made, and in such cases, it is recommended to try to repay as soon as possible.
If you see that you are in arrears after checking your history, please resolve it as soon as possible.