Person: Anidjar, Leon
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Leon
Last Name
Anidjar
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IE University
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IE Law School
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Private & Business Law
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Publication Reinventing Credit Data Sharing Regulation(Elsevier, 2020-04-16) Anidjar, Leon; Mizrahi-Borohovitch, Inbar; https://ror.org/02jjdwm75This Article is devoted to exploring the benefits and risks involved in the credit information sharing system by proposing a novel regulatory methodology. Specifically, we introduce a personalized scheme designed to regulate sharing, scoring, and use of personal data. This contextual framework is grounded on three fundamental principles: the identity of the credit consumer, including his personal and socio-economic background; the purpose for which the consumer asks for credit provided by the lender; and the complexity of a given credit transaction. Furthermore, to ensure a fair balance between protecting privacy rights of consumers and enabling efficient and competitive practices of personal credit data sharing in the global markets, we suggest that ex-ante rule-making and ex-post enforcement mechanisms should be designed according to their relative effectiveness. Consequently, in a case where ex-ante strategies fail in providing adequate protection for privacy rights, a more comprehensive ex-post approach should be carried out to achieve proper protection for individual rights; and where it is observed that ex-post policies provide an optimal deterrence against privacy violations, a more lenient approach regarding ex-ante rule-making should be adopted. Our proposal contributes to creating an optimal equilibrium synergy of regulatory networks responsible for regulating the credit data sharing systems.