금융기관 구조변화에 따른 신용정보의 합리적 활용방안

Abstract

【Abstract】 A Study on Rational Use of Credit Information to such Change in Financial Structures Han, Joung-Mi The credit information infrastructure is an essential factor for financial systems that enable proper distribution of assets and funds by financial institutions according to the credit scores of financial consumers. The business practices of Korea’s financial companies are characterized by an abrupt surge in individual loans while corporate loans decreased during the recovery process from the financial crisis a few years ago. In particular, the importance of individual credit evaluations has become salient after the liquidity crisis in 2003. Amidst the continuous increase in user demand for individual credit information due to growing competitiveness and business tie-ups among financial companies, the breakneck speed of IT development has made individuals more susceptible to credit information leakage and invasion of privacy. The government, in consideration of environmental changes related to credit information management systems, prepared a revised bill named ‘Law for Use and Protection of Credit Information (hereinafter Credit Information Law, scheduled legislation in June 2007). The basic direction of the bill focuses on the simultaneous improvement of credit information use and protection. That is, the bill aims to improve the mediating function of finance through credit information infrastructure enhancement and to encourage an advanced financial transaction routine based on credit scores. In response to such changes in financial structures, prior structures based on protection should be adjusted to systems that promote both protection and usage. To this end, the current revised bill still has much to be discussed and supplemented. One suggestion is to qualify the excessively broad application range in relation to the concept of credit information. Together with the legislation of a general law for individual information protection, the concept of credit information used in the Credit Protection Law should be adjusted to determine different standards for different instances. From the aspect of credit information utilization following the structural reform of financial institutions, numerous problems in interpretation are arising thanks to the relative lack of regulations comparative to the benefits of sharing credit information among financial institutions. Improvement is needed for the rational sharing and utilization of such information. The level of approval stipulated in article 23 and 24 of the Credit Protection Law should be adjusted to make opt-in with written approval principle for general credit information. In the exceptional cases of merger or business endorsement between financial institutions, clearly providing an opportunity to opt-out would be preferable. In addition, the utilization of credit information for marketing activities examined in the revised bill raises the risk for credit information leakage for individuals and leads to problems regarding damage and compensation for financial consumers. Consequently, this is a issue that requires cautious approach and only when the definitions of ‘company’ and ‘company productions’ are clearly defined can enhancements regarding the diversification of approval methods and levels be examined.