Occasionally, on the day of automatic debit, you may have been in arrears because cell phone bills, credit card payments, or loans were not withdrawn because the balance in your bank account was insufficient. Even if the amount is small, having a history of delinquency can affect your credit rating and financial transactions.
That’s why it’s very important to manage even a small amount so that there is no delinquency on a daily basis. However, if there is a case of overdue inevitably, let’s find out how to check my overdue record and when the overdue record is deleted. 연체기록
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How to check overdue records?
You can check overdue records for free through the websites of KCB and NICE credit rating agencies.
All Credit (KCB Korea Credit View)
Go to All Credits →
NICE Jikimi (NICE evaluation information)
Go to NICE evaluation information →
When is delinquency deleted?
In fact, rather than ‘overdue records are deleted’, it is better to understand that in the financial sector, “overdue records that have passed a certain period of time are no longer referenced (restriction on sharing of overdue history information).
If there is a record of overdue, it is very important not to overdue, if possible, because even if you have repaid the record, the record will be deleted or not reflected in your credit score right away. Even if you are unavoidably in arrears, it is best to pay it off as soon as possible.
In the case of loans and card payments, if overdue by more than 5 business days, all financial companies share the overdue record. Therefore, it is recommended to repay within 5 days. If the overdue is over 5 days, how long will it be valid in the financial sector?
Overdue amount Overdue period Period until overdue deletion
100,000 won No effect on credit score
100,000 ~ 300,000 less than 30 days 1 year
Over 300,000 won Within 30 days 3 years
300,000 won or more within 90 days 5 years
To interpret the table, if the amount of less than 100,000 won to 300,000 won is overdue within 30 days, the overdue record for 1 year will be shared with all financial institutions, and it means that the credit score will recover only after 1 year from the date of repayment.
So, how does the amount and length of arrears affect your credit score?
long term vs short term
Overdue by 30 days is called short-term overdue, and overdue by more than 90 days is called long-term overdue. Long-term overdue records are used for credit score evaluation for 5 years and are registered with the Korea Credit Information Service.
As you know, if your credit score drops, you will be restricted from using various financial services, so it is better not to overdue loans, cell phone bills, utility bills, and credit card payments.
For Reference, in October 2021, the government deleted the overdue record issued in a difficult time with Corona. Individuals and private businesses have been repaid by the end of December 2021 for less than 20 million won, which were overdue in January-August 2020, by deleting the overdue record to support credit recovery.
In the second half of 2022, financial support programs will be implemented for people in need due to prolonged COVID-19. Please see the link below.