Please form an orderly queue to join the "Digital Vault"

GingerBob_3

I missed this one, being on holiday at the time. Just found it:


http://arstechnica.co.uk/tech-policy/2015/08/uk-wants-to-create-worlds-largest-honeypot-of-centralised-personal-financial-data/


Now tell me Experian ISN'T involved in this!

Thrugelmir

The EU is already funding the development of data sharing across Europe on a large scale.

chanz4

be a good thing, stopping avoidance of debt in other eu countrys

MisterBaxter

GingerBob wrote: »

I missed this one, being on holiday at the time. Just found it:


http://arstechnica.co.uk/tech-policy/2015/08/uk-wants-to-create-worlds-largest-honeypot-of-centralised-personal-financial-data/


Now tell me Experian ISN'T involved in this!

If anything I would have thought that this would be detrimental to the existing CRAs. Unlike to the current system this EU wide system would look to include income, savings and assets alongside liabilities and payment history. This could open the way to a universal credit score similar to the US which would be more useful to customers and the financial institutes. I accept it may not be beneficial to customers though.

I can see how it could be used to cut cross border fraud and to ensure revenues due in one EU state can't be avoided by simply moving to or residing in another; it could also make movement for work simpler as financial products could be accessible in any member state.

Let's hope that whoever wins the contract is able to keep our data safe. No doubt we will pay for this multiple times through taxation, the financial institutions and then they will probably want to sell our own data back to us again.

GingerBob_3

MisterBaxter wrote: »

If anything I would have thought that this would be detrimental to the existing CRAs. Unlike to the current system this EU wide system would look to include income, savings and assets alongside liabilities and payment history. This could open the way to a universal credit score similar to the US which would be more useful to customers and the financial institutes. I accept it may not be beneficial to customers though.

I can see how it could be used to cut cross border fraud and to ensure revenues due in one EU state can't be avoided by simply moving to or residing in another; it could also make movement for work simpler as financial products could be accessible in any member state.

Let's hope that whoever wins the contract is able to keep our data safe. No doubt we will pay for this multiple times through taxation, the financial institutions and then they will probably want to sell our own data back to us again.

The "Vault" would not be pan-European; UK only.