Understanding financial terms is crucial when dealing with personal finance matters, especially in a foreign country. This guide focuses on the Korean term for “credit recovery” or “credit rehabilitation,” providing essential vocabulary and phrases related to managing debt and improving one’s credit standing in Korea.
Table Of Content
Core Term: Credit Recovery
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Expression: 신용회복
Pronunciation: sin-yong-hoe-bok
Meaning: Credit Recovery / Credit Rehabilitation (The process of restoring one’s creditworthiness after financial difficulties)
Related Vocabulary
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Expression: 신용 점수
Pronunciation: sin-yong jeom-su
Meaning: Credit score -
Expression: 부채 / 채무
Pronunciation: bu-chae / chae-mu
Meaning: Debt / Liability -
Expression: 연체
Pronunciation: yeon-che
Meaning: Overdue payment / Delinquency -
Expression: 신용불량자
Pronunciation: sin-yong-bul-lyang-ja
Meaning: Person with bad credit / Credit delinquent -
Expression: 파산
Pronunciation: pa-san
Meaning: Bankruptcy -
Expression: 개인회생
Pronunciation: gae-in-hoe-saeng
Meaning: Personal rehabilitation (a legal debt adjustment procedure) -
Expression: 채무 조정
Pronunciation: chae-mu jo-jeong
Meaning: Debt adjustment / Debt restructuring -
Expression: 상환
Pronunciation: sang-hwan
Meaning: Repayment -
Expression: 이자
Pronunciation: i-ja
Meaning: Interest (on a loan) -
Expression: 원금
Pronunciation: won-geum
Meaning: Principal amount -
Expression: 신용회복위원회
Pronunciation: sin-yong-hoe-bok-wi-won-hoe
Meaning: Credit Counseling & Recovery Service (CCRS – the official body in Korea) -
Expression: 상담
Pronunciation: sang-dam
Meaning: Consultation / Counseling
Phrases for Discussing Credit Recovery
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Expression: 신용회복을 신청하고 싶습니다.
Pronunciation: sin-yong-hoe-bok-eul sin-cheong-ha-go sip-seum-ni-da.
Meaning: I would like to apply for credit recovery. -
Expression: 신용 점수를 올리고 싶어요.
Pronunciation: sin-yong jeom-su-reul ol-li-go sip-eo-yo.
Meaning: I want to improve my credit score. -
Expression: 부채를 상환하기 어렵습니다.
Pronunciation: bu-chae-reul sang-hwan-ha-gi eo-ryeop-seum-ni-da.
Meaning: It is difficult to repay the debt. -
Expression: 채무 조정 상담을 받고 싶습니다.
Pronunciation: chae-mu jo-jeong sang-dam-eul bat-go sip-seum-ni-da.
Meaning: I would like to receive debt adjustment counseling. -
Expression: 신용회복 절차가 어떻게 되나요?
Pronunciation: sin-yong-hoe-bok jeol-cha-ga eo-tteo-ke doe-na-yo?
Meaning: What is the procedure for credit recovery? -
Expression: 연체된 금액을 갚아야 합니다.
Pronunciation: yeon-che-doen geum-aek-eul gap-a-ya ham-ni-da.
Meaning: I need to pay the overdue amount. -
Expression: 신용회복위원회에 연락해 보세요.
Pronunciation: sin-yong-hoe-bok-wi-won-hoe-e yeol-lak-hae bo-se-yo.
Meaning: Try contacting the Credit Counseling & Recovery Service. -
Expression: 신용 관리가 중요합니다.
Pronunciation: sin-yong gwan-ri-ga jung-yo-ham-ni-da.
Meaning: Credit management is important. -
Expression: 재정 상태를 개선해야 합니다.
Pronunciation: jae-jeong sang-tae-reul gae-seon-hae-ya ham-ni-da.
Meaning: I need to improve my financial situation. -
Expression: 신용회복 지원 제도를 알아보고 있습니다.
Pronunciation: sin-yong-hoe-bok ji-won je-do-reul ar-a-bo-go it-seum-ni-da.
Meaning: I am looking into credit recovery support programs. -
Expression: 상담 예약을 하고 싶습니다.
Pronunciation: sang-dam ye-yak-eul ha-go sip-seum-ni-da.
Meaning: I would like to make a counseling appointment.
Asking Questions About Credit Recovery
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Expression: 신용회복 신청 자격이 되나요?
Pronunciation: sin-yong-hoe-bok sin-cheong ja-gyeok-i doe-na-yo?
Meaning: Am I eligible to apply for credit recovery? -
Expression: 어떤 서류가 필요한가요?
Pronunciation: eo-tteon seo-ryu-ga pil-yo-han-ga-yo?
Meaning: What documents are needed? -
Expression: 신용회복 절차는 얼마나 걸리나요?
Pronunciation: sin-yong-hoe-bok jeol-cha-neun eol-ma-na geol-li-na-yo?
Meaning: How long does the credit recovery process take? -
Expression: 상담 비용은 얼마인가요?
Pronunciation: sang-dam bi-yong-eun eol-ma-in-ga-yo?
Meaning: How much does the consultation cost? -
Expression: 채무 조정 후 이자는 어떻게 되나요?
Pronunciation: chae-mu jo-jeong hu i-ja-neun eo-tteo-ke doe-na-yo?
Meaning: What happens to the interest after debt adjustment? -
Expression: 신용회복위원회는 어디에 있나요?
Pronunciation: sin-yong-hoe-bok-wi-won-hoe-neun eo-di-e it-na-yo?
Meaning: Where is the Credit Counseling & Recovery Service located? -
Expression: 신용 점수를 확인하는 방법은 무엇인가요?
Pronunciation: sin-yong jeom-su-reul hwak-in-ha-neun bang-beop-eun mu-eot-in-ga-yo?
Meaning: How can I check my credit score? -
Expression: 개인회생과 신용회복의 차이점은 무엇인가요?
Pronunciation: gae-in-hoe-saeng-gwa sin-yong-hoe-bok-ui cha-i-jeom-eun mu-eot-in-ga-yo?
Meaning: What is the difference between personal rehabilitation and credit recovery? -
Expression: 신용회복 상담은 예약해야 하나요?
Pronunciation: sin-yong-hoe-bok sang-dam-eun ye-yak-hae-ya ha-na-yo?
Meaning: Do I need to make an appointment for credit recovery counseling? -
Expression: 신용회복 프로그램을 완료하면 신용 점수가 바로 오르나요?
Pronunciation: sin-yong-hoe-bok peu-ro-geu-raem-eul wan-ryo-ha-myeon sin-yong jeom-su-ga ba-ro o-reu-na-yo?
Meaning: Does the credit score improve immediately after completing the credit recovery program?
Korean Culture Notes
Understanding credit and debt in Korea involves some cultural context. While debt is a common part of modern life, there can still be a significant social stigma associated with severe financial difficulty or being labeled a 신용불량자 (sin-yong-bul-lyang-ja). Seeking help might feel difficult for some due to concerns about ‘losing face’.
The Korean government established the 신용회복위원회 (sin-yong-hoe-bok-wi-won-hoe), the Credit Counseling & Recovery Service (CCRS), to provide official support for individuals struggling with debt. This organization offers counseling, debt adjustment programs, and financial education, playing a crucial role in helping people regain financial stability.
Having a good credit score (신용 점수) is extremely important in Korean society. It affects eligibility for loans, credit cards, rental agreements, and sometimes even employment opportunities. Therefore, maintaining good credit and utilizing resources like the CCRS for recovery is taken very seriously.
Compared to bankruptcy (파산), programs like 신용회복 (credit recovery) or 개인회생 (personal rehabilitation) are often preferred routes as they focus on structured repayment and eventual restoration of creditworthiness, rather than complete debt discharge which can have longer-lasting negative implications on one’s financial record in Korea.
Real Conversation Example
Situation: Min-jun visits the Credit Counseling & Recovery Service (신용회복위원회) office for advice.
Roles: A: Min-jun (Inquirer), B: Counselor
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Expression: A: 안녕하세요, 신용회복 상담을 받고 싶어서 왔습니다.
Pronunciation: an-nyeong-ha-se-yo, sin-yong-hoe-bok sang-dam-eul bat-go sip-eo-seo wat-seum-ni-da.
Meaning: Hello, I came here because I’d like to receive credit recovery counseling. -
Expression: B: 네, 어서 오세요. 어떤 어려움이 있으신가요?
Pronunciation: ne, eo-seo o-se-yo. eo-tteon eo-ryeo-um-i i-sseu-sin-ga-yo?
Meaning: Yes, welcome. What kind of difficulties are you facing? -
Expression: A: 제가 부채가 좀 많아서 상환이 힘듭니다. 신용 점수도 많이 떨어졌고요.
Pronunciation: je-ga bu-chae-ga jom man-a-seo sang-hwan-i him-deum-ni-da. sin-yong jeom-su-do man-i tteor-eo-jyeot-go-yo.
Meaning: I have quite a bit of debt, and repayment is difficult. My credit score has also dropped a lot. -
Expression: B: 그러시군요. 저희 위원회에서는 채무 조정 프로그램을 통해 도움을 드리고 있습니다. 혹시 연체된 금액이 있으신가요?
Pronunciation: geu-reo-si-gun-yo. jeo-hui wi-won-hoe-e-seo-neun chae-mu jo-jeong peu-ro-geu-raem-eul tong-hae do-um-eul deu-ri-go it-seum-ni-da. hok-si yeon-che-doen geum-aek-i i-sseu-sin-ga-yo?
Meaning: I see. Our service offers help through debt adjustment programs. Do you happen to have any overdue payments? -
Expression: A: 네, 몇 달 정도 연체되었습니다. 신용회복 신청 자격이 될까요?
Pronunciation: ne, myeot dal jeong-do yeon-che-doe-eot-seum-ni-da. sin-yong-hoe-bok sin-cheong ja-gyeok-i doel-kka-yo?
Meaning: Yes, I’ve been overdue for a few months. Would I be eligible to apply for credit recovery? -
Expression: B: 자세한 상황을 들어봐야 알겠지만, 가능성이 있습니다. 필요한 서류와 절차에 대해 안내해 드릴게요.
Pronunciation: ja-se-han sang-hwang-eul deur-eo-bwa-ya al-get-ji-man, ga-neung-seong-i it-seum-ni-da. pil-yo-han seo-ryu-wa jeol-cha-e dae-hae an-nae-hae deu-ril-ge-yo.
Meaning: I need to hear the details of your situation, but it’s possible. I’ll guide you through the necessary documents and procedures. -
Expression: A: 네, 감사합니다. 잘 부탁드립니다.
Pronunciation: ne, gam-sa-ham-ni-da. jal bu-tak-deu-rim-ni-da.
Meaning: Yes, thank you. I look forward to your help.
Practice Tips
Dealing with financial topics like credit recovery requires specific vocabulary! Try reviewing the terms like 신용회복 (sin-yong-hoe-bok), 채무 (chae-mu), and 신용 점수 (sin-yong jeom-su) regularly~
Practice the phrases by imagining yourself in a situation where you need to discuss or inquire about credit recovery, perhaps at a bank or counseling center. You can practice asking questions like “신용회복 절차가 어떻게 되나요?” (sin-yong-hoe-bok jeol-cha-ga eo-tteo-ke doe-na-yo?).
Understanding the role of the 신용회복위원회 (Credit Counseling & Recovery Service) is also helpful contextually. Knowing these terms and related cultural points will make navigating financial discussions in Korean much smoother!
