KCB

Consumer credit, which had been expanding rapidly since the Asian financial crisis, has had a positive impact of ordinary citizens’ better access to credit in the mainstream financial system, but has also resulted in undesirable side effects such as rising delinquency and a soaring number of defaulters.
Since then, various measures have been reviewed to prevent such a crisis in the financial industry, and as part of such efforts, it has been pursued to improve the credit reporting system for risk management of consumer credit.
Beyond the delinquency data which was previously shared in the past, the new system was needed to make prevention of a financial crisis and better risk management possible by drastically expanding the level of data sharing related to financial transactions. To this end, 18 major financial institutions in Korea participated in establishment of KCB as shareholders.
As a result, Korea has taken its credit reporting system to the next advanced level, by having the advanced credit bureau system in place.

KCB Overview

Financial companies have become to manage potential default risk more effectively by better evaluating credit status of individual consumers, using credit data services provided by KCB, while reducing financial risk and costs, and offering more competitive products and services to consumers at the same time.
Also, consumers can enjoy more convenient financial and other services in their daily lives as loans and credit cards are approved and granted, and even telecom services are opened according to their creditworthiness.