Personal data protection in loan companies

Loan companies collect the data of their clients and people who request a loan from them, but ultimately receive a refusal reply. That is why it is important to fulfill the tasks of proper protection of personal data. How do they do it?

Legal processing of personal data

Legal processing of personal data

Loan companies may pursuant to art. 23 par. 1 point 2 of the Act on the Protection of Personal Data (Journal of Laws of 2015, item 2135, as amended), process personal data of current, former and would-be clients. Such data processing is acceptable when these activities are necessary to fulfill the right or fulfill the obligation under the law.

What about the data of a failed borrower?

What about the data of a failed borrower?

A person who has been finally refused a loan, has the right to demand minimizing the processing of his personal data , but can not effectively demand that it be completely removed from the loan company’s database. If she applied for a loan, she showed proof of whether she made the verification payment from her account, thus consenting to the legal processing of her data by the loan company.

In the event of refusal to grant a loan to a customer whose data he has obtained, the entrepreneur should stop processing information that was collected and necessary to grant the loan. The company should leave the remaining information in the protected database, which results from the provisions of the Act on Counteracting Money Laundering and Terrorism Financing. Institutions are obliged to apply financial security measures to their clients, which manifests itself in the processing of data in accordance with the scope determined on the basis of the assessment of money laundering and terrorist financing risk, carried out as a result of the analysis taking into account in particular the type of client.

A lender may, or rather should, using the financial security measures specified in the Act on counteracting money laundering, identify the client and collect data about him that allows him to be identified. Among them were such data as:

  • features of the person’s identity document,
  • name, first and last names, citizenship of the client,
  • the address of the person making the transaction,
  • the PESEL number of the borrower,
  • date of birth (in the case of persons without a PESEL number or a document number stating the identity of a foreigner).

The lender is obliged to keep the data obtained on the basis of the client’s identity verification for a period of five years. It is calculated from the first day of the year following that in which the verification was carried out, which results from art. 9k of the aforementioned anti-money laundering and terrorism financing act.

In summary, in the field of personal data security of loan companies, the loan provider can process customer data in the scope of their names and surnames, PESEL number, series and ID number, place of residence and correspondence address. However, it must be protected against unauthorized access by third parties.

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