On 21 June, the Dutch Minister of Finance introduced a legislative proposal known as the Credit Registration System Act. The main objective of this act is to register credit agreements and any instances of late payments in order to prevent financial difficulties for individuals and mitigate risks for lenders. The registration process involves the processing of a significant amount of personal data. The proposed bill establishes the credit register management as a legal responsibility and grants the possibility of appointing an organisation to undertake the task, ensuring the careful usage of data. The scheme aims to enforce the careful handling of personal data during the credit registration process, with legal rules being applicable to registered agreements. Additionally, the credit register manager will need to meet certain conditions as part of this initiative.

The latest proposal is open for consultation until the August 2, 2023.

Source: ACCIS Industry News