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Title BC Card Acquires Credit Bureau License for Individual Business Date 2022.07.07

Industry's first CB service for online individual businesses
BC Card Acquires Credit Bureau License for Individual Business

  • During the 'Innovative Financial Service' period, it was proved to be competitive by several financial institutions
  • Delivering realistic services through the largest number of card merchant data and partnerships with multiple financial institutions
  • Planning, development, and operation of a credit rating model for individual business operators as the only credit card company with its own manpower

BC Card (CEO Choi Won-seok) announced on the 7th that it has obtained the main license for the credit bureau service for individual business from the Financial Services Commission.

Earlier, BC Card has provided "Biz Credit" service (hereinafter referred to as "Biz Credit") during the 'Innovative Financial Service' period that can minimize unreasonable conditions for individual business owners, such as relatively high interest rates or rejection if individual businesses with insufficient credit information apply for loans.

Currently, "Biz Credit" is being used by many financial institutions such as Woori Bank and K-Bank for loan screening, and in June last year, it applied for the main license for CB service for individual business to provide full-fledged services

With the official launch of the service, individual businesses operating online/offline will be able to obtain much reasonable credit ratings for loans.

In particular, due to the influence of the Covid-19 Pendemic, the number of new individual businesses operating on online platforms such as food/delivery was increasing every year, but as payments were made through Payment Gateways (hereinafter referred to as "PG"), it was difficult to reflect accurate sales information in credit ratings.(See Figure 1.)

<Figure 1. Current status of BC Card private businesses online/offline>

However, as sales data generated from PG can be separated and managed by individual units through Biz Credit, CB services can be provided to online private businesses for the first time in the industry.

In the future, BC Card plans to upgrade 'Biz Credit' by utilizing data from non-financial sectors such as telecommunication, distribution, and Big Tech as well as cooperation with existing financial institutions.

BC Card CEO Choi Won-seok said, "The acquisition of the main license for Biz Credit is expected to be a great help to individual businesses that have been alienated from loans," adding, "We will do our best to provide reliable and stable services to individual businesses as well as various financial institutions."

Meanwhile, through comprehensive repayment ability analysis, Biz Credit provides sales estimation services that analyze small business credit ratings, commercial district/sales patterns, merchant summary information services containing business overview and overdue information, and alarm services that provide customer damage via illegal business to financial institutions.