The speaker discusses the concept of creditworthiness, its importance in various transactions like renting a place, getting an electricity contract, or purchasing items online. They explain that creditworthiness is assessed based on a person's past payment behavior, but for those with no such history, credit reference agencies use generic information such as age, address, and gender to calculate credit scores.
The speaker emphasizes that this practice violates European data protection laws, which require transparency and purpose limitation. They argue that credit reference agencies should not be allowed to use data for credit scoring that was collected for advertisement purposes. They also highlight the potential for discrimination, as certain demographics may be unfairly assigned a lower creditworthiness score.
The speaker concludes by urging listeners to question the practices of credit reference agencies and to demand transparency, lawfulness, and respect for individual rights and freedoms. They express hope for change, citing ongoing legal cases and public debates on the issue.
1. The speaker discusses the process of moving to a new city or even another country, and the challenges that come with it, such as renting a place for living, getting an electricity contract, and purchasing household items online.
2. The speaker explains that due to insufficient credit worthiness, individuals may face difficulties in renting a place or purchasing items online.
3. The speaker defines credit worthiness as the estimation of the probability of default for future debts when applying for a loan with a bank or entering into a contract with a telecommunication insurance or energy provider.
4. The speaker highlights that credit reference agencies use algorithms to calculate credit scores, which are supposed to give information on credit worthiness.
5. The speaker mentions that these agencies often violate the principles of European data Protection Law.
6. The speaker describes how credit reference agencies make predictions about an individual's reliability based on generic information such as age, address, and gender, because they lack data connected to past payment behavior.
7. The speaker discusses how credit reference agencies secretly buy millions of data sets from address publishers, which collect personal data for advertisement purposes.
8. The speaker emphasizes that the business of credit reference agencies is extremely opaque and systematically violates the law, specifically the principle of transparency and purpose limitation in European data Protection Law.
9. The speaker mentions that the use of credit scores can have a significantly negative impact on a person's economic situation, such as when applying for a loan.
10. The speaker discusses the lack of transparency and quality standards in credit scores, and how this can lead to discriminatory practices.
11. The speaker highlights the potential for credit reference agencies to assign bad credit worthiness to entire neighborhoods or streets of houses, which can exacerbate existing social inequalities.
12. The speaker suggests that individuals have a right to know what data credit reference agencies have on them, where they obtained it from, and what scores they calculated based on that data.
13. The speaker concludes by emphasizing the importance of raising awareness about the practices of credit reference agencies and advocating for transparency, lawfulness, and the individual's rights and freedoms in a democratic society.