The largest financial services group in Ireland ‘Bank of Ireland’, is writing to 47,000 customers to apologise over errors in reporting amended agreements to the Central Credit Register.
For those who may be unfamiliar with the service, the Central Bank-run databases that collects credit information on a monthly basis from lenders for loans of €500 or more. The database provides information to lenders when making credit assessments on potential loans.
The issue involved loans that had been restructured, for example where the term of the loan was extended or where the customer was paying interest-only for a period of time.
Although, the bank’s failure to report loan restructures to the Central Credit Register may have worked in the favor of many customers. There is a large number of customers who have been negatively affected, such as having longer periods of interest-only payments.
A spokesman for the bank said. “While we believe the number of customers adversely impacted to be small with four customer complaints identified in relation to this error to date, we deeply regret any inconvenience to any of our customers from this error.”
Bank of Ireland Data Breach, held for the incorrect processing of data as they failed to report credit ratings correctly and is a breach of Article 5.1.
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