More than 5,500 South Koreans have their credit ratings lifted this year by paying utility bills and communication service fees on time, government data showed Wednesday.

Starting in 2016, the financial authorities introduced a system to tie personal credit ratings with such nonfinancial transaction information as the payment of phone and Internet service fees, as well as utility and state health care bills.

A total of 65,396 people offered related payment records to credit bureaus as of end-November, according to the Financial Supervisory Service.

Among them, 56,054, or 85.7 percent, saw their credit scores improve, but only 5,553, or 8.5 percent, saw their credit ratings rise.

"There are not that many beneficiaries yet as the measure was introduced not so long ago," the financial watchdog said. "But a growing number of people are submitting nonfinancial transaction information. The number of beneficiaries is expected to rise constantly."

The FSS predicted that as many as 7 million South Koreans will benefit from the measure designed to help address a loophole in the current personal credit evaluation system. (Yonhap)