The Research On The Protection Of Financial Privacy In Internet Credit

According to iResearch's 2017 China's Internet Finance Sector Report,in 2017,the scale of online credit transaction has exceeded RMB 10 trillion,and the compound growth rate is expected to reach 57.36% by 2020.However,the rapid growth of online credit business also exposes the imperfection of current credit investigation system,which resulting in the barbarian growth of online credit and other chaos in P2 P lending and payday loan in the past two years.In order to meet the needs of risk management in the development of Internet financial services,Internet credit has emerged as the times require.The Internet credit service has effectively supplemented the traditional credit investigation system,but there are still many problems in its own development.And these problems pose a huge security risk to the financial privacies of the information subjects,and even infringe on their financial privacy rights.Therefore,this thesis will take the financial privacy protection in Internet credit as the research object,in order to conduct an in-depth study of the Internet credit system,explore the existing credit investigation system and legislative provisions,and clarify the financial privacy protection issues that exist in such system.Then this thesis will apply relevant theories in law and economics,so to provide reference for China to improve the legal system of financial privacy protection.The thesis is composed of four parts:Chapter one analyzes the financial privacy protection problems in Internet credit reporting.The study found that there are mainly two problems: one is the conflict between financial privacy protection and the sharing of information between the Internet credit reporting agencies and financial institutions;the second is the conflict between the Internet credit reporting agencies during the process of conducting business and financial privacy protection.Chapter two analyzes the status quo of financial privacy protection in Internet credit reporting.In the aspect of the credit investigation system,this thesis mainly compares the market-based credit information model with the central credit information model,so to discuss China's current credit investigation system and its development trend.In the aspect of legal regulation,this thesis conducts an in-depth study of laws and regulations in related fields,and point out the inadequacies of existing legislation based on the current status of financial privacy protection.Chapter three analyzes the allocation of financial privacy in Internet credit reporting.Through the application of property rights theory,this chapter first defines financial privacy,then discusses the attribution of property rights.The study shows that the optimal configuration is that the property rights is shared by information subjects,credit bureaus and financial institutions.Then this thesis combines the research results with the Internet credit system,exploring the rights distribution mechanism of financial property sharing under such system.Chapter four puts forward some improving suggestions of financial privacy protection in Internet credit reporting.Based on the analysis of abovementioned chapters,this chapter presents suggestions for promoting China's financial privacy protection from the perspectives of interest balance and system construction.According to the research of the abovementioned contents,balancing the rights of the parties in the Internet credit and improving the existing financial privacy protection system is the key to solving the problem of financial privacy protection in Internet credit reporting.It is also the foundation for the steady and sustainable development of Internet finance.