Finnish DPA Orders Company To Modify Automated Creditworthiness Assessment, Improve Disclosures

Fox Rothschild LLP

Fox Rothschild LLP

The Finnish Data Protection Authority has ordered a company to modify its automated practices for assessing creditworthiness.

The authority held that the Credit Decision Service in the company’s online environment is an automatic decision-making procedure under Article 22 GDPR.

The company was ordered, within 30 days to:

  • amend its disclosure information so that the borrower could understand the reasons for the decision.
  • provide individuals with information on the logic behind the decision-making process, its relevance to the credit decision and its consequences for the borrower.

Details from the Finnish Data Protection Authority.

[View source.]

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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