this post was submitted on 04 Nov 2026
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Privacy
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This move is very good, and fucking about time! Some things should NOT be privacy based, because these services like Klarna might work for you, but they are destroying lifes for some who cant manage these kind of things.
They need to be accountable, and they cant if the dont get any information at all.
If you want the most privacy - which doesnt exists anyway, because VISA/Mastercard, Apple or Google Pay and your bank already has it - pay with cash.
This move by the EU is great. Dont act like you had privacy before the 20th of november anyway.
Play stupid games, win stupid prizes.
I think we can't demonize one part of the system without talking about the other. Credit history has to be maintained incase we want to buy basic things like housing or cars cuz otherwise they are too expensive.
And cash isn't a viable option due to initiatives like digital euro. Iirc, from next year we can't buy anything above 3k with cash (there will be some kyc involved) and above 20k is just not allowed.
This law in particular creates reasonable grounds for these companies to collect data about our income and expenditure for eventually implementing dynamic pricing. And I wonder, was there no other way to implement this without sharing our financial data?
Credit scores didn't exist in the 1950s and people bought houses just fine.
A credit score is already tracking data about you and your history of payments and how much.
Yeah, housing was much more affordable back then.
And based on what I have heard, when you pay out of pocket, it does not show that you are someone responsible vs if you buy on credit and then pay before the deadline. The latter is more stronger proof of financial responsiblity than the former. Not that I agree with that logic
Is credit scores a thing in EU? In Denmark the banks only look at your disposable income and savings in order to grant a loan.
Kinda. In germany we have schufa, and its not just for getting a loan. Every landlord here asks for it if you want to rent an apartment or even some WG (apartment sharing).
I think if a bank were to look into my income and savings, that's wouldn't be a problem. I bet they get a lot scruitny from authorities. But companies like klarna and paypal that offers "pay later in 30 day with 0% interest", don't. This option was great way to slowly increase your schufa score.
My concern is that, this law essentially gives these companies legitimate grounds to collect this data. Which will eventually be used in dynamic pricing. I think kaufland online is already doing dynamic pricing (annectdotal evidence).
Well TIL. What about credit cards? In Denmark we have our Dankort that is completely independent from US tech. Would something like that increase the credit score?