Exemption from the obligation to establish an inquiry system when providing My Data information

A signboard of the Financial Services Commission in the Seoul Government Complex in Jongno-gu, Seoul. ⓒFinancial Committee

For the provision of information related to My Data, the obligation to establish a personal credit information provision fact inquiry system is exempted.

The Financial Services Commission announced on the 31st that the amendment to the Enforcement Decree of the Act on the Use and Protection of Credit Information containing such information was approved at the Cabinet Meeting.

Through the revision of the Enforcement Decree, financial companies can be exempted from the fact inquiry system obligation for the provision of information related to My Data. Until now, when a financial company provides personal credit information to a third party, the financial company has been obliged to establish a system that allows the information subject to inquire about the information provision.

However, in the case of information provision according to My Data, the information is provided according to the active and active transmission request of the information subject, and the obligation to establish an information provision fact inquiry system, etc. It was criticized for being excessive.

In addition, this Enforcement Decree clarified that if a data specialized agency is also designated as a combination specialized organization, the person concerned can also perform the duties of a combination specialized organization. As a result, it is expected that the burden of manpower management for data-specialized institutions will be greatly reduced in the future.

The amendment to the Enforcement Decree of the Credit Information Act, which was decided at the Cabinet meeting on the same day, goes into effect immediately from the date of its promulgation. However, some of the revisions other than the main revisions, such as those requiring revision of sub-regulations, will be implemented 3 or 6 months after publication.

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