It’s no longer about the paper trail we generate from our everyday affairs, rather it’s about our electronic trail. Big Data is the name of the game now for marketers, credit grantors or any big company trying to seek you stuff.
While some consumers appreciate having their data mined for new products and services, there are growing concerns that lower-income consumers may be denied access to financial products.
A new report from our friends at the U.S. PIRG Education Fund and the Center for Digital Democracy examined the Big Challenges facing Big Data.
The report reviewed four key concerns
The plight of “underbanked and unbanked consumers,” who face special challenges in the new financial marketplace.
2. The impact of data collection and targeted advertising on all Americans, most of whom have no idea that their personal data shape the offers they receive and the prices they pay online.
3. The use of murky “lead generation” practices, especially by payday lenders and for-profit trade schools, to target veterans and others for high-priced financial and educational products.
4. The need for new regulatory oversight to protect consumers from potentially discriminatory and deceptive practices online.
“We are being placed under a powerful ‘Big Data’ lens, through which, without meaningful transparency or control, decisions about our financial futures are being decided,” the report explains.
A copy of the new report is available at Center for Digital Democracy (www.democraticmedia.org) and www.uspirgedfund.org