Bank black list

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roker

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Banks have credit reference agencies they use against us , is it not time that the consumer has a bank reference list?

It would be great if we could set up a table and count the complaint against each bank. we could then count the total and see which one comes out best.

Any ideas how we can go about this on this forum?
 
I think there's a site somewhere doing this already, but can't remember where it is. Something that was set up in the aftermath of an AIB overcharging scandal. Perhaps someone else can remember,

Having said that there's an awful lot of info about the banks here on AAM too.
 
roker said:
Banks have credit reference agencies they use against us , is it not time that the consumer has a bank reference list?
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What credit reference agencies are you talking about? I'm not aware of any credit reference/scoring agencies operating in the Irish market and the collates credit histories/records and not references/scores. Any inferences about credit worthiness drawn from the ICB records are done by the individual institutions themselves.

It would be great if we could set up a table and count the complaint against each bank. we could then count the total and see which one comes out best.
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Why would this be great? As a bank shareholder (through my indirect equity pension and other investments) I would expect these institutions to balance business growth with prudential lending strategies and avoid lending to unacceptably risky borrowers. As a bank customer I certainly don't want to be paying extra to cover borrowers who default.
 
How could we ensure the accuracy of such a list? How could we prevent competitors entering spurious complaints?
 
extopia said:
I think there's a site somewhere doing this already, but can't remember where it is. Something that was set up in the aftermath of an AIB overcharging scandal. Perhaps someone else can remember,

Having said that there's an awful lot of info about the banks here on AAM too.
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I think you might be talking about [broken link removed]. I don't think it has anywhere near the number of users and threads as the financial forum of AAM, and as far as I remember, some of the complaints/posts were fairly petty.
 
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Dun and Bradstreet are a service that provides information on businesses rather than individuals.
 
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I heard talk a while back of one of the UK personal/individual credit rating/scoring operations entering the Irish market but I'm not aware of anything happening since and don't believe that there is any such company operating here right now.
 
Experien has set up a consumer credit Bureau in Ireland - not sure whaich institutions use it though.. They are exactly like ICB insofar as the provide the data and the bank makes the decision on their creditworthiness.
 
Even if I open up a credit card account I must sign to say that my information can be passed on to other credit reference agencies (read the small print)

As a consumer I need fair play, it is presently one sided. The bank can use all sorts devious practices like sticking on extra insurance without telling you, to get commission.
Clubman
A share holder of a company should be ashamed to admit that their company is using subterfuge to get money out of customers.
 
roker said:
Even if I open up a credit card account I must sign to say that my information can be passed on to other credit reference agencies (read the small print)
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What "other credit reference agencies"? If something is stated in the small print/terms & conditions then it's hardly subterfuge (see below) or in any way underhand. If customers fail to apprise themselves of these terms & conditions when signing an agreement then that's their own problem.
As a consumer I need fair play, it is presently one sided. The bank can use all sorts devious practices like sticking on extra insurance without telling you, to get commission.
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Clubman
 A share holder of a company should be ashamed to admit that their company is using subterfuge to get money out of customers.
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What subterfuge and what admission? I was talking specifically about banks adopting a prudent approach to lending and not taking on unacceptably risky borrowers. I don't see how anybody could object to this. Failing to adopt such a prudent approach to lending would be to the detriment of shareholders and other customers who will be left to foot the bill. I never admitted anything about subterfuge or condoned underhand ways of making money. The least you could do is read my posts carefully and base your responses on what I actually say rather than what you assume that I have said.
 
Olddog, I don't dispute the fact that this topic would be of interest to businesses, but I was under the impression that this forum is for individuals.
 
Sorry about the confusion, I refused to take out a credit card because of the paragraph on reference agencies; which is the point, what reference agencies? This was clear but how many people study all the conditions in the small print

Banks are entiltled to make a profit, but not by using underhanded methods. I have personal experience of this last year. (By the way I have a clear credit history).

But we have got away from the point, about a blacklist for consumers and fair play
 
roker said:
Sorry about the confusion, I refused to take out a credit card because of the paragraph on reference agencies; which is the point, what reference agencies?
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I guess they mean ICB and perhaps any other reference/rating/scoring agencies that operate in the Irish market (Experian) or may do so in the future? If the terms & conditions of any agreement are not clear then it's open to the consumer to ask the insitition for clarification - preferably in writing. If they don't like the terms & conditions then they are free to look elsewhere for an alternative arrangement.

This was clear but how many people study all the conditions in the small print
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True but that's their problem and the institutions can hardly be blamed for people signing agreements without understanding the Ts&Cs.

Banks are entiltled to make a profit, but not by using underhanded methods. I have personal experience of this last year. (By the way I have a clear credit history).
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Maybe you can post details?

But we have got away from the point, about a blacklist for consumers and fair play
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Why not just take any legitimate/substantive complaints to IFSRA? Part of their remit is to protect consumers and ensure fair play in the banking sector. I don't see an overriding need for a blacklist of institutions. But if you think that such a list is needed why not start one up - e.g. an online bulletin board such as this dealing specifically with such complaints?
 
Can banks get information on credit without the permission of the customer?
 
How long does a bad credit stay on the credit reference records is it 5 years??
 
Can banks get information on credit without the permission of the customer?
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Most, if not all, credit agreements will have a clause whereby the customer consents to the details of the agreement being passed onto the ICB and maybe other credit referencing agencies. As such it would be difficult to obtain credit without giving the lender the permission to pass this information on and making it available to other institutions.

data is held for 6 years
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ICB only store records for five years - see the link that I posted earlier. Who are you referring to when you say six years?
 
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