The Regulation of Consumer Credit Information Systems: is the EU Missing a Chance?

This article examines the legal framework of consumer credit information systems in the EU in view of a single retail credit market. It puts forward the proposition that positive law is inadequate to strike a balance between legitimate concerns over consumers’ civil liberties, institutional guarantees, and the needs of the credit industry. It suggests that the EU should enact industryspecific legislation, and the new consumer credit directive should represent the appropriate forum for its regulation. So far, however, the proposed directive maintains the status quo and is far from satisfactory, leading to the conclusion that the EU is missing a chance to re-think a regulatory model to support a healthy single consumer credit market in which consumers receive adequate protection.