NEUES Gesetz: DAS ändert sich für ALLE bei der SCHUFA!

Summary

The video discusses a new law approved by the Federal Cabinet in Germany, specifically addressing data protection and its direct impact on the operations of credit bureaus like SCHUFA. The legislation, a response to a 2023 European Court of Justice ruling, aims to significantly enhance consumer rights. It prohibits the use of certain personal data, such as bank transactions, health information, and ethnicity, in determining credit scores. The law mandates that credit bureaus must now disclose in a clear and simple language the specific personal data used for scoring, the weighting of categories and criteria, and the implications of the score. Consumers will have the right to contest and provide their own perspective on the scoring, moving away from purely automated decisions. The law also prevents the storage and use of data from minors. While the Cabinet has agreed on the draft's content, it may still be subject to changes during parliamentary discussions. The video promises to keep viewers informed about this and other important financial topics.

Takeaways

• 📜 A new law has been enacted by the Federal Cabinet that will significantly change the way credit bureaus like Schufa operate, impacting consumer rights and data protection.
• 🔍 The new legislation, Paragraph 37a in the Federal Data Protection Act, is a response to a 2023 European Court of Justice ruling and aims to strengthen consumer rights.
• 🏠 Schufa's scoring, which affects many life areas such as renting an apartment, getting a mobile phone contract, or obtaining financing and credit cards, will be subject to new restrictions.
• 🚫 Certain personal data such as bank transactions, name, residential address, health data, social media information, and ethnic origin will no longer be allowed to be used in determining Schufa's score.
• 📊 Under the new law, Schufa must disclose in a clear and understandable manner which personal data was used for scoring, the weighting of categories and criteria, and the impact of the score.
• 🤔 Consumers will have the right to contest and provide their own reasoning against the automated scoring decisions, allowing for human intervention where necessary.
• 🔗 The law will not only affect Schufa but also other credit information providers, requiring a rethink in their processes and adherence to new regulations.
• 🚫 Schufa and similar agencies will be explicitly prohibited from storing and processing data of minors.
• 📝 The legislative process is not yet final, as the agreed-upon contents of the draft law can still be adjusted during the deliberation and decision-making in the Bundestag and Bundesrat.
• 📢 The channel 'smartsteuer' will keep subscribers informed about this and other important financial topics, encouraging viewers to subscribe and stay updated.
• ✅ The video also wishes success to viewers with their tax declarations, promoting the use of 'smartsteuer' for an easy and knowledge-free online tax declaration process.

Q & A

What is the main topic of the video?

The main topic of the video is a new law decided by the Federal Cabinet, specifically a new paragraph related to data protection that will have a direct impact on the operations of credit bureaus like Schufa.

What is the new paragraph number in the Federal Data Protection Act that the video discusses?

The new paragraph number discussed in the video is Paragraph 37a.

What was the reaction of the new law to the European Court of Justice's ruling in 2023?

The new law is a response to the European Court of Justice's ruling in 2023, aiming to significantly strengthen the rights of consumers.

What kind of information will Schufa be prohibited from using in the future for determining credit scores?

Schufa will be prohibited from using information about bank account transactions, names, residential addresses, health data, personal data from social media, and ethnic origin in the future.

What new requirement does the law impose on Schufa in terms of transparency?

The law requires Schufa to disclose in a precise, transparent, understandable, and easily accessible form which personal data were used for scoring, the weighting categories and criteria, the explanatory power of the scoring, and what values were transmitted to which recipients.

What is the significance of the new law regarding the right to dispute?

The new law grants consumers the right to dispute and state their own position and decision, meaning there will be a human involvement in determining and justifying the credit score, not just an algorithm.

What is the current stance of Schufa regarding the European Court of Justice's ruling?

Despite the European Court of Justice's ruling, Schufa has generally declined to disclose detailed information on how credit scores are determined and which data they use for this purpose.

What is the new regulation regarding the storage and utilization of data of minors by Schufa?

The new regulation explicitly prohibits Schufa and other credit information providers from storing and utilizing data of minors.

What are the potential implications of the new law for the processing of millions of datasets by Schufa and other credit information providers?

The new law implies that in cases of doubt, a human must be able to determine and justify the credit score, rather than relying solely on machines and algorithms.

What is the current status of the law in terms of its implementation?

While the Federal Cabinet has agreed on the contents of the draft law, it may still be adjusted through discussion and decision in the Federal Parliament and Federal Council.

How can viewers stay informed about this and other important financial topics?

Viewers can stay informed by subscribing to the channel and keeping an eye out for updates on the new law and other financial topics.

What is the channel's stance on helping viewers with their tax declarations?

The channel aims to assist viewers in making their tax declarations simple and straightforward without prior knowledge, using the online tax declaration tool from smartsteuer.