In the US, consumers can freeze their credit worthiness records and receive a code. When the records are frozen, the only orgs that can access the records are those already doing business with the consumer. If a consumer wants to open up a new account, they share the code with the prospective creditor who uses it to see the credit report.
So the question is, how are access controls on credit histories done in various EU nations? Do any use unlock codes like the US, or is it all trust based?
pretty sure that having “credit agencies” keeping track of people credit history is a huge violation of GDPR and would be illegal in the EU. At least I never heard about that. The only similar things I know is the central bank keeping a listing of “unpaid credit” which make ban you from getting any new credit for a certain time. (And as it’s a public institution, you have the right to contest any writing there in court if it 's not justified, stuff like identity theft being a classic one)
it is not precisely answering the question, but here in czechia, debt collecting is a private and pretty shady business. there is centralized database of these debts and literally anyone can check literally anyone else in the database, provided you know the person’s equivalent of social security number, at any post office.
that is not the debt from credit cards as americans understand it, but debt where you had to pay something and didn’t, maybe you got behind on your rent or w/e, and the court confirmed the debt and allowed it to go to private debt collecting.
You’re wrong unfortunately, private credit agencies are a thing.
In Germany, you might be denied an apartment if the landlord demands a Schufa score
https://en.wikipedia.org/wiki/Schufa
Interesting, I always thought the Schufa was a government service. But isn’t it way lighter than the US “rating” ?
Indeed that’s what I’m talking about. In Belgium it seems consumers have no control over whether a creditor can access the central bank’s records. Apparently the central bank simply trusts that creditors are checking records in response to an application for credit. I would like to know if any EU countries make use of an access code so consumers can control which creditors can see their records.
In the Netherlands, you need to give permission for someone to check yours, and only credit-providers are allowed to check. I can’t look at my neighbor’s credit data.