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

smartsteuer

29 Feb 202404:27

Summary

TLDRThe 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.

Outlines

00:00

📜 Introduction to New Consumer Protection Law

The video script introduces a new law decided by the Federal Cabinet that significantly impacts consumer rights and the operations of credit bureaus like Schufa. The law is a response to a 2023 European Court of Justice ruling and aims to enhance consumer rights. It restricts the use of certain personal data in calculating credit scores and mandates transparency in the scoring process. The video is presented by Simon and covers topics like data protection, its direct impact on credit bureaus, and the importance of these changes for consumers.

Mindmap

Keywords

💡Schufa

Schufa is a German credit bureau that provides credit reports and scores to individuals and businesses. It plays a central role in the video as it is the subject of the new law discussed, which will change how Schufa calculates credit scores and what information can be used in the process.

💡Gesetz (Law)

The term 'Gesetz' refers to a new law that has been passed by the German Federal Cabinet. This law is significant to the video's content as it introduces fundamental changes to data protection and consumer rights, particularly affecting how credit scores are determined by entities like Schufa.

💡Datenschutz (Data Protection)

Data protection is a key theme in the video, focusing on the new legal requirements for safeguarding personal information. The new law aims to strengthen consumer rights regarding their personal data, which is particularly relevant to Schufa's operations.

💡Paragraph 37a

Paragraph 37a refers to a specific section of the new law that directly impacts Schufa and other credit reporting agencies. It outlines new regulations on the use of personal data for scoring and requires greater transparency in how credit scores are calculated.

💡Europäischer Gerichtshof (European Court of Justice)

The European Court of Justice is mentioned as the source of a ruling from 2023 that the new law is a response to. This ruling likely had implications for data protection and privacy, leading to the development of the new legal framework discussed in the video.

💡Verbraucher (Consumers)

Consumers are a central focus of the video, as the new law is designed to protect their rights and provide them with more control over their personal data. The changes will affect how credit scores are calculated and what information can be used to determine them.

💡Geschäftsgeheimnis (Trade Secret)

Trade secret refers to the proprietary information that companies like Schufa have traditionally used to calculate credit scores. The new law challenges this by requiring greater transparency in the scoring process, which was previously considered a trade secret.

💡

💡Scorberechnung (Scoring Calculation)

Scoring calculation is the method used by credit bureaus to determine an individual's credit score. The video discusses how the new law will change this process, prohibiting the use of certain personal data and requiring transparency in the factors and weightings used.

💡Rechte (Rights)

Rights in the context of the video pertain to the legal entitlements of consumers regarding their personal data and credit scores. The new law is intended to strengthen these rights, providing consumers with more information and the ability to contest their scores.

💡Transparenz (Transparency)

Transparency is a key requirement of the new law, mandating that credit bureaus like Schufa must clearly communicate to consumers the data used in their scoring, the weighting of different factors, and the implications of their credit score. This is a significant shift from previous practices.

💡Minderjährige (Minors)

The video mentions that the new law prohibits the storage and utilization of data from minors by credit bureaus. This is part of the broader effort to protect the personal data of vulnerable individuals and ensure that credit scoring is fair and respectful of privacy.

Highlights

A new law has been passed that will significantly change the way credit bureaus, such as Schufa, operate and impact consumers' rights.

The new legislation is a response to the 2023 European Court of Justice ruling and aims to strengthen consumer rights.

Schufa's scoring system will no longer be able to use certain personal data such as bank transaction details, personal names, addresses, health data, social media data, and ethnic origin.

The new law mandates that 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 scoring.

Consumers will have the right to contest and provide their own perspective on the scoring determined by Schufa.

In cases of doubt, a human, not just an algorithm, must be able to determine and justify the score value.

Schufa and other credit information providers will no longer be allowed to store and process data of minors.

The new paragraph 37a of the Federal Data Protection Act applies not only to Schufa but also to other credit information providers.

The current draft of the law has been agreed upon by the Federal Cabinet but may still be adjusted through discussions in the Bundestag and Bundesrat.

Smartsteuer will keep subscribers updated on this and other important financial topics through regular videos.

The video encourages viewers to subscribe to stay informed about current and relevant financial topics, including tax tips.

The host, Simon, emphasizes the importance of understanding the new legal changes for managing personal finances and taxes.

The video provides a source link in the description for viewers to read more about the new paragraph 37a in the Federal Data Protection Act.

The changes will have far-reaching consequences for the automated processing and updating of millions of data sets by credit bureaus and other information providers.

The video highlights the shift from machine-based scoring to a more human-involved process in determining credit scores.

Smartsteuer offers an online tax declaration service to help individuals file their taxes easily and without prior knowledge.

The video concludes by wishing viewers success with their next tax declaration and encourages them to like the video and subscribe to the channel.