The term bad credit refers to a situation where debts are continuously overdue. Just because I am one month overdue on my credit card bill does not mean I am immediately a bad credit person.
There are criteria for bad credit people, and those who fall under these criteria are registered in the computer system and shared with banks, government financial institutions. Of course, individuals can also check whether they are registered as a bad credit person.
You can check whether you are registered as a bad credit person here, so it will be helpful if you check.
Table of Contents
1. What constitutes a bad credit person?
2. How to check bad credit
2.1. 1. All Credit Search All Credit (www.allcredit.co.kr) on Naver and connect
2.2. 2. NICE Jikimi (https://www.credit.co.kr/ib20/mnu/BZW000000000001)
1. What constitutes a bad credit person? First, bad credit is a word we generally use, and defaulter is the correct term. It literally means people who have debt but have not yet fully repaid it.
Bad credit is mostly caused by delinquent credit card payments or loan repayments.
Sometimes, delinquent tax payments and late payment fees are also included. The listing of bad credit for each loan situation is as follows.
– Credit card: delinquent payments of 500,000 won or more for 3 months or more
– 2 or more cases of delinquent payments
– Taxes and late payment fees for 1 year or more
These are the usual criteria. In the case of card payments, short-term delinquency is up to 60 days, and long-term delinquency is 90 days or more. Short-term delinquency is stored in public computer records for 3 years, and long-term delinquency is stored for 5 years.
For example, if a credit card bill of 1 million won is overdue from May 1, 2021 and continues to be overdue for more than 3 months, it is paid off on August 1, 2021. Then, my 3-month overdue record will be saved until August 1, 2026, 5 years later.
If you become a bad credit borrower, your credit rating will plummet, and in the future, when you apply for a loan from a bank or open a credit card, your overdue record will be checked and you may be rejected during the screening process.
Therefore, you should avoid having overdue credit for more than 3 months.
2022.08.07 – [Loan Information] – What are the economic and social disadvantages that bad credit borrowers face?
2. How to check for bad credit borrowers
Now, let’s find out how to check for bad credit borrowers. Checking for bad credit borrowers is the same as checking your credit rating. You can check it easily and conveniently online.
Checking your credit rating alone does not affect your credit rating at all, so even if you are not a bad credit person, you need to check it once in a while to manage your credit.
2.1. 1. All Credit Search All Credit (www.allcredit.co.kr) on Naver and access it.
Access the above site and proceed with mobile phone authentication and i-PIN authentication.
After logging in, go to ‘Credit Management’ -> ‘Free Credit Risk Diagnosis’ in that order.
Then, on the next page, click ‘Free Credit Risk Diagnosis’.
Since checking your credit information is 100% free, you can check it right away without worry.
2.2. 2. Nice Jikimi (https://www.credit.co.kr/ib20/mnu/BZW000000000001)
Another bad credit inquiry site is Nice Jikimi.
The good thing about Nice Jikimi is that you can check your credit right away without signing up for membership.
First, go to the Nice Jikimi homepage and click on ‘Go’ at the top.
Then, on the left side, you can see
‘Free credit check for all citizens (members)’
‘Free credit check for all citizens (non-members)’
Click on it.
Both All Credit and Nice Jikimi are 100% free and can be checked 24 hours a day.