Vice Chairman Kwon Dae-young of the Financial Services Commission attended the memorandum of understanding (MOU) signing event between financial industry associations and credit information providers on August 20. The MOU will help to facilitate the provision of credit recovery support for individuals and individual business owners in the form of expungement of overdue debt history if they have or will have fully paid off their overdue debts by the end of December this year. It is estimated that up to 3.24 million individuals and individual business owners will benefit from this. With the availability of credit recovery support for those making diligent efforts to pay off their debts, Vice Chairman Kwon said that there will be more individuals and small business owners being able to regain the capacity to quickly return to normal economic activities.