Act on the Use and Protection of Credit Information

For financial institutions and credit information companies operating in Korea, the Credit Information Act — not PIPA — is usually the operative statute for personal credit information, and it generally takes precedence where the two overlap. The January 2020 amendment package (passed alongside amendments to PIPA and the Network Act) did two things that still shape the market. It introduced 'pseudonymised data' as a legal category that may be used for statistical, research and public-interest purposes without the data subject's consent, with a designated expert institution able to certify that data has been properly pseudonymised or anonymised. And it created the licensed MyData industry — businesses authorised to aggregate an individual's financial information across institutions and provide consolidated inquiry, advice and product recommendation services. Marked 'check': the primary text is Korean-language, the licensing regime is administered by the Financial Services Commission and has evolved since 2020, and the boundary between this Act and PIPA is fact-specific.