The Fair Debt Collection Policy

Purpose of Enactment

Woori Financial Group has established and implemented a "Fair Debt Collection Policy" to protect credit customers and ensure fair debt collection practices. The policy includes the establishment of proper debt collection procedures and compliance with relevant regulations and guidelines. Woori Financial Group also has an internal control system in place for debt collection operations, aiming to prevent illegal or unfair practices and minimize unnecessary disputes.

Basic Principles

Woori Financial Group adheres to relevant laws and regulations, such as the Fair Debt Collection Practices Act, the Credit Information Use and Protection Act, and the Debt Collection and Loan Asset Sales Guidelines. We ensure that our rights are not abused and that debt collection is not conducted through illegal means. We exercise our rights responsibly while protecting the debtor's dignified life and peaceful living.

Woori Financial Group has an internal control system in place to prevent illegal and unfair activities related to debt collection. Regular education is provided to executives and employees to ensure compliance with laws and internal regulations.

Woori Financial Group's Debt Collection Policy

1. Applicable Laws

Woori Financial Group has established specific internal rules and processes related to debt collection in accordance with the Fair Debt Collection Practices Act and the Credit Information Use and Protection Act. The group carries out sound debt collection activities to protect financial consumers.

2. Qualification Management and Training

Woori Financial Group strictly records and manages the qualifications of employees responsible for debt collection. They conduct training on relevant fair collection practices at least twice a year and maintain records of the training content.

3. Protection of Credit Information, etc.

Woori Financial Group diligently manages the credit information and other personal data of debtors or related parties obtained in connection with debt collection activities to prevent unauthorized disclosure or misuse. Unnecessary information is promptly disposed of once the purpose of the work is achieved.

4. Production and Use of Advertisements and Promotional Materials

Woori Financial Group strictly manages advertisements and promotional materials by specifying the types of debt securities that can be collected. They also undergo a pre-approval process by department heads.

5. Suspension of Debt Collection

Woori Financial Group suspends debt collection according to relevant procedures in cases where legitimate reasons arise, such as confirming that the debtor has applied for debt adjustment through the National Happiness Fund or when the statute of limitations for debt collection has expired.

6. Follow-up Management

Woori Financial Group manages and supervises all debt collection activities, including tracking debtor whereabouts and conducting property investigations, providing pre-collection notifications, issuing debt security repayment demands, and recording receipts for reimbursement. These activities are recorded and managed electronically to ensure proper debt collection operations.

7. Guidance to Debtors

Woori Financial Group assists debtors in actively exercising their rights by posting instructions on debt collection procedures, debt adjustment systems, 10 rules for responding to illegal debt collection, and financial consumer precautions related to the collection of time-barred debts on their website.