Bank Customers Told To Check Records

Irish bank customers have been urged to check their credit records, following revelations that financial institutions other than AIB may have misreported credit histories.

The Data Protection Commissioner Billy Hawkes has said another problem similar to that which occurred at AIB has been discovered in one other financial company; Permanent TSB.

The announcement has come following auditing of various other banks. The audit took place after it was discovered AIB had misreported to the Irish Credit Bureau over a period of six years.

Mr Hawkes said that although the banks were currently in the process of correcting any errors, customers should make sure by checking records themselves.

He said it was important to fact-check the accuracy of records, as any discrepancies might have negative impacts on people.

Mr Hawkes remarked he was surprised at the extent of the practice of misreporting credit histories, including just how long the illegal activity had continued.

He remarked on the fact that many people caught up in banks’ misreporting were already having financial difficulties.

The Office of the Data Protection Commissioner has said the investigation into all major financial institutions will be completed within a month.

The Irish Credit Bureau, to which AIB had misreported its credit histories, is a private company which is owned by banks and financial institutions.

It collates customer credit histories on behalf of those banks. The Bureau is due to become a statutory body.

(IT/GK)