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South Korea: Amendments to Credit Information Act and ICNA promulgated

Amendments to the Credit Information Use and Protection Act ('the Credit Information Act') and the Act on Promotion of Information and Communications Network Utilization and Information Protection 2001 ('ICNA') were promulgated on 4 February 2020, having been passed, on 9 January 2020, by the National Assembly. In particular, the amendments to the Credit Information Act include, among other things, measures for requesting transfers of credit information, the principle of consent for the use of credit information, and the levels of consent for using credit information. 

In addition, the amendments to the Credit Information Act provide additional measures for the continuous evaluation of the use and management of credit information and new penalties for violations. Moreover, the amendments to ICNA include the removal of several provisions related to the protection of personal information, which have now been incorporated into the Personal Information Protection Act 2011.

You can read the amended Credit Information Act here and the amended ICNA here, both only available in Korean.