On January 20, 2026, the Financial Services Commission (FSC) held a kickoff meeting for the Credit Evaluation System Reform Task Force (TF), chaired by Vice Chairman Kwon Dae-young. The meeting aimed to fundamentally review the current credit evaluation system and develop comprehensive reform measures to build a productive, inclusive, and trustworthy financial infrastructure. The TF comprises experts in credit evaluation, data, law, and consumer affairs, as well as related institutions such as credit bureaus and banking associations. Key national and presidential policy tasks, including the advancement of credit evaluation for small business owners and the establishment of alternative information centers, were emphasized for swift implementation.
The meeting was attended by the FSC Vice Chairman, nine experts, the Financial Supervisory Service, Korea Credit Information Services, NICE Information Service, Korea Credit Bureau, Korea Enterprise Data, and major financial associations. Korea Credit Bureau reported that 28.6% of consumers now receive top credit scores, highlighting the need to adjust evaluation criteria and redevelop models for reliability. NICE Information Service identified four major bottlenecks in alternative credit evaluation—data analysis, consent procedures, system operation, and information utilization—and proposed solutions such as a fast-track for pseudonymized data, comprehensive customer consent, a data hub infrastructure, and policy incentives. Korea Credit Information Services stressed the need for integrating non-financial data and adopting AI-based models for more accurate assessments of small business owners.
Vice Chairman Kwon emphasized that the credit evaluation system should serve as a robust safety net for inclusive finance, not as a barrier. He called for a fundamental overhaul to ensure the system becomes a core infrastructure for Korea’s financial transformation. Participants discussed ways to enhance reliability, expand the use of alternative data, improve credit evaluation for small businesses, and introduce transparent AI and digital technologies. Specific issues such as supporting thin filers, discovering new non-financial data sources, and reflecting industry-specific characteristics were also addressed.
The FSC plans to operate the TF efficiently, announcing improvement measures for each task as discussions conclude. In parallel, research projects led by private experts will further detail and support the initiatives. The four main focus areas are: reforming personal and alternative credit evaluation systems, promoting alternative credit evaluation, advancing credit evaluation for small business owners, and strengthening credit evaluation and management using AI and digital technologies. The TF’s launch marks a turning point for supporting financially marginalized groups and building a more trusted financial infrastructure.
The launch of the Credit Evaluation System Reform TF signals a structural innovation in Korea’s financial sector, driven by digital transformation and a commitment to inclusive finance. Leveraging AI and non-financial data can overcome the limitations of traditional credit scoring, expanding access for underserved populations. The adoption of explainable AI (XAI) will enhance transparency and trust, supporting both consumer protection and the growth of innovative financial services.