Clear message to Schufa: Score must be more transparent
Some things will change in the ownership structure of Schufa, but it is not yet clear who will buy large parts of the company. Irrespective of this, Consumer Minister Lemke believes that something needs to be done in terms of transparency at Schufa. She asks the credit agency to take action.
The financial investor EQT from Sweden wants to get involved in the Schufa on a large scale, if possible even take it over completely – for the cartel office there is nothing to say against it. On the other hand, the move worries many German consumers: What happens to the financial data that Schufa collects on a large scale?
Consumer Minister calls for more transparency from the Schufa
At least in this respect, the words of Consumer Protection Minister Steffi Lemke (Greens) are also reassuring: “No matter what the ownership structure looks like in the end, the European and German data protection standards apply to all companies equally,” she explained (source: dpa via Focus).
The data of the Germans should therefore be safe with the Schufa, even if the Swedish investment company should take over large parts of the credit agency. However, Lemke does not express a compliment to Schufa. Because the correct handling of consumer data also includes more transparency.
“What is particularly important for consumers is that Schufa becomes more transparent,” said Lemke. The board of directors has repeatedly promised improvement in the past. Simply being able to query whether and which personal data is stored at Schufa is not enough. “Schufa should also publish what information it evaluates and how.”
Opaque Schufa score: criticism is not new
Because of the opaque procedure how the Schufa score is created, In fact, this is not the first time the credit agency has been criticized. One consumer even went to the European Court of Justice, which now has to clarify whether Schufa scoring is compatible with the General Data Protection Regulation.
A positive Schufa score can even be important for online businesses. How to protect yourself when banking online:
For Lemke, the time has now come for more transparency: “Currently, the creation of the Schufa score is still a black box.” However, it is questionable whether the requirements at the Schufa will have an effect. With regard to transparency, the credit agency not only assures improvement, but also regularly points out the importance of its own work and the data collected for consumers and companies.
