Deontological and professional conduct code for computerised information systems managed by private parties with regard to consumer credit, reliability and punctuality of payments
On January 2005, the "Deontological and professional conduct code for computerised information systems managed by private parties with regard to consumer credit, reliability and punctuality of payments" came into force, published in the Italian Official Gazette No. 300 dated 23 December 2004. This Code lays down rules of conduct which both the so-called "Private Credit Risk Bureaus" known as "SIC" (Credit Information Systems) and the Banks and other financial intermediaries who avail themselves of the afore-mentioned databases for the purpose of granting Customers personal loans, mortgage loans or finance and credit cards, must follow.
The Gruppo Banca Carige banks participate in the EURISC Credit Information System run by CRIF S.p.A.
The new rules of the Deontological Codefor loans and consumer credit introduce important guarantees, in particular on:
- Greater transparency vis-á-vis the consumer via clearer sets of forms used;
- The accuracy and pertinence of the data as well as the exclusive credit protection ends, on the basis of which the information present in the databases cannot be used for marketing or market research purposes, for example;
- The timescales for reporting "default" and for keeping positive and negative data in said systems;
- The credit application which will be kept online for no more than 180 days. If the application is not approved or it is waived, the data can be kept for 30 days.
- The "default positions" subsequently reinstated, which will be cancelled after 12 months for arrears of up to 2 instalments in two months and after 24 months for longer arrears;
- The information on serious breaches not reinstated or non-performing positions, which can be kept for up to 36 months;
- The procedures adopted to simplify the exercise of the right of access to, adjustment or cancellation of the data by the parties concerned.
For further information and up-dates, it is also possible to consult the website of the Guarantor www.garanteprivacy.it link to website with regulations, information and up-dates on the protection of personal details .