The Financial Services Commission announced on the 31st that it will promote the improvement of the operating method and system so that financial consumers can use the ‘interest rate cut request system’ properly.
The right to request a rate cut, which was enacted in June 2019, refers to the right to request a rate cut from a financial company if the credit status of consumers using loans has improved, such as an increase in wealth or an increase in credit score. If your credit status improves due to employment, promotion, property increase, financial condition improvement, personal credit score or credit rating increase, etc., you can request it. ), it is an unfair business practice and is subject to fines and fines for negligence.
However, it is pointed out that there are still problems such as not providing enough information on the right to request a rate cut or not disclosing the acceptance rate and some cases where the acceptance criteria are not clear. In fact, as a result of mystery shopping conducted by the authorities from December 2019 to February last year for 16 bank branches (188) and call centers, the overall evaluation rating was 49.9 points, which was ‘low’.
According to the Financial Services Commission, the number of interest rate cut applications increased 4.5 times from 200,000 in 2017 to 910,000 last year, and the number of applications accepted increased 2.8 times from 120,000 to 340,000 during the same period. The number of admissions has increased significantly. However, it is analyzed that the overall acceptance rate has decreased due to the low acceptance rate due to insufficient documentary evidence for non-face-to-face applications.
Prepare and operate ‘customer guide and explanation standards’ including key items that financial companies must include in the guidebook. In particular, the scope of target loan products and precautions should be accurately described and guided so that consumers do not misunderstand that they are unable to exercise their rights. The composition and content of the ‘product description’ will also be improved so that consumers can clearly recognize the matters related to the right to request a rate cut when making a loan contract.
In addition, the borrowers subject to the right to request a rate cut should be notified of major matters through text messages, e-mails, and mail on a regular basis twice a year during the loan period. The FSC cited the fact that Kakao Bank frequently informs customers who are likely to cut interest rates, such as customers with higher CB ratings, as an excellent case. In addition, the financial industry, the Financial Services Commission, and the Financial Supervisory Service collaborate to strengthen public relations by holding an ‘Intensive Public Relations Week’ once a year on a regular basis.
The application criteria and screening process will also be improved. A ‘standard draft of common application requirements’ in the financial sector is prepared so that any consumer with improved credit status can apply. The currently limited application reasons are broadly classified into income/property increase, credit rating increase, and other items, and examples for each item that can be referenced are presented. In addition to the examples illustrated, consumers are guided to apply if they can prove that their credit status has improved.
In addition, it is necessary to unify the application time of the cut rate, which is operated individually by financial companies as the ‘interest rate change agreement time’, and prepare a ‘standard notification form’ for each type of reason for non-acceptance so that consumers can easily understand the reasons for non-acceptance.
It was also decided to strengthen comparative disclosure and internal management. A unified statistical calculation standard related to the right to request a rate cut is prepared, and performance values are disclosed every half year to guarantee the choice of service providers. The plan is to contribute to the promotion of consumer interests in various ways, such as improving the management system of the interest rate reduction request system in the financial industry by sharing best practices and designating records and storage items.
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