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FSS: Credit card issuance to be controlled

Posted April. 15, 2001 18:06,   


Credit cards will be issued only to those with property or income sources from now on in drastically strengthened standards to qualify as card holders.

The Financial Supervisory Service (FSS) Sunday ordered credit card companies to abide strictly by the newly set standards on the qualifications of card holders. Currently, ``those who earn income`` are qualified to use the plastic money.

But the FSS strengthened the qualifications of the holders to ``those who can prove their fixed income sources through pay and earnings from interest or who can be confirmed objectively to have fixed income from other means.`` Those whose fixed income sources are not firm but who are guaranteed by persons who can pay for them will be qualified to become card holders, according to the FSS.

An FSS official said that credit card salesmen have rarely confirmed the income of would-be holders, so far. However, card company employees who confirm the documents related to card holders should write down their names in the record of the holders, he said.