He presented an overview of current data protection legislation and its proposed revision, which is under discussion by member states. In particular, topics such as the general principle of transparency, specific obligations for data controllers, standard European forms, as well as the principle of data minimization were examined in further detail. He pointed out that thanks to the principle of data minimization, which defines guidelines for credit reporting systems in terms of gathering a sufficient amount of accurate and timely data, there will be better consumer risk profile evaluation, and a more precise assessment of the level of indebtedness of the client.
Simone Capecchi also clarified possible impacts of amendments to current legislation on the consumer credit market based on the right to access personal data in many European countries.
On one hand, where payment is required to access personal data, the growth in access requests does not grow exponentially year on year. On the other hand, where the access is free of charge, constant growth has been seen, but this could result in an increase in the number of unmotivated requests and thus higher costs.
To conclude, Simone Capecchi remarked on how important it is to reflect on the costs and benefits of legislative impacts, and to consider the differences across Europe in terms of data usage and existing measures. He also assured that CRIF constantly pays maximum attention to legislative changes, offering the market innovative and compliant services.
