I would expect that when Bank sees the error they would quickly sort it.
If they havn,t sorted it the {loss} may indeed be difficult to quantify, but as an example.
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John applies for mortgage , he is turned down, the lender has no (to my knowledge) requirement to say why John was declined. A lender normally has automatic decline on ICB issues.
John applies for Car HP , again he is turned down,in this case the local garage owner may assume John hasn,t paid his bills. That is an ongoing (slight) on his good name in his local area.
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An actual case I do know about.(I have changed things slightly).
Mark a professional man , got note from Bank circa 4 years ago that they had put in errors on his ICB.
Since Mark had fathers guarantee , father was approached to pay off arrears.Not a nice position.
Things were resolved, error admitted and move on, no great harm done...
However when Mark went to get Mortgage this year , he was put through the wringer to get a Mortgage (he did not know his ICB was still not corrected)
Yet again a month later he gets note from Bank re error on ICB but this was after he was getting trouble in getting mortgage.Only then did he think that the (duff) ICB was hurting him.
John would not be (finance) savvy and until he got 2nd note on wrong ICB from Bank, took the difficulty he was having in getting mortgage down to these strange times.
For the record he is suing them.
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Maybe before anyone looks for finance they should get their ICB and any issues would @least be spotted, and I am sure would be quickly sorted without hassle.