Consumer Data Rights: GDPR goes into effect today

The global narrative is shifting towards critical conversations surrounding individual and consumer privacy. Who owns your data? How are companies allowed to use your data?

All the time, you readily sign away critical privacy rights to centralized entities.

Even worse, in certain situations, you have no choice.

In the case of the credit bureaus, nothing you can do will protect you from these businesses profiting off of the backs of your daily habits. You can’t opt out.

The underground world of data collection and sales is thriving. Your utility bill payments, cell phone records, insurance payments, auto history, court records, credit score, identity information, social security records, address history and hundreds of other pieces of information are amassed into giant data warehouses where it’s packaged and sold to data farms, lenders, and banks.

GDPR Goes into Effect Today

The General Data Protection Regulation (GDPR) (EU) 2016/679 is a regulation in EU law on data protection and privacy for all individuals within the European Union. It addresses the export of personal data outside the EU. GDPR requires clear consent and written justification for any personal data collected from users.

As you may have noticed with the flood of GDPR related emails, these new guidelines have pushed companies across the internet to revise their privacy policies and collection practices. GDPR provides protection to EU citizens no matter where their data travels- it affects all sizes of companies.

The EU has historically been aggressive about protecting consumer privacy and GDPR gives us a glimpse into how other countries may decide to follow.

The Changing Tide

A 2017 State of Consumer Privacy and Trust survey found that 68% of consumers don’t trust brands to handle their personal information appropriately.

We deserve better, we need to take back our data.

We are building Bloom to bring credit to the modern age.

At Bloom, we give users the power to take back their data. We give users the power to own their own data, and decide how it’s used, how it’s sold.

Bloom is a standardized, programmable ecosystem to facilitate on-demand, secure, and global access to credit services. Bloom is an end-to-end protocol for identity verification, risk assessment and credit scoring, entirely on the blockchain. Bloom offers solutions to cross-border credit scoring and identity fraud while at the same time expanding credit globally to new individuals and improving scoring methodology for all.

With Bloom:

  • You own your data
  • You control access to your data
  • You decide when you share your data and who you share it with

Learn More About Bloom

Consumer Data Rights: GDPR goes into effect today
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