Letter from bank re: incorrect info on Central Credit Register

Tusky

Howdy folks,

I recently bought a house. This time last year I was shopping around for mortgages. I went to a number of different banks. I was turned down for a Central Bank exception a couple of times but got one with AIB was able to buy the house.

I've just received an apology letter from AIB saying they made a mistake when submitting my mortgage application to the Central Credit Register (CCR). They said they made an update to my application and accidentally sent it to the CCR as a new loan application.

"The impact of this is that if any other lender looked at your record they would have seen, incorrectly, that you had made more than one mortgage loan application. It also means that we received more than one credit report from the CCR," it says.

1/ Could this error have played a part in banks decisions during the period when I was shopping around?

2/ Do banks ever pay any compensation in cases like these?

Thanks!

3DataModem

1. Yes

2. Yes. See https://www.askaboutmoney.com/threads/bank-sent-wrong-info-to-the-icb.207778/

Some interesting info here:
https://www.irishexaminer.com/breakingnews/business/bank-of-ireland-admits-technical-error-lead-to-wrong-information-on-3000-customers-credit-history-916779.html

Trish56

I would say No to question 1 as the bank are only allowed grant a certain % of exceptions and last year nearly all the banks had used up their quota very early in the year with the exception of AIB who seem to manage the exceptions on a monthly basis. Also all the banks have different criteria to qualify for an exception so perhaps you did not qualify with them.

Jim2007

1. No

2. No case

They are just cleaning house. An any stage when you are looking for a mortgage with different banks, there will be multiple applications open.

On top of which if there was a possibility liability they would not be making an unsolicited admission.

Tusky

Trish56 wrote: »

I would say No to question 1 as the bank are only allowed grant a certain % of exceptions and last year nearly all the banks had used up their quota very early in the year with the exception of AIB who seem to manage the exceptions on a monthly basis. Also all the banks have different criteria to qualify for an exception so perhaps you did not qualify with them.

I was shopping around at the start of the year when the banks still had exemptions left. I would have preferred to take the mortgage with a different bank as they were offering lower fixed interest rates.

Jim2007

Tusky wrote: »

I was shopping around at the start of the year when the banks still had exemptions left. I would have preferred to take the mortgage with a different bank as they were offering lower fixed interest rates.

Nobody else made you an offer and the fact that you were shopping round would mean that there could have been any number of open applications in existence at the time. So trying to blame in on AIB is non starter.

Trish56

AIB has the lowest variable rate of all lenders and passed on all the ECB reductions to their existing customers unlike the majority of other lenders who still have high variable rates and gimmicky fixed rates. AIB recently reduced 3 and 5 year fixed rates to 2.85% which is a very competitive rate.

In your 1st post you said you were shopping around this time last year which is nearly mid year and your last post said at the beginning of the year!! As mentioned all lenders have different criteria for exceptions so you may not have qualified. You have a good lender so to be honest I think you have nothing to complain about.

Tusky wrote: »

I was shopping around at the start of the year when the banks still had exemptions left. I would have preferred to take the mortgage with a different bank as they were offering lower fixed interest rates.