South Korea launches one-stop reporting window for illegal private finance victims

  • FSS will consolidate illegal private finance relief requests into one online reporting channel.
  • 656 people reported 4,705 harm cases between February 23 and August 21.
  • Police investigators will connect consenting victims directly to CCRS consultations through QR codes.

South Korea’s Financial Supervisory Service (FSS) will take its upgraded one-stop illegal private finance reporting system into operation on Aug. 31, allowing victims to enter case information once and request multiple remedies. The integrated channel covers suspension of illegal collection, appointment of a debtor’s representative, loan contract invalidity confirmation, litigation support and police investigation requests. Separate menus will remain for illegal loan advertising and phone number or social-media reports. Victims who first report to police can now be connected directly to the Credit Counseling and Recovery Service (CCRS) through an investigator-guided QR-code application. With authorization, CCRS caseworkers can act as complaint proxies, access and copy investigative records, supplement materials, track progress and receive outcome notices. If an illegal lender is identified, CCRS and Korea Legal Aid Corporation will support recovery litigation. From Feb. 23 to Aug. 21, 821 people received consultations and 656 filed reports covering 4,705 harm cases. Authorities requested collection halts or debt termination in 3,421 cases, reached 645 debt-settlement agreements, issued 154 loan contract invalidity certificates and referred 895 people for police investigation. Support is free, and a non-face-to-face case-management service is planned for October.

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