Recital 55

(55) The assessment of creditworthiness should be based on information on the financial and economic situation. Such information should be necessary and proportionate to the nature, duration, value and risks of the credit for the consumer, in line with the data minimisation principle set out in Regulation (EU) 2016/679, and should be relevant, complete and accurate. That information should include at least the income and expenses of the consumer, including giving appropriate consideration to the consumer’s current obligations, inter alia the living expenses of the consumer and the consumer’s household, as well as the consumer’s financial liabilities. That information should not include special categories of personal data referred to in Article 9(1) of Regulation (EU) 2016/679, such as health data including cancer data, nor information obtained from social networks. The European Banking Authority Guidelines of 29 May 2020 on loan origination and monitoring provide guidelines on what categories of data may be used for the processing of personal data for creditworthiness purposes, which include evidence of income or other sources of repayment, and information on financial assets and liabilities or on other financial commitments. Consumers should provide information about their financial and economic situation in order to facilitate the creditworthiness assessment. Credit should only be made available to the consumer where the result of the creditworthiness assessment indicates that the obligations resulting from the credit agreement are likely to be met in the manner required under that agreement. When assessing the consumer’s ability to meet his or her obligations under the credit agreement, the creditor should take into account relevant factors and specific circumstances, for example, but not limited to, in the case of credit granted in accordance with this Directive to finance studies or to cover exceptional health care expenses, the existence of sufficient evidence that such credit will bring the consumer future incomes, or the existence of collateral or other forms of guarantees that the consumer could provide in order to secure the credit.

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Source: EUR-Lex CELLAR · retrieved 2026-07-30 · Text as adopted (Official Journal); later amendments are not incorporated in this text.