Security risk? Schufa account insight through Bonify causes criticism

Security risk? Schufa account insight through Bonify causes criticism

According to a report by www.channelpartner.de,

The consumer advice center criticizes the insight into the account that Schufa offers through its subsidiary Bonify. Consumer advocate Dorothea Mohn expresses concerns that consumers may be pressured into disclosing their data in order to conclude a contract. Although Schufa offers a free insight into the stored creditworthiness data, the approach is criticized because it could give the impression that the release of the data is necessary to conclude a contract. The Bonify app allows users to share their account statement with Schufa for 90 days, raising concerns about possible additional data collection by Schufa.

This criticism can have an impact on the market and consumers. If consumers hear about the consumer advice center's criticism, they may hesitate to use the Bonify app. This could lead to a decline in the number of users and thus a loss of trust in the product. Additionally, public criticism could potentially lead to tightening of laws regulating such practices. This in turn could influence the business practices of Schufa and its subsidiary and lead to changes in their offerings.

Overall, it is important that consumer-friendly and transparent practices are implemented in data collection and use to gain and maintain consumer trust.