luottotietolailla

Luottotietolaki, often referred to as the Credit Information Act, is Finnish legislation that governs the collection, processing, storage, and sharing of credit information about individuals and businesses. The act aims to support responsible lending and borrowing, promote financial stability, and protect personal privacy by setting clear rules for how luottotiedot are handled.

The law covers entities that report or rely on credit information, including credit information services and lenders, utility providers, landlords, and other parties involved in evaluating creditworthiness. It defines what kinds of data may be stored, such as debt details, payment histories, defaults, and insolvency information, as well as the sources from which data may be obtained. The processing of these data requires a stated purpose and must adhere to principles of accuracy, necessity, and data minimization.

Individuals have rights under the act, including access to their own luottotiedot, rectification of inaccuracies, and notification if information is processed in a manner that affects them. Data subjects may request limiting or objecting to certain processing in specific circumstances and have a right to lodge complaints with the supervisory authority.

Compliance with the Credit Information Act is overseen in Finland by the data protection authorities, aligning with broader European data protection standards. The act works in conjunction with other consumer and banking regulations to ensure that credit information serves legitimate aims while safeguarding privacy.