In life, it is often the case that you become delinquent.
For a small amount of money and for a short period of time, it is usually not a big deal, but if it is not, your financial life is very disruptive.
Below, you will learn how to check overdue records, delete overdue records, and learn how to manage your credit.
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Check overdue records
If there are overdue records, those records remain for a certain period of time and affect your credit rating.
And even if all the arrears are repaid in the future, the overdue record is not deleted until the specified period, and the financial institution performs a credit evaluation based on these.
Since the delinquency record is maintained for 1 to 5 years from the time all delinquency repayment is completed, it is recommended to repay the delinquent amount as soon as possible after checking the delinquency record. 연체기록
A delinquent record lowers your credit score, making it difficult to access various financial services that require guarantees. 좋은뉴스
The typical disadvantages caused by a drop in credit score can be considered as follows.
Loans become difficult or impossible
Credit card limit is lowered or issuance itself becomes difficult
Rising Loan Interest
In addition to this, you can also consider restrictions such as the opening of a mobile phone (device installment purchase).
How to check overdue records
You can check overdue records by using the credit rating agency website.
Representative credit rating agencies include NICE Rating Information and Korea Credit Bureau.
NICE evaluation information provides a free service for checking overdue records on the NICE Jikimi website below.
Go to NICE Guardmi
Delete overdue record
Although there is a limit on the number of times, you can use it for free 3 times a year.
If there is overdue history, you can check all records.
Delete overdue record
Korea Credit Bureau’s All Credits (link below) also provides a free overdue record check service, so I think it will be helpful if you take a look at it together.
Checking overdue records on all credits
Delete overdue record
Deletion of long-term and short-term overdue records
Previously, it was said that overdue records remain for a certain period of time and then are deleted.
To be more precise, it is correct to understand that overdue records are no longer referenced in the financial sector, rather than being deleted.
Please refer to the table below for the amount of overdue amount and the period required to delete overdue records by overdue period.
Overdue amount Overdue period Period until deletion
100,000 won or more but less than 300,000 won within 30 days 1 year
300,000 won or more within 30 days 3 years
More than 300,000 won within 90 days 5 years
To summarize, if the amount of 100,000 won or more but less than 300,000 won is overdue within 30 days, it will not be deleted for one year, and the credit rating may be restored after one year.
In addition, if more than KRW 300,000 is overdue for more than 30 days, your credit score will decrease, and it will be used for credit evaluation for up to three years from the date of repayment.
It means that the delinquency record cannot be deleted until 30 days, and it is called short-term delinquency.
Lastly, if it is more than 90 days overdue, it is called long-term delinquency and is used for credit score evaluation for 5 years.
Long-term delinquency records are registered with the Korea Credit Information Service.
A low credit score will limit your ability to use various financial services, so it is recommended not to be overdue for anything, such as loans, credit cards, or utility bills.
For your reference, there is no credit rating downgrade for arrears of less than 100,000 won.
Check overdue records
Corona credit recovery support policy?
On October 12, 2021, the government deleted some overdue records that occurred during difficult times due to the corona virus.
For individuals and sole proprietors, if arrears of 20 million won or less that occurred between January 1, 2020 and August 31, 2020 are repaid by December 31, 2021, the delinquency record will be deleted (restriction on sharing of overdue history information) and credit will be restored supported.
Applicants can view the results on the Korea Credit Information Service’s Credit For You website.
(My credit information viewing service -> Credit information inquiry, issuance menu)
Go to Korea Credit Information Service website
Delete overdue record
Seoul Guarantee Insurance delinquency record deletion
Many people are also curious about the delinquency record of Seoul Guarantee Insurance.
When it comes to delinquency records for Seoul Guarantee Insurance, most of the device prices are delinquent due to mobile phone installment openings.
This is because Seoul Guarantee Insurance guarantees the value of the device when the mobile phone is installed in installments.
If the mobile phone device value is overdue along with the communication cost overdue, the measures to stop receiving and sending may be taken and the authority may be terminated.
When the authority is terminated, you will be registered as a long-term delinquent at the telecommunication company, and the record of delinquency in terminal installment payments will be transferred to Seoul Guarantee Insurance.
And if there is such a record of delinquency, Seoul Guarantee Insurance will no longer provide a guarantee.
Deleting overdue communication records
To delete the communication overdue record, you must first make a lump-sum payment of the overdue amount.
It is to pay the overdue telecommunication fee to the telecommunication company and repay the overdue device price to Seoul Guarantee Insurance.
You can inquire about the Seoul Guarantee Insurance delinquency record in detail at 1670-7000.
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What is your credit rating after deletion of overdue records?
Your credit rating will not go up immediately after the overdue record is deleted.
This is because the deletion of overdue records means that we do not want to evaluate credit scores based on past records, but it does not completely erase the records.
Therefore, even if the delinquent amount has been repaid, it takes time for the credit rating (score) to rise, and it is recommended to pay attention to continuously improving the credit rating (score).
In order to restore your credit rating (score), the basic point is that you should not make arrears.
It is of utmost importance to pay all of the above-mentioned telecommunication expenses, such as loans, utility bills, and credit card bills, on time.
Also, if you submit payment details such as telecommunication expenses, national pension, and health insurance premiums, you can receive additional credit score points, so please refer to this point.
Please refer to the article below for places that provide payment details submission services.
Can I improve my credit score with my telecommunication bill payment history? (Read)
In addition, using a debit card is also recommended.
If you use your debit card for more than 300,000 won per month, for 6 months, or for 6 to 12 months, you can get 4 to 40 additional points.
Toss allows you to check the credit ratings (scores) of Korea’s leading credit rating agencies at once, so we recommend that you refer to the article below.
Check two credit scores for free with Toss credit rating inquiry
(Credit ratings are calculated according to the evaluation criteria of each rating agency, so the rate of recovery of credit ratings (scores) may also vary by rating agency)