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Bank made error on credit card DD - mark on ICB How to fix?

  • 07-01-2015 8:06am
    #1
    on_my_oe
    Registered Users, Registered Users 2 Posts: 991 ✭✭✭


    We contacted our bank to make a change on our Direct Debit from clearing our credit card in full to paying the minimum payment as we needed to maintain a cash balance in hand for a couple months. The bank confirmed it was all done, no issues, but the online banking kept stating the minimum payment was to clear the full balance; we checked it a further two times with the bank and were again reassured we only had to pay the minimum payment to keep on top of bills and maintain our credit record. Silly us, we believed them.
    Cue a letter from the Collections department stating we were overdue, the minimum payment was the full balance, and now the credit card has been placed on stop and a mark sent to ICB.
    The bank have admitted they gave us the wrong information; apparently the change was processed too late in the month to impact the statement, but this wasn't picked up despite our 'triple checking', and we should have been told to clear the full balance as minimum payment.
    We are obviously not happy as this impacts our credit record which has been spotless, and we had said in all three calls we didn't want any damage to our record, and if there was any doubt, we would pay the balance in full, and find another way...

    So our question is, can the bank actually remove the black mark from ICB? Or are we stuck with an 'explanation note' against the black mark saying 'the bank screwed up' until the mark falls off the record? And lastly how long will the mark stay on the record for?


Comments

  • #2
    TrishSimon
    Closed Accounts Posts: 206 ✭✭TrishSimon


    on_my_oe wrote: »
    We contacted our bank to make a change on our Direct Debit from clearing our credit card in full to paying the minimum payment as we needed to maintain a cash balance in hand for a couple months. The bank confirmed it was all done, no issues, but the online banking kept stating the minimum payment was to clear the full balance; we checked it a further two times with the bank and were again reassured we only had to pay the minimum payment to keep on top of bills and maintain our credit record. Silly us, we believed them.
    Cue a letter from the Collections department stating we were overdue, the minimum payment was the full balance, and now the credit card has been placed on stop and a mark sent to ICB.
    The bank have admitted they gave us the wrong information; apparently the change was processed too late in the month to impact the statement, but this wasn't picked up despite our 'triple checking', and we should have been told to clear the full balance as minimum payment.
    We are obviously not happy as this impacts our credit record which has been spotless, and we had said in all three calls we didn't want any damage to our record, and if there was any doubt, we would pay the balance in full, and find another way...

    So our question is, can the bank actually remove the black mark from ICB? Or are we stuck with an 'explanation note' against the black mark saying 'the bank screwed up' until the mark falls off the record? And lastly how long will the mark stay on the record for?

    The simple answer is YES if the bank are at fault as you stated they can call the ICB and request the records are updated to reflect a clean ICB report you will probably have to get onto them a few times to do it as I found some places are reluctant to do it. Banks and any customers of ICB run report to them once a month so insist they make the change and confirm it in writing to you once it has been done then get a report from the ICB for both yourself and your partner and make sure its clean you can do this by phone or online via the ICB website for € 6.00


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