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
Abstract: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 pra… Show more
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