South Korea is changing the way personal credit ratings are measured from the current grade system to a points-based system. 

The Financial Services Commission(FSC) on Tuesday announced the new measure during a meeting with related organizations. 

Currently, South Koreans are categorized into ten different grades according to their credibility in transactions with financial institutions, but the new measure will evaluate them by points as done by the U.S. and Germany. 

The commission says the new system will benefit many Koreans, estimating around two-point-four million people will be able to take out lower interest loans than before.