NongHyup to Delete Delinquency Records for 220,000 Customers—'Supporting Rehabilitation of Diligent Repayers'

(Seoul=Yonhap Infomax) Hyun Jung Lee – NongHyup Financial Group announced on the 25th that it will implement a credit amnesty program for 220,000 customers of NongHyup Cooperative Finance and NongHyup Bank.

Under the initiative, individuals and sole proprietors who incurred small-scale delinquencies of 50 million won ($38,500) or less between January 2020 and August 31, 2024, and fully repay their principal and interest by year-end, will be eligible for the credit amnesty.

This program is designed to support diligent repayers who, despite having no current delinquencies, have faced disadvantages such as higher interest rates or lower credit limits due to past delinquency records.

Upon repayment, the relevant delinquency records will be immediately deleted, preventing financial institutions from sharing or utilizing this information. Eligible customers will benefit from improved credit scores, expanded access to new loans, and the possibility of reissuing credit cards.

As of now, approximately 220,000 customers across the NongHyup network are eligible for the credit amnesty, with 84% (about 190,000 individuals) expected to see an increase in their credit scores.

A NongHyup official stated, "Credit amnesty recipients will be able to access higher credit limits at lower interest rates than before," adding, "We will continue to develop follow-up programs to help low-income individuals and small business owners who have diligently repaid overdue debts resume their financial activities."

hjlee@yna.co.kr

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