5 Years of GDPR | The Right to Privacy in Credit Scoring

As technological advancements impact the financial industry, subsequent privacy issues often come as an afterthought rather than playing an integral part in product development.

In the case of credit scoring, credit agencies and other credit scoring firms gather large amounts of data in order to produce creditworthiness scores. In this process certain privacy risks are taken, often unknowingly. In this article, we will highlight some potential risks credit agencies take when conducting credit risk assessments, the effect it has on the financial industry and how we need to support new technology to ensure sustainable privacy.

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