In May 2018, the famed AD GNI came into force. Initially, everyone heard the concept, but hardly anyone knew what exactly was going on. Now most people know that the new rules are designed to better protect customers’ personal data. Also in the world of loans there have been some significant changes and potential clients have gained new rights. Let’s check what permissions the clients give the GNI.
The main task of the GNI is to ensure the free flow of information and personal data between European Union countries. In addition, personal data are to be better protected and any leaks or leaks in company systems are severely punished. For loan companies, this means much more formalities, which is why, with the beginning of the GNI, some smaller and less popular companies simply ceased to exist. What rights in loan companies does the Data Protection Regulation give customers?
Before registering you in the system, the loan company is required to inform you thoroughly about current provisions related to personal data protection. You have the right to know exactly who will be the administrator of your data and how information about you will be used. You must also give your consent to data processing. Only at this point can the customer be added to the system and apply for a loan.
Until now, the request for consent to the processing of personal data was written in a rather enigmatic language. The customer mechanically agreed, not even knowing that in this way he allows to process and transfer information about himself. Now, companies must be very clear about the consequences of consenting to data processing for marketing purposes. What’s more, you can withdraw your consent at any time.
You have the right to submit an application to the administrator of your data at any time to send all information about you. The administrator is required to send a detailed report. Each customer can at any time correct the information contained and make corrections in it. However, this is not all, everyone under the GNI has the right to be forgotten. You have the right to request the removal of all information about you that the company has accumulated in your system.
In summary, the GNI gives you more control over the information you provide to loan companies about you. On each website, you also give your full informed consent to the processing of data for clearly defined purposes. After repaying the loan, you also have the right to request the removal of any information from the system about you. Companies now have to take care of consumer rights in the area of personal data protection very responsibly. Financial penalties for breaking current provisions are extremely severe. Penalties of up to 20 million Euros are foreseen for the biggest offenses.