“Is there a right to credit?”, Maria Lissowska (Senior Expert, European Commission) asked at the beginning of the “Panel 3 on Credit”. Well, obviously there’s no written right to credit, but it’s also obvious that the opportunity for a credit is a big contributor to financial inclusion. However, the opportunity for a credit depends largely on the consumer’s creditworthiness. The question should therefore be in the future, how can creditworthiness be reflected by the financial reality of the credit applicant and thus promote financial inclusion?
Instead of often incomprehensible and intransparent credit scores for consumers, banking data itself provides the necessary data for the evaluation of creditworthiness. Because in the sense of data minimisation, the question should be which data is actually needed for the credit decision. Furthermore, the financial reality of a credit applicant is not correlated to market data as the basis for credit scores because every single person applying for a credit is an unique case.