Austria
In Austria credit scoring is done as a blacklist. Consumers which did not pay bills end up on the blacklists that are held by different credit bureaus. Having an entry on the black list may result in the denial of contracts. Just specific branches like telecom carriers use the list on a regular basis. Banks do not use these lists, but rather inquire about securities and income of the consumer when giving out loans.
According to the Austrian Data Protection Act, consumers must opt-in for the use of their private data for any purpose. Consumers can also retrieve the permission to use the data later, which makes any further distribution or use of the collected data illegal. Consumers also have the right to get a free copy of all data held by the credit bureaus once a year. Wrong or unlawfully collected data must be deleted or corrected.
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Famous quotes containing the word austria:
“All the terrors of the French Republic, which held Austria in awe, were unable to command her diplomacy. But Napoleon sent to Vienna M. de Narbonne, one of the old noblesse, with the morals, manners, and name of that interest, saying, that it was indispensable to send to the old aristocracy of Europe men of the same connection, which, in fact, constitutes a sort of free- masonry. M. de Narbonne, in less than a fortnight, penetrated all the secrets of the imperial cabinet.”
—Ralph Waldo Emerson (1803–1882)