How to escalate false bank information fed to credit reference agencies
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I’ll try to keep this brief:
– closed a personal loan and credit card early 2024
– failed in an application to Amex for a BAPP during the special offer period a few months later
– amounts both showed as outstanding but up to date on my credit file (I checked due to the surprise Amex refusal)
– complained to the bank (formal complaint, in writing)
– received an email saying the error would be corrected in a few weeks (no offer of compensation)
– one error has been corrected, but they are still telling the credit reference agencies every month I have a low five figure sum credit card facility that I do not, in fact, have
– I have been holding off on new account openings as I do not want further hard checks followed by refusals
– follow up emails on my complaint have not yielded so much as a reply, never mind anything resembling a fix and/or compensationAny advice on where next?
https://ico.org.uk/for-the-public/credit/#file
It’s your personal data so you can complain to the ICO
Hi
Have you notified the Credit reference agencies also? if not, worth doing it also. They cant remove the info but it may prompt the bank to act quicker. Some useful info in this article https://www.moneysupermarket.com/credit-monitor/dispute-credit-report-errors/ also https://www.experian.co.uk/consumer/guides/notice-of-correction.html
You could also complain to ICO.
Hope you get it resolveed soon.
Ombudsman for the service provider at fault?
Pull a figure out of your arse for what the lost account opening opportunities have cost you, and ask for it. You won’t get it, but you’ll get something.
Thanks for the advice.
– I’ll complain to the agencies
– I’ll raise a case with the Financial Ombudsman and claim for loss of benefits on the three cards I’d have applied for and probably received by now
– and also complain to the ICO… also, is it possible to sue for libel in cases like this?
It’s actually the original provider you need to complain to and only after the sooner of the elapse of eight weeks or a final response letter can you go to the Financial Ombudsman. The credit reference agencies won’t do anything on your say so, they first need confirmation from the provider and if they don’t then remove any erroneous information, then you can complain.
The ICO has about a two month delay in even starting any process and it’s a bit of a waste of time unless there is actually a data issue which isn’t the case here. Even if there were, expect a non response.
You won’t get any compensation for any theoretical lost card benefits. You can sue for anything you like but you would a) be liable for costs if you lost and b) be bonkers even to consider it! This unfortunately a very bog standard administrative issue that ought be be capable of resolution far more quickly than going to the FOS or ICO assuming the facts you state are correct.
@LondonTravels despite the advice above, this is a data protection issue as inaccurate info about you is being shared by bank to credit reference agency. It is thus in scope of the ICO’s remit. Whilst the ICO can’t award compensation, a complaint to them will yield a letter from one of their case workers to the bank in question. And feed into overall statistics on poor performers – thse statistics form the basis of ICO investigations of systemic failures.
Well worth your time raising a complaint if you’ve tried and failed with the bank.
@LondonTravels despite the advice above, this is a data protection issue as inaccurate info about you is being shared by bank to credit reference agency. It is thus in scope of the ICO’s remit. Whilst the ICO can’t award compensation, a complaint to them will yield a letter from one of their case workers to the bank in question. And feed into overall statistics on poor performers – thse statistics form the basis of ICO investigations of systemic failures.
Well worth your time raising a complaint if you’ve tried and failed with the bank.
I don’t entirely agree, but if you elect to complain to the ICO you must have tried to resolve the data issue specifically (ie not just the overall complaint) with the provider and for them to have rejected that complaint or failed to comply before the ICO will entertain your complaint.
Yes, one must have tried and failed to resolve amicably before the ICO will pick it up. It’s a feature of data protection law in the UK that the EU is belatedly adopting having had its national regulators inundated in recent years with malformed/premature complaints. It helps no one in the long run when regulators are sifting through piles of complaints and can’t spot those most in need of intervention.
On that point, do that the usual advice on here of keeping the complaint to background, facts on what went wrong, what resolution looks like. The ICO like other orgs will pay no regard to emotive detail.
Yes, one must have tried and failed to resolve amicably before the ICO will pick it up.
I have, and the ICO guidance is
You must rectify any inaccurate personal data that relates to the individual without undue delay, and in any event within one month
— they have had several multiples of that time along with several reminders from me.
… and the ICO’s web form for submitting complaints is broken 😡
… and the ICO’s web form for submitting complaints is broken 😡
Well that’s obviously a strategic decision to keep the number of complaints down and improve their performance figures (perfectly legitimate Yes Minister strategy).
You could complain https://ico.org.uk/make-a-complaint/complaints-and-compliments-about-us/complain-about-us/
You absolutely have the right to have your own statement put on your file at a credit reference agency if you are objecting to data there that is incorrect.
@LondonTravels – the issue you are complaining of is so commonplace and so simple to resolve quite quickly – two weeks max – with the provider that this is where your focus should be. If you make a complaint to the ICO it will take at least two months for them to acknowledge it and then they will give the organisation 28 days to respond, closing your case unless you get in touch again. If you don’t have the right words to use to get the credit provider to notify the CRA’s without delay,look at Which?, moneysupermarket or Citizen’s Advice. By all means complain later to the ICO but they will do absolutely nothing to get your credit record amended in 2024 when you can get this done now.
@LondonTravels – the issue you are complaining of is so commonplace and so simple to resolve quite quickly – two weeks max – with the provider that this is where your focus should be.
Well my ‘customer advocate’ has, despite very reassuring words, been unable to get the action from the back office team required. Is there an exec office or similar in HSBC anyone could recommend?
If you don’t have the right words to use to get the credit provider to notify the CRA’s without delay,look at Which?, moneysupermarket or Citizen’s Advice. By all means complain later to the ICO but they will do absolutely nothing to get your credit record amended in 2024 when you can get this done now.
Citizens Advice publicly available advice is at https://www.citizensadvice.org.uk/debt-and-money/banking/complaints-about-banks-and-building-societies/. The template letters linked from that page, though, are concerned with letters to creditors, which is not the OP’s problem.
More specifically, has a “Formal Complaint” been made to the bank in question? As others have said, you cannot complain to either the FOS or the ICO until you have received either the final response to your formal complaint
or
a response telling you that the eight weeks has passed and you now have the right to go to the Financial Ombudsman Service (FOS). This might happen where the company is still investigating your complaint and isn’t able to give you a response yet. It’s then up to you whether you want to give the company more time or take the complaint to FOS.Another option to at least consider could be to contact one of the consumer help columns in the weekend newspapers.
If they have received a number of similar complaints about a specific financial institution, they may well decide to take action and publicise it. Banks etc. do NOT like this happening and fingers seem to get removed very swiftly from whatever orifice that has prevented action being taken before.Can you clarify the exact settlement dates for both the personal loans and the Credit Card and exact date you applied for the new card.
Settlement doesn’t end the risk for the finance company. There’s the risk of claims under the DD guarantee, and recalls/rejected card payments. There’s also the risk of delayed transaction processing by merchants. I *think* it’s currently 31 days maximum to process transactions, but in the days of zip-zaps it was 6 months to allow time for round-the-world cruises to submit.
So your settlement isn’t an immediate closure of the relationship.
Then you have the processing periods. Not every company updates the agency every month, most do, but there are exceptions.
But, it’s important to be mindful that your rejection might not have anything to do with these two accounts. Finance organizations take a much broader look at your behaviour than in the olden days. As I’ve mentioned before, a colleague was rejected by his bank because he is a director of the company that owns the Freehold of his apartment (a pretty common arrangement), and they were red-flagging on companies house as being late with submissions.
Meanwhile how is Mrs LondonTravels? It’s been a year and a half now and I was hoping for more frequent updates!
More specifically, has a “Formal Complaint” been made to the bank in question?
Yes, and the letter setting out their actions to fix this was accompanied by a note explaining how I could escalate to the FOS if I was unhappy (which, given they were not true to their word, I now am)
It’s also more than eight weeks since then.
Another option to at least consider could be to contact one of the consumer help columns in the weekend newspapers.
If they have received a number of similar complaints about a specific financial institution, they may well decide to take action and publicise it. Banks etc. do NOT like this happening and fingers seem to get removed very swiftly from whatever orifice that has prevented action being taken before.I’d rather not feature on You and Yours, but thank you for the suggestion. If this was blocking a mortgage application I might take that course.
Can you clarify the exact settlement dates for both the personal loans and the Credit Card and exact date you applied for the new card.
I can, but I’d rather not. Call me paranoid, but I do not want anyone in a bank to be able to narrow down an online forum complaint to an actual customer.
Settlement doesn’t end the risk for the finance company. There’s the risk of claims under the DD guarantee, and recalls/rejected card payments. There’s also the risk of delayed transaction processing by merchants. I *think* it’s currently 31 days maximum to process transactions, but in the days of zip-zaps it was 6 months to allow time for round-the-world cruises to submit.
True, but every other card on my file ends with the ‘S’ record for settled. Of course, they might have reason to reopen things at a later date, and perhaps they could record that on a file too, but that is not the case here.
But, it’s important to be mindful that your rejection might not have anything to do with these two accounts. Finance organizations take a much broader look at your behaviour than in the olden days.
Amex have never rejected me before (which is not conclusive, but persuasive) but, crucially, they mentioned in their rejection information provided by CRAs (Experian and TransUnion). There was nothing adverse except two loans I didn’t actually have.
Given the bank had no right to supply the false information any likely problems this has caused is, in my view, very much their issue to resolve. If the lender doesn’t like the liability this potentially creates they should try very hard to keep CRA records up to date and accurate.
Meanwhile how is Mrs LondonTravels? It’s been a year and a half now and I was hoping for more frequent updates!
OMG you remembered! How on earth did you remember? it’s been 18 months!
Yes, unbelievably, still going strong. Several points escapes booked and taken, and a proper player two now, with an Amex etc etc. We have also taken a UK coastal holiday recently, with a cottage and no points or hotels.com credit involved – real money only! I just need to entice her to move to London and all would be perfect
For those of you who have no idea what we’re talking about, it’s this: https://www.headforpoints.com/forums/topic/dating-advice/
Because I don’t have any interests outside HFP?
Delighted to hear all is well!
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