Page 145 - Special Topic Session (STS) - Volume 1

STS420 Jianhua (Klyment) H.

Figure 4: Check Loan Limit from Weilefen Official Account and Pay Credit Card Bills by
Installments

4. Discussion and Conclusion
As personal credit score is getting mature, the usage scenarios are getting
richer, hence providing much more convenience to customers since it not only
offers an intuitive way for individuals to understand his credit level better but
also a secure bridge for merchants to estimate default risk when offering credit
deals. Nevertheless, the voice of privacy concerns is getting louder and louder
as people realize more and more data is being collected.
In order to strike a balance between credit score applications and personal
privacy protection, it is essential to have clear and comprehensive policy both
from regulators and commercial companies. Firstly, regulators should improve
personal information and privacy legislation protection system by integrating
existing laws and regulations on personal information protection, privacy
protection, credit information regulation, etc., and accelerate the
establishment of special regulations such as the Personal Information
Protection Regulations and the Personal Credit Information Management
Regulations to protect Internet personal information and privacy. In the era of
big data, the protection of privacy should pay more attention to the actual
control of personal information by the information subject, fully respect the
"informed consent" of the information subject and the right of correction,
dissent, and deletion, and improve administrative responsibility and criminal
responsibility. Based on this, a scientific and reasonable civil compensation
mechanism is constructed to make the protection of privacy more
comprehensive and efficient.
On the other hand, for commercial companies which provide credit scores,
they should strengthen self-discipline and take the initiative to protect

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