Only 1 in 3 Have Credit Restored

The number of people who benefited from the deletion of bad credit records was 380,000, not more than one million as announced by Korea Federation of Banks a week ago.

The pardon for delinquent borrowers is ineffective, a credit card company official said, because only records kept by the Korea Federation of Banks were deleted, not records kept by individual financial institutions.

A credit card company official said, "As we checked the modified data from Korea Federation of Banks, we say only about 380,000 changes.

"This is because if borrowers in arrears at many financial institutions do not repay debts at all of them, the borrower would still be classified as delinquent at some institutions," he continued.

In response, a bank federation official said, "The number of people who were entitled to full or partial pardon was 1.08 million."