The Korea Credit Bureau, an agency created by 11 Korean financial companies, was officially set up yesterday to help banks judge which customers could be provided loans.
The credit bureau, which was created to replace the blacklist system for delinquent debtors, will collect and sell information on individuals' creditworthiness.
The private agency was jointly set up by financial service companies, including Kookmin Bank, Samsung Card Co. and the National Agricultural Cooperative Federation, with won 47 bn ($47 million) of capital.
The credit bureau will begin its service in October.
The Korea Credit Bureau appointed Kim Yong-deog, former president of SG Credit Information Company, as its first president and Choi Beom-su, former chairman of the credit bureau establishment promotion committee, as its vice president.
