Granting Loans, Banks Are Spying? Here’s How to Defend Yourself

Here’s what happens when a citizen needs to get a loan from a bank: it’s not a science fiction novel

Spied, controlled, filed as subjects of a galactic empire or automata of a dystopian novel of the 60s: we are not talking about fiction but the procedure that precedes the granting of a loan by a bank. A story happened to many honest people who see themselves denying themselves in this way of fundamental money, perhaps to keep an activity upright.

Privacy and granting loans: this is what happens

Privacy and granting loans: this is what happens

“We are sorry, but we can not provide funding”: a sentence, a sadly elegiac couplet, a Menters that often feels echoing inside the corridors of banking institutions: the bank official pronounces in this way, even when the citizen / customer owns all the papers in order with reference to their financial situation.

The official splutterers then citing generic excuses: the blame is discharged on the computer, on the rating and on the lines of the general management, lazy rhetorical artifices to get out of the embarrassing situation. But in practice it remains the enigma: why are many apparently solvent entities entangled in the so-called ” credit crunch “?

The “underground” activities of banking institutions

The "underground" activities of banking institutions

The answer hovers in the wind and has the form of a concept that we are more accustomed to know through the newspapers or to see in a movie of espionage at the cinema: “two intelligence”, a concept that takes shape from the union of two terms: “due diligence “(Usually the investigative process that is put in place to analyze the value and conditions of a company, or a branch of it, for which there are intentions of acquisition or investment) and” intelligence “(the set of tools that oversee the control of relevant information). But today, with the continuation of the economic crisis and the collapse of all certainty, this tool is also used to assess the solvency conditions of the individual who requires funding. A ” scouting report ” is drawn up that analyzes the client in detail: to do this they are specialized companies that could not actually act in this way but do it anyway, violating privacy and pushing where even the criminal records could not private life of people. In this way, all citizens are listed: from entrepreneurs to professionals.

But what happens with the information stolen in this way? These are sold to banking institutions. And in this way, the circle closes. It looks like an Orwellian novel, but it is not. The strong subjects (ie the banks) make the big voice, and the unarmed citizen suffers. But the protection of the consumer, in such circumstances, how can it be practiced?

How to protect yourself from this?

How to protect yourself from this?

To help the current accountant to protect themselves from this particular practice, some professionals come to the rescue: in fact, the experts (especially lawyers) of privacy are multiplying in the territories to turn to for advice. These figures can serve as a great help to orientate themselves in the complex matter of personal information. A fundamental tool to protect the consumer against large banking entities.

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