Financial Privacy Credit Process

This dissertation deals with the financial privacy protection problems arising out of credit investigation. It mainly concerns to two aspects: Part one is how to set up and perfect the system of credit investigation. Part two is how to define the personal financial privacy and its theoretical value. The solution to the first issue relies on the protection of personal credit information, and the workable regulations in credit information's flowing and usage. In order to solve the second problem, we need endow financial privacy the basic respect. However, the protection of financial privacy and the disclosure of personal credit information seem to be in situation of contradiction in practice. Due to this, the author firstly makes a study on the creation and development of the right of financial privacy in legal field, and then analyzes the existing legal problems in Chinese credit investigation industry. Finally, the author improve practical suggestions based on summarizing the developed countries' experience in regulating credit investigation industry and protecting financial privacy. The author insists that we must be totally aware of the importance of the financial credit on one side and respect the value of financial privacy on the other side.This dissertation consists of three chapters.Chapter one concerns the basic definitions and theories on "credit system" and "financial privacy". The first sub-chapter of this chapter introduces the conception of credit investigation and credit system, tells the difference of privacy, information privacy and financial privacy. It also introduce the origin of financial privacy's theory, which was based on the "implies term" and "tortuous" theories in Common Law System. In second sub-chapter, the author introduces the credit investigation systems of German, United States and Japan which are the representatives of three different styles of credit investigation systems. Regarding protection of financial privacy, the experiences of United States and Europe are recommended.Chapter two starts to discuss the possible solution to the practical problems in credit investigation. The first sub-chapter gives a introduction of the flow of credit investigation and makes it clear that in this flow, theconflict between the investigation and protection of financial privacy is unavoidable. In practice, there are three steps would possible impinge on financial privacy: credit information collection, using and share. The basic target is to balance these two rights' relationship. The specific principals to deal with these problems should reflect the idea of public benefit has privilege. Referring the other countries' experience, the author provides three measures: Firstly, to limit government bureaus' right in credit information controlling. Secondly, to entitle the collected more rights such as the right to be told and the right to be redressed. Thirdly, to regulate the procedure of credit bureau in information collection, using and share.Chapter three focuses on how to consummate the system of credit investigation and protect financial privacy in China. After reviewing the current credit investigation market, the legal status and the supervision situation, the author tries to find a suitable mode for Chinese credit investigation market. At the same time, a summary of the current situation on protection of financial privacy is provided, including the bank's obligation on clients' confidential information in financial system, and the actions on against washing money. While facing the real confliction, the author takes the western countries' experience as reference to offer practical solutions.