Incorrect info provided to ICB - How to quantify damage?

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FunnyMoney

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I recently had the FSO find in my favour regarding a complaint made concerning a financial institution, which were providing incorrect information to the ICB about a former mortgage held with them.

I had gone bankrupt in 2017. However, since that time, the institution in question were submitting to the ICB that I still had an outstanding debt, I was in arrears over 24 months etc etc. Requesting directly to them to amend the incorrect information, they responded in writing with absolute certainty that I still owed them money, even though I was adjudicated bankrupt. They claimed the ICB information would only be changed when the mortgaged property was sold.

It is only through the mediation stage of the FSO process did they suddenly do a 180 on their position. I assume the complaint eventually came to the attention of someone who knew the institution were completely in the wrong and agreed to all my change requests.

They are offering a "gesture of good will" € amount but I have no way of determining if it is appropriate or not. Considering I have had no way to start making any sort of restorative action to my credit rating as a result of the incorrect data sent to the ICB, how can this be quantified?

I believe the bank now know they have made a big mistake and are desperate to cover their tracks.

I'm hoping someone may have been through a similar situation and may have some advice. Thanks.

FM
 
FunnyMoney said:
I recently had the FSO find in my favour regarding a complaint made concerning a financial institution, which were providing incorrect information to the ICB about a former mortgage held with them.
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If the FSPO has made a finding in your favour, he will have made you an award.

So I presume he has not actually made a finding in your favour yet?

How were you inconvenienced by it?

Were you refused credit that you would have otherwise got?

If you went bankrupt in 2017 would that not still be on your credit record, so it seems to me that you have not suffered from it, if it is now going to be corrected.

Sound like an administrative mess up which was frustrating for you but had no real life consequences. So the FSPO will probably award you €500 for it?

But check out the Ombudsman's decisions and see what other awards he has made for maladminstration.

Brendan
 
I should clarify my original post. Technically the FSO did not make a decision. That description is my mistake.

After I made the initial complaint, the FSO began its mediation process. It was during this process that the financial institution stated they would make the requested changes. As I said, this is contrary to their original position they wrote to me prior to the FSO involvement. They were claiming I still had an outstanding debt and ICB information would only be changed when the property was sold.

Bankruptcy info should only remain on the ICB report for 5 years after the date of adjudication i.e. 2022. However, there are several sections related to this particular debt which were incorrect e.g. a € figure for an outstanding debt. This should have been zero. It also stated that I was in arrears for the last 24 months. Again, this is not correct as there is no outstanding debt.

I cannot say if this incorrect information has a greater or lesser impact on my credit rating, as I do not know the exact details of how a potential creditor scores that information. This is what I am trying to figure and hence, determine how badly my credit rating has been impacted (or not).

Could I have accessed a financial product to start restoring my credit rating if this information was accurate? I don't know.

It is the financial institution that has made the monetary offer, not the FSO awarding it.

FM
 
Sounds as if you have not been impacted at all.

You didn't apply for credit, so you were not refused because of the lender's mistake.

The record is now correct.

Brendan
 
If a person applies for a mortgage and is refused because their credit record is bad and this is due to an error by a creditor and if it takes them two years to fix it, they have been prevented from getting a mortgage and the FSPO would take a serious view of it.

1)They made an error
2)They took two years to fix it.
3) It seriously impacted the person

But if a bank says that your middle name is James but it's really John, don't expect a Lotto win.

Brendan
 
Thanks for your responses Brendan.

I did apply for a credit card and was refused immediately. This is how I discovered the ICB errors, as I applied for an ICB report on the basis of the credit card refusal.
 
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