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Bank of Ireland has written to thousands of customers to apologize for incorrectly reporting the details of their loan transactions to the Central Bank’s credit registry.
The bank made mistakes in reporting the payments made on restructured mortgages. Some 47,000 accounts were affected.
He said he will consider compensating those affected by the mistake.
Bank files sent to the Central Credit Registry (CCR) confused how long the bank had allowed mortgage holders, who are under pressure to repay their loans, to pay only interest.
Some mortgages whose repayments were rescheduled were not recorded as restructured at all in the official credit database.
Typically the errors occurred over a period of two years.
The lender said: “The Bank of Ireland is writing to clients to apologize for a mistake we made in relation to the CCR.
The problem involved loans that had been restructured, for example when the loan term was extended or when the client paid interest only for a period of time. “
The bank said the error relates to restructuring that was either incorrectly reported or not reported to the CCR, and there are around 47,000 loan agreements involved.
He said he believes the number of negatively affected customers is small. To date, four customer complaints have been filed.
“We deeply regret any inconvenience to any of our clients due to this error,” he said.
The CCR is a national database of information on credit contracts operated by the Central Bank. Lenders, like the Bank of Ireland, submit reports to the database every month.
One of the bank letters apologizing for the errors, seen in this post, contains an apology and says that the information related to the client has since been corrected.
There have been a number of mistakes made by banks in the way they report to the registry.
Around this time last year, Ulster Bank’s errors in the data it submitted to the CCR caused some customers to access their data multiple times by mistake. In June this year, EBS wrote to 16,000 mortgage holders to apologize after wrongly reporting them to the Irish Credit Bureau (ICB), which is owned by banks, for non-payments.
The lender, part of the AIB Group, said it has already corrected the mistake.
In February, it was learned that there was an error in the presentation of reports to the ICB that affected the credit records of thousands of people.
The office insisted that no loan application was affected due to the errors, which have since been fixed.
Although the Central Bank has the official credit registry, the CCR, banks still refer to the ICB, which is controlled by them.
Records held by the ICB are crucial when evaluating a consumer for a loan, mortgage, auto financing, credit cards, and other financial products.
It is used by 300 Irish lenders, making it one of the most sensitive repositories of financial data in the country.
The CCR has been established under the Credit Reporting Act of 2013 and lenders are required to comply by making borrower information available. Its creation was recommended by the International Monetary Fund after rescuing the State..
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