Measuring the Effectiveness of South Korea’s Credit Information Use and Protection Act 2021

Summary:

The Credit Information Use and Protection Act of 2021 in South Korea, while having a robust legal framework, faces operational, financial, and accountability challenges in achieving its primary objectives. Key issues include the need for meaningful consent, stringent security measures, and accuracy of credit information. The act's consent requirement may add complexity to financial procedures, while implementing security measures may disproportionately affect smaller institutions. Further refinements are needed to ensure the act's effectiveness in protecting consumer credit information.