Schufa on the chain: EU officials call for tough rules
Anyone who is dependent on Schufa information must pull out financially in front of the credit agency. But that should also end with financial data. Consumers and their data must be better protected, demands the EU data protection officer.
Social media and browser history: Schufa has nothing to do with that
Whether for larger purchases, signing a contract for a new rental apartment or to apply for a loan – Schufa potentially has its fingers in the game everywhere. Often nothing works without a positive Schufa score. Data and consumer advocates are now calling for the credit agency not to have any more funds in hand.
That goes from a opinion of the European data protection officer, Wojciech Wiewiórowski. Accordingly, a draft of the EU Commission should be revised so that personal data collected for the Schufa score Data will not be used for other purposes may, including for advertising or marketing. To do this, the data that Schufa and Co. can collect must be clearly and unequivocally categorized.
Wiewiórowski also supports the planned ban Online data such as information from social media platforms or personal health data to be used to assess consumers (source: hot). The data protection officer also recommends extending the rules to all data that are considered sensitive under the General Data Protection Regulation (GDPR). This applies above all to browser data such as personal search history.
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More transparency required: Schufa score must be comprehensible
Furthermore, in the course of the credit check by credit agencies such as Schufa, there should also be the possibility of one personal assessment “person to person” instead of just relying on the result of largely opaque evaluations based on algorithms. Above all, this step would mean a clear cut in the power of the Schufa.
Furthermore, any financial “scoring” must be provided with the highest technical security requirements. This should particularly apply to cases in which the creditworthiness check is carried out by artificial intelligence. Concern about the data collected by the Schufa was most recently in the context of the possible sale of the Schufa to a US investor.
