EU Competition Law, the Consumer Interest and Data Protection

Ferretti, Federico

doi:10.1007/978-3-319-08906-5

Cited by 17 publications

(3 citation statements)

References 18 publications

(37 reference statements)

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“…Prima facie, considerations of the like may have the effect of casting doubts as to whether or to what extent in actual facts this may constitute a concerted practice or simply a reduction of market uncertainty. 23 Also, to the extent that information monopoly of individual lenders is reduced, this is transferred to those third-party subjects who become the providers of information and manage the corresponding databases, i. e. the Credit Data Brokers. This, in turn, may raise new concerns over market competition and power which are beyond the scope of this work.…”

Section: Competitionmentioning

confidence: 99%

Not-So-Big and Big Credit Data Between Traditional Consumer Finance, FinTechs, and the Banking Union: Old and New Challenges in an Enduring EU Policy and Legal Conundrum

Ferretti

2017

Global Jurist

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This paper discusses the role and usage of traditional and non-traditional consumer data in the retail financial markets of the European Union in the context of the economic theories, policies, and law within which they work. Across Europe there is no common practice of using the credit data of consumers, which can be exploited for several purposes. Traditionally, they are used by the lending industry as a risk-management tool to underwrite borrowing decisions or price risks, but they can also be used as a practice of creditworthiness assessment. In some Member States, consumer data are part of a broader information centralisation system for the prudential supervision of banks and the financial system as a whole. Within this already complex picture, emerging technologies and the processing of new generations of personal data are starting to give way to new business models that can transform retail financial markets (Fintechs). Whatever the function the data perform, their source, type, breath, and depth differ greatly from country to country. Unlike for the harmonisation of EU rules on credit to consumers for the creation of the internal market, the underlying consumer data infrastructure remains fragmented at national level, failing to achieve univocal, common, or defined policy objectives under a harmonised legal framework. Likewise, the establishment of the Banking Union and the prudential supervision of the Euro-area demand standardisation and convergence of the data used to measure debt levels, arrears, and delinquencies. The many functions and different usages of credit data suggest that the policy goals to be achieved should inform the design and structure of the databases, as well as the role, legal, and institutional framework of the organisations managing the data system (the Data Brokers). This is also because fundamental rights and consumer protection concerns arise from the dissemination and sharing of traditional and non-traditional data, as well as from their expanding uses. This is an area of the EU internal market that demands the attention of the EU legislator without further delays.

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Section: Competitionmentioning

confidence: 99%

Not-So-Big and Big Credit Data Between Traditional Consumer Finance, FinTechs, and the Banking Union: Old and New Challenges in an Enduring EU Policy and Legal Conundrum

Ferretti

2017

Global Jurist

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“…Although credit scoring was originally employed to seek to minimise the percentage of consumers who default, lenders are now using it to identify the customers who are most profitable and to maximise profits through risk-based pricing according to their profile thus obtained, blurring all this with direct marketing activities. 33 29 These issues have been addressed in Ferretti (2014). 30 See, for example, Bigus (1996); Desai, Convay, Crook, and Overstree (1997), pp.…”

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confidence: 99%

“…115-159. 70 Jentzsch (2003);Jentzsch (2006). 71 See Ferretti (2014). 72 On the causes of defaulting see e.g.…”

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Credit Bureaus Between Risk-Management, Creditworthiness Assessment and Prudential Supervision

Ferretti

2015

SSRN Journal

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This paper discusses the role and operations of consumer Credit Bureaus in the European Union in the context of the economic theories, policies and law within which they work. Across Europe there is no common practice of sharing the credit data of consumers which can be used for several purposes. Mostly, they are used by the lending industry as a practice of creditworthiness assessment or as a riskmanagement tool to underwrite borrowing decisions or price risk. However, the type, breath, and depth of information differ greatly from country to country. In some Member States, consumer data are part of a broader information centralisation system for the prudential supervision of banks and the financial system as a whole. Despite EU rules on credit to consumers for the creation of the internal market, the underlying consumer data infrastructure remains fragmented at national level, failing to achieve univocal, common, or defined policy objectives under a harmonised legal framework. Likewise, the establishment of the Banking Union and the prudential supervision of the Euro area demand standardisation and convergence of the data used to measure debt levels, arrears, and delinquencies. The many functions and usages of credit data suggest that the policy goals to be achieved should inform the legal and institutional framework of Credit Bureaus, as well as the design and use of the databases. This is also because fundamental rights and consumer protection concerns arise from the sharing of credit data and their expanding use.

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The Power Paradigm in Private Law

Richter

2018

Personal Data in Competition, Consumer Protection and Intellectual Property Law

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EU Competition Law, the Consumer Interest and Data Protection

Cited by 17 publications

References 18 publications

Not-So-Big and Big Credit Data Between Traditional Consumer Finance, FinTechs, and the Banking Union: Old and New Challenges in an Enduring EU Policy and Legal Conundrum

Not-So-Big and Big Credit Data Between Traditional Consumer Finance, FinTechs, and the Banking Union: Old and New Challenges in an Enduring EU Policy and Legal Conundrum

Credit Bureaus Between Risk-Management, Creditworthiness Assessment and Prudential Supervision

The Power Paradigm in Private Law

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