Post
Topic
Board Economics
Re: Credit organizations and privacy policy
by
audaciousbeing
on 22/10/2019, 15:31:01 UTC
I found in privacy policy of one particular exchange that it transfers data about me to credit organizations. Actually the same is true for banks.
In what cases do they do this thing? If I make big enough trade volume at exchange, say $50,000 for year, is this information transferred as well? I suppose it happens only if you do margin trading or something... don't know much about it, except that you take loans from brokers...

Yeah I realize $50k is not big for you

When it comes to privacy policy, the reason why its there is to create a framework where people information is not just sent for to profit motive to anyone who wants it. However, for this rule, there is always a superseding power and argument. The interpretation of that part of the policy means that should a legitimate organization request for your credit history, they will be oblige to give it so they are informing you before hand that they would not be needing your express approval at the time. The same thing is applicable to bank and when people approach a credit organisation about their credit history or viability, its from these other organisations that have something to do with your finances that provides them the information to thereafter evaluate your stand.