As it is an era of ultra-high interest rates, the demand from borrowers who want to get loans with better conditions by lowering the burden of interest rates is increasing. Loan brokerage platform Pinda announced on the 26th that 20% of service users raised their credit score by an average of 15 points within 10 days of starting the ‘credit score raising’ service earlier this month.
| [서울=뉴시스]Correspondent Cho Su-jeong: The gap between loan interest rates and deposit rates widened even more in February following January this year. Despite orders from the financial authorities to reduce loan-to-deposit loans, banks seem to be maintaining their margins by adjusting spread rates and prime interest rates. 2023.03.21.chocrystal@newsis.com |
This service helps users improve their credit score by submitting non-financial information that financial institutions do not know about through simple authentication to Korea Credit Bureau (KCB), a credit rating agency (CB). Non-financial information is information that only financial institutions possess, and is information that does not belong to financial information but can prove that economic activities are being conducted. Representatively, there are health insurance payment certificates, National Tax Service income amount certificates, and national pension payment certificates.
Looking at the distribution by category, 10 to 19 points accounted for about half of 55%. ▲ 20% for 1-9 points ▲ 11% for 30-39 points ▲ 10% for 20-29 points ▲ 2% for 40-49 points ▲ 1% for 50-99 points. There were also 0.4% of cases where the score was raised by more than 100 points. Among them, users who raised their credit score by more than 20 points checked the loan limit and found that the average interest rate could be lowered by 0.14 percentage points and the limit raised by 2.39 million won.
When looking at service users by age group, 34% were in their 20s and 30s (11% in their 20s and 23% in their 30s). The age group that raised the credit score the most was in their 40s (17.0 points), followed by those in their 50s (16.1 points) and 30s (15.9 points). Lee Hye-min, co-CEO of Finda, said, “We expect that thin filers and people with low credit scores due to lack of financial transaction information will benefit more from this service.”
In addition, Shinhan Investment, Kakao Pay, and Bank Salad are providing the same service. In addition, non-financial information such as mobile communication charges, utility bills, apartment management fees, and tax payments can be submitted directly through the credit rating agency Nice Credit Ratings ‘Nice Jikimi’ or KCB ‘All Credit’ website.
In particular, users whose credit scores have risen through such services must exercise their right to request a lower interest rate from the financial institution to which they received the loan. The right to request a lower interest rate refers to the right to request a lower interest rate from the financial institution that received the loan.
In order for the right to lower interest rates to be accepted, it must prove that the ability to repay has improved compared to before. These include salary increase due to promotion, job change, etc., increase in assets or decrease in liabilities, and increase in credit score.
Recently, financial authorities have instructed financial companies to select borrowers with improved credit ratings and inform them at least once every six months. This is a measure to further activate the right to demand a lower interest rate. In addition, the financial authorities improved the system to share salary transfer records and overdue status with financial companies.
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