05 Jun New “Code of Conduct” of German credit agencies as partners of creditPass
In order to create legal certainty and clarity for consumers and retailers, the credit agencies in Germany, together with the responsible supervisory authorities, have agreed the Code of Conduct (CoC) in accordance with Art. 40 GDPR to regulate the review and storage periods. When the GDPR came into effect in 2018, the Association of Credit Reference Agencies received approval for the review and retention periods requested at the time. The previous CoC expired on May 24, 2024 from. From the May 25, 2024, the CoC approved by the supervisory authorities applies, which in particular takes into account the decision of the CJEU on the retention period of data from the insolvency register. The association “Die Wirtschaftsauskunfteien e.V.”, formerly. Verband der Handelsauskunfteien e.V. VdH, represents the interests of the major credit agencies. These include the credit agencies Creditreform, CRIF, Boniversum, infoscore – Experian and Schufa, which can be accessed via creditPass. One of the association’s main concerns is to set quality standards for the industry. This applies above all to the area of data protection, which is particularly important to the credit agencies.
-> Further information can be found at www.die-wirtschaftsauskunfteien.de <-