In this analysis, LFMI presents arguments and proposes not to endorse the Parliament-initiated amendments to the Law on Legal Protection of Personal Data which would essentially change the terms of information exchange. The exchange of information among lenders allows ensuring that individuals who avoid fulfilling their liabilities will not mislead other market agents as regards their solvency. Meanwhile, the need for information about business partners’ ability to pay is a natural problem on the market that is sought to be resolved. Restricting the exchange of information would injure both parties to the transaction, also prompting illegal exchange of this information.
