The Credit Consent Form is a crucial document required under German law and EU regulations when establishing or maintaining credit relationships. It must be obtained before processing personal data for credit assessment and ongoing credit management purposes. The document ensures compliance with the German Banking Act (KWG), Federal Data Protection Act (BDSG), and GDPR requirements. It typically includes comprehensive information about data processing activities, third-party data sharing (especially with credit bureaus like SCHUFA), and the rights of data subjects. The form is essential for financial institutions operating in Germany and must be updated regularly to reflect changes in data protection laws and banking regulations. This document is particularly important given Germany's strict data protection regime and the specific requirements for financial services providers under German banking law.
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1. Identification of Parties: Details of the credit institution (data controller) and the credit applicant (data subject), including full legal names, addresses, and contact information
2. Purpose of Data Processing: Clear explanation of why personal data is being collected and processed, specifically relating to credit assessment and ongoing credit relationship management
3. Data Categories: Detailed list of personal data categories to be processed, including financial information, identification documents, and credit history
4. Data Recipients and Transfers: Information about third parties who will receive the data, including credit bureaus, regulatory authorities, and any international transfers
5. Data Subject Rights: Clear explanation of the individual's rights under GDPR and German law, including right to access, rectification, erasure, and data portability
6. Duration of Data Storage: Information about how long the data will be stored and criteria used to determine this period
7. Consent Declaration: Explicit consent statement with separate checkboxes for different processing purposes, as required by GDPR
8. Withdrawal Rights: Information about the right to withdraw consent and the process for doing so
9. Signatures: Space for dated signatures of all parties, including any witness requirements
1. Electronic Communication Consent: Optional section for consent to electronic communication and documentation, used when the institution offers digital services
2. Credit Scoring Information: Detailed information about credit scoring processes, required when automated decision-making is used
3. Marketing Consent: Separate section for marketing-related data processing consent, used when the institution wishes to use data for marketing purposes
4. International Transfer Safeguards: Required when data will be transferred outside the EU/EEA, detailing the safeguards in place
1. Schedule 1: Detailed Data Categories: Comprehensive list of all data categories and specific data points to be collected and processed
2. Schedule 2: Third Party Recipients: Complete list of third-party data recipients and their purposes for receiving the data
3. Schedule 3: Privacy Notice: Detailed privacy notice as required by Article 13 GDPR, including all mandatory information about data processing
4. Appendix A: Withdrawal Form: Template form for withdrawing consent, including instructions and contact information
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