Toss said on the 30th that it will offer a "credit recovery eligibility inquiry service" that lets users check whether they qualify under the government's credit recovery support measures.
Under the credit recovery support measures, even if a person was late in repaying debt due to the economic downturn and other factors, if they faithfully repay in full by the end of this year, the arrears history—kept by credit rating agencies for up to five years—will be deleted. The program supports low-income people and small business owners.
As of the end of June this year, about 3.24 million people are eligible, of whom 2.72 million have already completed repayment and will have their credit restored as of Sept. 30. The remaining roughly 520,000 can also receive support if they repay in full by year's end.
Toss is providing the service through integration with Korea Credit Bureau (KCB). Users can immediately check whether they are eligible by selecting "credit recovery eligibility inquiry" on the "Home" screen in the Toss app.
A Toss official said, "We prepared this service so that customers can more easily check whether they are eligible for credit recovery support in line with government policy," and added, "We will continue to provide features that can support customers' overall financial lives."