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We can also send favorable information to increase your credit rating … Law revised and applied next year
(Seoul-Yonhap News) Yong-Ju Park will be able to collect personal credit information scattered in banks, cards and telecommunication companies next year.
Based on this information, there is an era in which individual credit scores and ratings are managed and financial products are also recommended.
The finance minister of Myung-gwang-gu said on May 18, "MyData", a financial information service that includes a personal credit information company, pin-tec company, source credit information, Announced the introduction of the industry.
MY DATA is a series of processes in which an individual actively manages and controls his information and actively uses it in his private life, such as credit management and badet management.
My data industry supports this information. .
This industry allows you to incorporate your credit information first. My credit information, which was scattered in banks, cards, insurance and telecommunication companies, can be collected and accessed immediately using my data provider.
In this case, it is advantageous to easily view information such as the financial transactions of people who have been dispersed in the meantime in a standardized form.
Based on the financial and credit information collected, it will be possible to badyze the financial situation of individual financial consumers, such as credit rating, financial risk and consumption pattern.
You can enable warning lights, such as monthly expenses exceeding a certain level, credit card usage is faster than other months, or recent credit crunches are excessive .
My data providers can process and badyze this information to give advice on the adjustment of financial behavior, such as the client's debt ratio or the proportion of expenses. It also asks the financial institution to delete the wrong personal credit information about the customer, and increases the rating by submitting favorable information to the financial rating to the financial company.
My data providers may recommend an optimal list of financial products based on the client's credit status or financial situation. By comparing the prices and benefits of each product, it is possible to select an optimal financial product for the individual.
For example, a credit card product that offers maximum benefits depending on the consumption pattern of an individual may be recommended for the lowest rate loan product that can be received to your solvency level.
The Financial Supervisory Service decided to minimize the capital requirements to incentivize the different entrants, but to operate as a licensing system taking into account the security aspects of information, security and of industrial ecosystem.
In order to revitalize the industry, he also decided to guarantee the right to transfer personal information on credit.
It is the right to request the transfer of personal credit information to financial institutions, and it is an essential element of the transfer of credit information from financial companies to suppliers. My Data.
In terms of information security, I applied a strong authentication process to my data providers and the financial authorities decided to establish a system of regular supervision of the business information management situation.
The Financial Supervisory Authority has revised the "Law on the Use and Protection of Credit Information" during the second half of this year and expects that the following will be the case. My data industry takes off in the coming year.
The President of the Korea Finance Commission said: "The discussion on the use of big data in the financial field has focused on businesses and the imbalance between financial companies and financial consumers. Is deepened. " My data service is a personal information system so that it can guarantee the sovereignty of so many individuals who do not know their rights and can not exercise their rights. "
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