(1) Where a credit information provider or user prescribed by Presidential Decree provides personal credit information, among the information referred to in subparagraph 1c of Article 2, to a personal credit rating company, a sole proprietor credit rating company, a corporate credit inquiry company, or a credit information collection agency to use such information for business affairs, the credit data subject shall be notified of the following:
1. The creditor;
2. The following information on the fact of the failure to perform obligations by the agreed due date:a. The amount and the first day to be counted when a period of time begins;b. The date the relevant information is expected to be registered;
3. The fact that a credit data subject may suffer disadvantage, such as a decline in a personal credit score or corporate credit rating and an increase in interest rates, upon the registration of information (where a credit information collection agency registers such information, the fact that a credit data subject may suffer disadvantage due to the provision of information to a third party by the credit information collection agency);
4. Other matters similar to those provided in subparagraphs 1 through 3, which are prescribed by Presidential Decree.
(2) Matters necessary for the timing of and methods for notification, etc. under paragraph (1) shall be prescribed by Presidential Decree.[This Article Added on Feb. 4, 2020]