An end to consumer profiling by credit agencies ?

[gravytrain]

New EU rules on data protection could cost businesses across the EU an estimated €5 billion (£4.3 billion), the Credit Services Association (CSA) has estimated.
The Albrecht Report, which was issued by German politician and European parliament member Jan Philipp Albrecht, has proposed a ban on customer profiling as part of revisions to the EU Data Protection Regulations

http://www.credittoday.co.uk/article...-5bn-csa-warns

[Ruby]

Re: An end to consumer profiling by credit agencies ?

So, I read into the report that 'our big brother in the sky' is about the get his knuckles wrapped and told to respect peoples privacy and not stick his nose into our business! So much of peoples profiles is not the accurate picture into their lives anyway. Eg. the way that credit reference agencies operate and any so and so company thinks it has the god given right to check our 'profile' without our permission and then 'brands' us into categories.

[messimoo]

Re: An end to consumer profiling by credit agencies ?

maybe this will be the first steps towards companies hiring people with bad credit records according to experience within the industry and not on how thier past credit report looks.

[gravytrain]

Re: An end to consumer profiling by credit agencies ?

When the CSA talk about consumer detriment what they are really referring to is to the detriment of companies who depend on the abuse of personal data.

Nothing to do with the issuing of loans, it is about supplying consumer targeting info, which is sold to the various companies that bombard us with unwanted spam and junk mail.

It is big business as the report points out, personally I think that any legislation which results in closing these concerns down should be welcome.

[Ruby]

Re: An end to consumer profiling by credit agencies ?

DCA's are members of CSA too. I would put out the bunting the day when these so called small to medium size businesses went out of business. They flaunt the law far too often.