Swedish Data Inspection Board Welcomes Proposal to Amend Credit Information Act

On August 26, 2008, the Swedish Data Inspection Board issued a statement on the proposed amendments to the 1974 Credit Information Act. The amendments, which are supposed to come into force on April 1, 2009, are intended to restrict the processing of online credit data by credit rating agencies. The proposed changes are a response to previous investigations launched by the Swedish government, which raised concerns about the disclosure and use of information pertaining to the financial background and debt situation of natural as well as legal persons. The DIB has concluded that the proposed changes are necessary in light of the growing market for credit date and the relative ease with which such data can be obtained online.

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