Protection Of Financial Privacy In Internet Credit Investigation

Since “financial repression phenomenon” has existed in Chinese financial system for a long time, the Internet has greatly transformed finance of China, and the concept “Internet Finance”came into being. Overall, Chinese Internet finance is not lagging behind in the world. In some areas,China has even become industry leader. Internet finance plays a key role in filling the traditional financial gap and promoting the development of inclusive finance;the healthy development of Internet finance depends on perfect credit investigation system. Problems frequently arise in Chinese p2 p platforms,which attribute to imperfect credit investigation system and backward level of credit investigation. Internet finance directly spawns the credit needs of the Internet, meanwhile, the Internet credit investigation adds to the traditional credit investigation market, which contributes to the reform of credit investigation system, changes the situation that the central bank dominants the whole market and guides it towards market-oriented, diversified direction. The central bank published 8 individual pilot credit investigation institutions in January 2015, among which Zhima Credit,Tencent Credit, Koalas Credit, Qianhai Credit are all credit agencies focusing on "Internet + big data" and China’s privatization gate of individual credit investigation has opened. Internet credit investigation is so innovative that it is greatly different from the traditional way of credit investigation and traditional credit investigation rules are difficult to apply. Because of Internet credit investigation’s unique characteristics, if strictly according to current laws and regulations, Internet credit investigation is liable to violations in the period of collecting information, such as collecting information without consent, collecting information prohibited by law. The absence of a corresponding civil liability system results in a large number of users failing to be compensated by damages. Whether the build up of Internet credit investigation system or financial privacy protection in our country is at the initial stage, which is rather immature and these questions are worthy of our consideration. In 2014, White House issued "Big Data" white paper, concentrating on in-depth study of big data and privacy. Recently, President Obama signed the bill, which will be applied to some privacy of citizens in US allies, so that citizens of US allies that personal information has been unlawfully infringed can sue the US government. Privacy protection in the United States is constantly in progress and US has always been at the forefront of the world;on December 15 of 2015, the European Commission(European Commission) adopted the "General Data Protection Regulation"(General Data Protection Regulation) in hopes of completing constructing new framework in place of the old one that can not meet the needs of "Internet +" times. China may appropriately learn their practices and minds combined with local actual situation.