Today, we are going to learn about credit rating scores and how to raise them. Although the credit rating system has been abolished and changed to a credit score system, there are still people who talk about ratings. Also, it is said that financial institutions also refer to credit ratings when checking credit scores.
신용등급 점수
Credit rating (credit score)
Credit Rating Scorecard
The importance of managing your credit score
How to check your credit rating (credit score)
credit score lookup site
I am trying to find out how to check and raise the credit score score by credit score. Even if various government policy funds are coming out, it can be a problem because of your credit score or credit rating. Simply put, credit score is a scorecard that checks how sincere you have been in financial transactions.
And credit score inquiries are now available on many platforms, free of charge, and have no effect on credit ratings.
How to check the credit rating scorecard by credit score and misunderstandings
Credit rating (credit score)
To put it simply, you can think of it as your face and business card while living a social life. The basis of social life is trust between people, and credit ratings are made into data. Until 2020, personal credit ratings were classified from 1 to 10. This is called your credit rating.
Currently, NICE and KCB assign points to ratings. When you inquire about credit information from the two companies, even if you have made the same financial transaction, there are dozens of points or more difference in scores, and there are cases where there is a difference of at least one grade.
From January 2021, it is important to check through credit score because it is meaningless to rank as the credit rating system will be abolished.
Details of credit rating standards by finance-related laws
Related laws
Target
Based on Siren24 (SCI evaluation information)
Rules for Supervision of Businesses
Top 93% in personal credit score or less than 0.65% chance of long-term delinquency
Credit score of 555 or higher
Public Finance Act Notice
Bottom 20% of personal credit score
Credit score of 696 or less
Supervisory Regulations on Savings Banks and Mutual Finances
Bottom 50% of personal credit score
Credit score of 819 or lower
Regulations on Supervision of Banks, Insurance and Savings Banks
Bottom 10% of personal credit score
Credit score of 601 or less
* The credit score based on SCI is a score calculated from a rating model that will be changed based on credit information at the end of December 2020.
* The score is calculated based on SCI, and may differ by other companies and financial institutions.
Credit Rating Scorecard
Rating
nice
All Credit (KCB)
One
900-1000 points
942 points – 1000 points
2
870-899 points
891-941 points
3
840-869 points
832-890 points
4
805-839 points
768-831 points
5
750-804 points
698-767 points
6
665-749 points
630-697 points
7
600-664 points
530-629 points
8
515-599 points
454-529 points
9
445-514 points
335-453 points
10
0-444 points
0-334 points
Checking the table above, Nice is advantageous for credit ratings 1-2, and All Credit is advantageous for credit ratings 3 and below. However, the rating is evaluated relatively, and it does not follow the normal distribution curve. About 54% of the total credit ratings are grade 3 or higher, medium credit ratings are 31% of grades 4 to 6, and only 14% are grades 7 or lower.
※ You can think of it as the bottom line up to 6th grade in case of a normal 1st financial sector loan, and even 7th grade is possible for people who are subject to financial support for the working class with an annual salary of less than 40 million won.
The importance of managing your credit score
In capitalist Korea and modern financial society, credit transactions are more important than cash transactions. Therefore, in Hyundai, credit rating ratio is very important, and its importance is enough to determine whether a normal social life is possible. The meaning of credit is trustworthiness, and the financial sector judges whether or not you can trust this person and lend money through your credit rating.
Because of this, it is important to maintain a rating of 6 or higher, which is considered to be the usual 1st financial cut-off. If you are in the 7th or 8th grade, the probability of a loan or card issuance being rejected is very high, and for the lowest grade of 9 to 10, the only way is to get help from the Credit Recovery Committee or use private finance.
In general, since credit scores are being leveled upward, more than 54% are getting a 3rd grade, and the number of people with low credit has decreased relatively. That’s why you need money through credit, but if your credit rating falls below grade 4, it can only be fatal to establish a personal financial plan.
Most social beginners start from 5th or 6th grade due to lack of data.
How to check your credit rating (credit score)
First of all, you need to know what your current credit rating is through a credit score inquiry. There are misconceptions about credit score checks that are now a thing of the past. In the past, just doing a credit rating inquiry would put your credit rating at a disadvantage. You can check the cost for a fee, so most of them couldn’t manage their credit rating properly.
Currently, many parts have been improved, and simple inquiries have never affected the rise and fall of credit ratings. That’s why you don’t have to worry about checking your credit rating.
credit score lookup site
If you want to check your credit rating or credit score, you can check it by selecting one of the items in the list below. Because it is a necessary part to manage your credit score, you do not have to feel burdened to use it as much as there are no restrictions.
Nice evaluation information
Nice Evaluation Information Mobile
Korea Credit Bureau (all credit)
Financial Supervisory Service Civil Service Center (website)
TOSS
Kakao Bank
Bank Salad
I learned about how to check credit score and misunderstandings. If you want to know how to raise your credit score (rating), you can check the related article at the bottom of the article for how to raise your credit score (rating).
thank you