New loans, card loans to be suspended Oct. 5 from midnight to 8 a.m.

Some financial services — including new loans, card loans and the opening of deposit accounts via internet or mobile banking — will be temporarily suspended from midnight to 8 a.m. on Oct. 5. Account transfers, ATM withdrawals, cash advance services and credit and debit card payments will remain unaffected.

Korea Credit Information Services announced Monday it will overhaul its general credit information system. The system centralizes and shares customers' loan and delinquency data that financial institutions rely on when deciding whether to extend loans or conduct other financial transactions. The upgrade aims to modernize aging infrastructure and strengthen system stability and security; certain financial transactions requiring general credit information processing will be restricted during the maintenance window.

Services suspended during the window include new applications, renewals and extensions for credit products such as loans, leases, installment plans, credit cards and card loans. Non-face-to-face deposit account openings through internet or mobile channels will also be unavailable. New applications, renewals and extensions for financial and performance guarantee products, as well as personal credit information inquiries and the printing of credit certificates, will likewise be halted. Korea Credit Information Services urged customers who need any of these services to complete their transactions in advance or wait until after 8 a.m., when the upgrade is complete.

Through Credit4U, the portal operated by Korea Credit Information Services, users can check their own loan, delinquency and guarantee information and obtain credit report certificates. Personal credit information inquiries and certificate printing will also be restricted during the maintenance window, so users who need such documents are advised to process them beforehand.

Not all financial transactions will be affected. Services that do not require general credit information processing — including account transfers, ATM withdrawals, cash advances and credit and debit card payments — will operate as normal.

The overhaul marks the first major upgrade to the general credit information system since it was built in 2016, a decade ago. Korea Credit Information Services began laying the groundwork with an information strategy plan in 2021 and has since pursued the next-generation system build in stages. It first upgraded the insurance and technology credit information system on Feb. 18, and the current general credit information system overhaul will complete the next-generation transition.

Through the upgrade, Korea Credit Information Services plans to replace outdated equipment and establish a foundation for adopting the latest technology architecture. The organization aims to improve system stability and scalability while reinforcing its security framework to minimize the risk of data breaches.

"This system overhaul goes beyond simply replacing old equipment — it is about laying the cornerstone that will support the development of the financial industry for the next decade and beyond," Korea Credit Information Services President Yu Su-young said. "It will serve as an opportunity for us to take a leap forward as a core financial infrastructure institution supporting financial innovation in the AI era."