The Financial Supervisory Service will begin on the 25th a field inspection of lenders, debt collection companies, and lending brokerage sites for about three months to eradicate illegal private lending.
The FSS noted on the 19th that it will launch a 'comprehensive inspection to eradicate violations of public life' to carefully examine compliance with regulations by lenders and debt collection companies that are in contact with the working class and vulnerable groups.
Key inspection items include illegal and unfair debt collection, operations that infringe on public life related to illegal private lending, and whether the registration of the centralized credit information and creditor change information inquiry system has been completed. The inspection will target about 10 companies, and the FSS plans to focus on inspecting lenders whose core business is debt purchasing and collection activities.
The FSS said, 'If illegal collection and other violations are detected during the inspection process, we will take strict and zero-tolerance measures.' It added, 'In serious matters, we will respond strongly by promptly referring the case for criminal prosecution and will establish sound market order through timely improvement of internal control deficiencies and guidance for the industry.'