The purpose of a debt collection company, or servicer, is to facilitate the handling of nonperforming loans and to ensure that the debt collection process is fair. In October 1998, the Minister of Justice approved this type of new business based on the Special Measures Law Concerning the Claims Servicing Business (Servicer Law). Under this new law, a creditor from a financial institution may commission, or assign, a servicer to manage and to collect debts. The Servicer Law has strict rules that govern the activities of debt collection companies. A servicer is required to respect regulations related to the fair processing and collection of debts. The Ministry of Justice as supervisory authority performs periodic inspections to ensure the soundness of servicer operations. And each servicer is required to periodically submit a report about its business results.
SBI Servicer was established in January 2005 and opened for business upon approval of the Minister of Justice on June 27, 2005. In addition to collecting small unsecured claims and bill collecting services for other types of debt, SBI Servicer is developing unique products that take advantage of the network and customer base, the capital procurement strength, and the collection expertise of the SBI Group.
At SBI Servicer, we are gaining the trust of customers and leveraging our unique expertise to provide sound and speedy debt processing services and therefore improve the efficiency of debtor management.
