(1) A credit information company, etc. shall register, modify, and manage credit information, as prescribed by Presidential Decree, so as to keep credit information accurate and up-to-date.
(2) A credit information company, etc. shall erase any credit information that can disadvantage a credit data subject, from the list of information to be registered and managed, within five years at latest after the cause of such disadvantage is resolved; provided, this shall not apply in any of the following cases <Amended on May 19, 2011; Feb. 4, 2020>
1. Where necessary to perform duties provided in subparagraph 1-3 of Article 25-2;
2. Other cases prescribed by Presidential Decree as being unlikely to undermine the protection of credit data subjects or to disrupt the sound credit order.
(3) Specific types of the credit information under paragraph (2), the period of preservation and use of the relevant records, etc. shall be prescribed by Presidential Decree. <Added on May 19, 2011>