Consumer credit information systems: a critical review of the literature. Too little attention paid by Lawyers?
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This paper reviews the existing literature on consumer credit reporting, the most extensively used instrument to overcome information asymmetry and adverse selection problems in credit markets. Despite the copious literature in economics and some research in regulatory policy, the legal community has paid almost no attention to the legal framework of consumer credit information systems, specially within the context of the European Union. Studies on the topic, however, seem particularly relevant in view of the establishment of a single market for consumer credit. This article ultimately calls for further legal research to address consumer protection concerns and inform future legislation.
KeywordsConsumer credit reporting Review of the literature Legal framework
JEL ClassificationK2 G14 G21 017
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I am grateful to Andrew Campbell, Joan Loughrey, and Prof. Andrew Keay for valuable discussions and encouragement.
I would also like to thank Simon Davies and Gus Hossein of Privacy International for their professional example. Helpful comments and suggestions of two anonymous referees are acknowledged.
My special appreciation to Stella for her uninterrupted love and support.
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