"Election to share KHR data" consent in IBCE - what does it really mean?

E

eyofhh

So I got migrated from IBUK to IBCE and today, while logging to the Client Portal I was asked for consent to "Election to share KHR data" with the following description:

You have an investment loan contract and/or a margin account with IBCE. Please note that IBCE is required to transfer client data and some data of the loan ("Reference data") to the Central Credit Information System, KHR. We are providing you detailed information on KHR on IBCE website under Forms and Disclosures here, please read this communication carefully. Before you proceed, we need you to decide whether or not to consent on disclosing your Reference data existing in the KHR, to third party loan provider.
- I consent for having my data disclosed from the KHR to another loan provider.
- I do not consent for having my data disclosed from the KHR to another loan provider
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The link leads to this pdf and honestly, I still don't know what does it mean if I do consent and what if not. Are there any consequences of not opting in?

That's another example of terrible user exeperience with IBKR. I feel dumb again not understanding what they are really trying to say. Can anyone explain this to me in simple english?

Much appreciated
 
eyofhh said:
That's another example of terrible user exeperience with IBKR. I feel dumb again not understanding what they are really trying to say. Can anyone explain this to me in simple english?
More...
I think that your anger should not be towards IB, but to the Hungarian government. IB is simply following Hungarian law with this topic.
In layman's terms it states that your personal data will be entered in a government database (KHR, CCIS) if you fail to pay back a loan in time. You are being asked whether your data in this register may be forwarded to other parties (e.g. banks, financial institutes).
 
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