The Lending Journey: Potential negative impact on consumers, in terms of cost, burden and accessibility in the credit journey
The credit reference industry has been carefully following the progress of the Data Protection Regulation at EU level, evaluating how these changes will impact consumers seeking to attain and maintain credit in Member States.
As this matter can be highly complex, we as an industry would like to demonstrate a case study which is aimed at highlighting the potential impact on consumers if some of the proposed areas of concern in the draft versions of the text enter into final law.
It is important to note that as a result of the differing national legislative regimes there may be a slight variance in the impact, however there is likely to be an overall significant negative consequence for consumers, in terms of cost, burden and accessibility in the credit journey.
We urge our members to read the attached document, which was used at an ACCIS event in the European Parliament recently: Accis – The Lending Journey
Courtesy: ACCIS Association of Consumer Credit Information Suppliers
BIIA Comments: Banks have recently stated similar concerns, however the EU Commission has dismissed these concerns. We recommend to read the article by the FT. In a related article in the FT the cost of excessive data protection has been quantified in terms of the negative impact on GDP
