The terms used in this Act are defined as follows: <Amended on May 19, 2011; Mar. 11, 2015; Feb. 4, 2020>1. "Credit information" means the following information which is necessary to determine the creditworthiness of the counterparty in financial transactions and other commercial transactions:a. Information that can uniquely identify a credit data subject (it constitutes credit information only when such information is combined with information falling under any of items b through e);b. Information by which the transaction details of a credit data subject can be determined;c. Information by which the creditworthiness of a credit data subject can be determined;d. Information by which the credit transaction capacity of a credit data subject can be determined;e. Information necessary to determine the creditworthiness of a credit data subject other than the information provided in items a through d;1-2. "Information that can uniquely identify a credit data subject" in subparagraph 1a means the following information:a. The following information on living individuals:1) Name, address, telephone number, and other similar information prescribed by Presidential Decree;2) Information prescribed by Presidential Decree as those specifically assigned to uniquely identify an individual pursuant to statutes or regulations (hereinafter referred to as "personal identification number");3) Information that can uniquely identify an individual, such as texts, numbers, symbols, or other similar information converted so that the characteristic of the individual's body part can be processed by a computer or any other information processing device;4) Information similar to that referred to in 1) through 3), which is prescribed by Presidential Decree;b. The following information on enterprises (referring to individuals and corporations running business, and organizations thereof; hereinafter the same shall apply) or corporations:1) The trade name and name;2) Location of the headquarters, place of business, and the principal office;3) The type and purpose of business;4) A sole proprietor (referring to an individual who runs business; hereinafter the same shall apply), the name and personal identification number of the representative;5) Information prescribed by Presidential Decree, which is issued under statutes or regulations to uniquely identify an enterprise or corporation;6) Information prescribed by Presidential Decree, which is similar to information referred to in 1) through 5);1-3. "Information by which the transaction details of a credit data subject can be determined" in subparagraph 1b means the following information:a. Information on the type, period, amount, interest rate, ceiling, etc. of the following transactions, which poses credit risk to a credit information provider or user:1) Credit granting defined in subparagraph 7 of Article 2 of the Banking Act;2) Transactions of credit cards, facility leases, and installment financing under subparagraphs 3, 10, and 13 of Article 2 of the Specialized Credit Finance Business Act;3) Credit granting under Articles 34(2), 72, 77-3(4), and 342(1) of the Financial Investment Services and Capital Markets Act;4) Transactions similar to those referred to in 1) through 3) and prescribed by Presidential Decree;b. Information on the types, periods, amounts, interest rates, etc. of financial transactions defined in subparagraph 3 of Article 2 of the Act on Real Name Financial Transactions and Confidentiality;c. Information on insurance contracts, such as types, periods, insurance premiums, etc. of insurance products under subparagraph 1 of Article 2 of the Insurance Business Act, and information on claims and payment of insurance proceeds;d. Information on kinds, details of issuance and trading, fees, remunerations, etc. of financial investment instruments defined in Article 3 of the Financial Investment Services and Capital Markets Act;e. Information on the types, periods, details, terms, conditions, etc. of commercial transactions following commercial activities under Article 46 of the Commercial Act;f. Information similar to that referred to in items a through e and is prescribed by Presidential Decree;1-4. "Information by which the creditworthiness of a credit data subject can be determined" in subparagraph 1c means the following information:a. Information related to non-performance, payment by subrogation, and the non-performance of obligations arising in connection with commercial transactions, including financial transactions;b. The following information related to the acts that disrupt credit order in connection with commercial transactions, including financial transactions:1) Information on the fact of stealing the names of other persons in commercial transactions, such as financial transactions;2) Information on the fact of conducting commercial transactions, including financial transactions, by fraud or other improper means, including insurance fraud and telecommunications-based financial fraud;3) Information on the fact that a person has submitted forged, altered, or false data to a counterparty in commercial transactions, such as financial transactions;4) Information on the fact that borrowings, etc. have been misappropriated or that a loan contract or insurance contract has been concluded by improper means;5) Information similar to that referred to in subitems 1) through 4) and is prescribed by Presidential Decree;c. Where a credit data subject regarding item a or b is a corporation, information on a person prescribed by Presidential Decree, who is actually involved in the management of the corporation and has de facto control;d. Information similar to those referred to in items a through c and is prescribed by Presidential Decree;1-5. "Information by which the credit transaction capacity of a credit data subject can be determined" in subparagraph 1d means the following information:a. The occupation, total amounts of properties, debts, and income of an individual and his or her tax payment record;b. Overall information of a company or corporation, including its history, purpose, business status, and current status of stocks or shareholding ratio; matters concerning its representative and executive officers, its business details including sales statements, orders received, or major contracts for management; matters concerning its finance including financial statements (including consolidated financial statements of a company that prepares consolidated financial statements); and the audit opinion of its auditor (referring to an auditor under subparagraph 7 of Article 2 of the Act on External Audit of Stock Companies), and tax payment records;c. Information similar to that referred to in items a and b and is prescribed by Presidential Decree;1-6. "Information necessary to determine the creditworthiness of a credit data subject other than the information provided in in items a through d" means the following information:a. Information prescribed by Presidential Decree on the court trial, administrative disposition, etc. that a credit data subject has been subjected to;b. Information prescribed by Presidential Decree on taxes, claims by the State, etc. of a credit data subject;c. Information prescribed by Presidential Decree on the debt restructuring of a credit data subject;d. Information newly generated by processing information to assess the credit standing of an individual, which is expressed in scores, ratings, etc. denoted by symbols, numbers, etc. (hereinafter referred to as "personal credit score");e. Information newly generated by processing information to determine the creditworthiness of an enterprise or a corporation (hereinafter referred to as "corporate credit rating"), which is expressed in scores, ratings, etc. denoted by symbols, numbers, etc.; provided, the credit rating under Article 9(26) of the Financial Investment Services and Capital Markets Act shall be excluded;f. Information on technology (referring to technology defined in subparagraph 1 of Article 2 of the Technology Transfer and Commercialization Promotion Act);g. Information prescribed by Presidential Decree (hereinafter referred to as "technology credit information") newly created by processing information (including the results of assessing technicality, marketability, business feasibility, etc. related to the technology of an enterprise or corporation) to determine the creditworthiness of the enterprise or corporation; provided, the credit rating under Article 9(26) of the Financial Investment Services and Capital Markets Act shall be excluded;.h. Other information similar to those specified in subparagraphs 1-2 through 1-5 and in items a through g and is prescribed by Presidential Decree;2. "Personal credit information" means any of the following credit information on a living individual except information on an enterprise or corporation;a. Information that that can uniquely identify an individual by his or her name, resident registration number, image, etc.;b. Information that may be easily combined with other information to uniquely identify an individual, even if the information alone cannot uniquely identify an individual;3. "Credit data subject" means a person identifiable by processed credit information, who is the subject of the credit information;4. "Credit information business" means any of the following businesses:a. A personal credit rating business;b. A sole proprietor credit rating business;c. A corporate credit inquiry business;d. A credit investigation business;5. "Credit information company" means any of the following persons who have obtained permission for a credit information business provided in the items of subparagraph 4 from the Financial Services Commission:a. A personal credit rating company: A person who obtains permission for a personal credit rating business;b. A sole proprietor credit rating company: A person who obtains permission for a sole proprietor credit rating business;c. A corporate credit inquiry company: A person who obtains permission for a corporate credit inquiry business;d. A credit investigation company: A person obtains permission for a credit investigation business;6. "Credit information collection agency" means a person permitted by the Financial Services Commission under the provisions of Article 25(1), who centrally manages and utilizes credit information;7. "Credit information provider or user" means a person prescribed by Presidential Decree, who provides any third party with credit information obtained or produced in relation to his or her own business for purposes of commercial transactions, such as financial transactions with customers, or who has been continuously supplied with credit information from any third party to use such information for his or her own business, or other persons corresponding thereto;8. "Personal credit rating business" means collecting information necessary to determine the creditworthiness of an individual, assessing the credit standing of the individual (hereinafter referred to as "personal credit rating"), and providing the results (including the personal credit score) to a third party;8-2. "Sole proprietor credit rating business" means a business engaged in collecting information necessary to determine the creditworthiness of a sole proprietor and assessing his or her credit standing and thereby providing the results to a third party; provided, the credit rating business under Article 9(26) of the Financial Investment Services and Capital Markets Act shall be excluded herefrom;8-3. "Corporate credit inquiry business" means a business providing any of the following services; provided, the credit rating business under Article 9(26) of the Financial Investment Services and Capital Markets Act shall be excluded herefrom;a. Business affairs of corporate information inquiry: Collecting credit information, other than the information prescribed by Presidential Decree, and providing such information by consolidating and analyzing or processing it by means prescribed by Presidential Decree, to indicate the details of transactions, credit transaction capacity, etc. of a credit data subject who is an enterprise or a corporation;b. Business affairs of providing corporate credit ratings: Generating a corporate credit rating by assessing the credit standing of a credit data subject who is an enterprise or a corporation, and providing it to the relevant credit data subject, his or her counterparty, and other interested persons;c. Business affairs of providing technology credit ratings: Assessing the credit standing and the value of technology of a credit data subject who is an enterprise or a corporation to generate technology credit information and then providing such information to the relevant credit data subject, his or her counterparty, and other interested persons;9. "Credit investigation business" means a business investigating credit information at the request of a third party and furnishing it for clients upon their request;9-2. "MyData business" means a business of providing all or some of the following credit information to an individual credit data subject by integrating it by means prescribed by Presidential Decree to assist him or her with credit management:a. Information prescribed by Presidential Decree out of credit information under subparagraph 1-3a1)2) and b;b. Information prescribed by Presidential Decree out of credit information under subparagraph 1-3c;c. Information prescribed by Presidential Decree out of credit information under subparagraph 1-3d;d. Information prescribed by Presidential Decree out of credit information under subparagraph 1-3e;e. Other information prescribed by Presidential Decree, which is necessary for a credit data subject to manage his or her credit;9-3. "MyData company" means a person who obtains permission for a MyData business from the Financial Services Commission;10. "Claims collection business" means a business of exercising claims on behalf of the creditor by investigating properties of a person who fails to repay a debt by an agreed repayment date, urging repayment, or receiving the repaid money, by delegation of the creditor;10-2. "Claims collection agency" means a person who has obtained permission for the claims collection business from the Financial Services Commission;11. "Claims", which are the object of claims collection, means monetary claims that accrue from commercial practices under the Commercial Act; civil claims prescribed by Presidential Decree, the title of which has been acknowledged by judgments, etc.; monetary claims arising from loan and guarantee, and other credit facilities and insurance businesses for union members and members of cooperatives, mutual aid associations, savings and finance companies, and their national federations and associations established under special Acts; and any other claims, the collection of which is allowed to be entrusted to a credit information company pursuant to other statutes;
12. Deleted; <May 28, 2013>13. "Processing" means collecting, generating, connecting, linking, recording, storing, retaining, processing, editing, searching, printing out, correcting, restoring, using, combining disclosing, destroying credit information (including investigation; hereinafter the same shall apply), or any other similar acts;14. "Automated evaluation" means evaluating an individual credit data subject, by processing personal credit information and other information only with information processing devices, including computers, without involving therein the evaluation of an employee of a credit information company, etc. defined in Article 15(1);15. "Pseudonymization" means the processing of personal credit information in such a manner that the personal credit information can no longer be attributed to a specific individual credit data subject without the use of additional information (including the processing of personal credit information by such means as separating and retaining the additional information provided in Article 40-2(1) and (2), thereby de-identifying an individual credit data subject, in which the results of processing falls under any of the following):a. Where a certain credit data subject is differentiated from another credit data subject;b. Where two or more pieces of data on a credit data subject are connected or linked in a data set (referring to two or more data organized or arranged under specific rules for purposes of systematically managing or processing information) or two or more different data sets;c. Other cases similar to those set forth in items a and b and are prescribed by Presidential Decree;16. "Pseudonymized information" means a pseudonymized personal credit information;17. "Anonymization" means processing personal credit information in a manner that de-identifies an individual credit data subject;18. "Large shareholder" means any of the following shareholders:a. A person who holds the greatest number of outstanding voting shares (including equities; hereinafter the same shall apply) of a credit information company, MyData company, or claims collection agency, when all shares (including depository receipts related to the shares) held by the person and persons in a special relationship prescribed by Presidential Decree (hereafter referred to as "related persons") on the person's own account, irrespective of in whose name the shares are held, are aggregated (hereinafter referred to as "the largest shareholder");b. A person who falls within either of the following subitems:1) A person who holds not less than 10/100 of the total number of outstanding voting shares (including securities depository receipts for such shares) of a credit information company, MyData company, or claims collection agency, on his or her account, irrespective of in whose name such shares are held;2) Persons prescribed by Presidential Decree, who exercise de facto control over important managerial matters of a credit information company, MyData company, or claims collection agency by means of appointing or dismissing executive officers [referring to directors, auditors, and executive directors (limited to cases where executive directors are appointed under Article 408-2 of the Commercial Act); hereinafter the same shall apply].