Participating in hometown love donations through the hometown donation platform Wegive will enable individuals to improve their credit scores.
The Korea Communications Alternative Assessment announced on the 16th that it plans to reflect the hometown donation information from Wegive in credit evaluations. It explained that for financial consumers engaged in social activities such as hometown donations, it can be inferred that their willingness to repay loans during financial transactions will likely be higher. This information is intended to be included in the credit assessment of financial consumers.
Korea Communications Alternative Assessment is a joint venture established in collaboration with the three mobile carriers SK Telecom, KT, and LG Uplus, as well as Korea Credit Bureau (KCB) and SGI Seoul Guarantee. It is developing a credit scoring evaluation model called EQUAL, which is based on the communication data of approximately 48 million mobile subscribers, and is providing it to financial institutions like SBI Savings Bank and Lotte Card.
The social enterprise Gonggam Manse, which operates Wegive, has been selected as a participating corporation in the Ministry of the Interior and Safety's hometown love donation digital service opening for the second half of this year and is currently conducting fundraising.
Moon Jae-nam, CEO of Korea Communications Alternative Assessment, noted, “We plan to reflect various social activity data starting with the hometown love donation data from Wegive.”