In our response to the public consultation on the Mortgage Credit Directive, ACCIS illustrates that the requirement to base a creditworthiness assessment (CWA) on information on the consumer’s income and expenses and other financial and economic circumstances which is necessary, sufficient, and proportionate is sufficiently granular. The future Mortgage Credit Directive should, however, ensure that existing restrictions at Member State level on the data that can be shared with credit reference agencies should be removed. The Directive should also consider the role the positive role that self-contributed data and Open Finance data can play in CWAs.
ACCIS explains why there is no discrimination in accessing public and private databases/registers to assess the creditworthiness in Europe, including for the cross-border provision of mortgages.
We also explain why granting consumers specific, targeted complementary rights and information in the CWA process where it involves the use of automated processing of personal data over and above those in the GDPR would be unnecessary, disproportionate and inefficient.