Monday 11 December 2017

Customers warned to check credit histories after banks gave out wrong details

Donal O’Donovan

BANK customers are being urged to check their own credit histories after it emerged that at least one more lender had provided incorrect information about customers missing loan repayments to the Irish Credit Bureau (ICB).

The ICB is the body that gathers information for lenders, who then decide whether to lend money to customers.

The issue of false credit histories was first uncovered at AIB earlier this year when it was revealed that at least 12,000 AIB customers debt payment history had been incorrectly recorded by the bank with the Irish Credit Bureau prompting the current investigations into other lenders.

Now the office of the Data Commissioner, which is investigating the case says other banks are affected, with similar issues identified at Permanent TSB.

The Data Protection Commissioner Billy Hawkes is in charge of policing institutions that hold personal information about individuals. He said he is surprised by how widespread the issue of misreporting of credit histories was. The Commissioner also expressed surprise at the length of time failures went for and said he is “disturbed” by what his office has found.

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