Bank customer credit ratings must not be affected

Labour Party Senator Lorraine Higgins has called on Ulster Bank to ensure their customers’ credit ratings are not adversely affected by the bank’s current account fiasco.

Labour Party Senator Lorraine Higgins has called on Ulster Bank to ensure their customers’ credit ratings are not adversely affected by the bank’s current account fiasco.

“It’s very easy for Ulster Bank to become overly concerned about their computer glitches and ‘other bumps on the road’ while ignoring the real problems that could potentially arise for the future credit worthiness of their customers,” said Senator Higgins.

“Ulster Bank must take a clear and unequivocal approach to make sure the credit worthiness of their customers is not affected as a result of their banking failure. The Bank’s performance so far has been lamentable.”

“By law, financial institutions must make sure that no incorrect information is supplied to the Irish Credit Bureau and in this instance, any mistakes in relation to direct debits or other missed payments are clearly not the fault of the customer.”

“Therefore it is vital that Ulster Bank works closely with other credit agencies to ensure no negative reports are lodged with the Credit Bureau that will adversely affect their customers’ future credit rating,” added Senator Higgins.

“I would also urge customers of Ulster Bank to contact the Irish Credit Bureau when this entire matter is finally fixed and if there are any mistakes in their credit report; insist on having them rectified immediately.

“In the event that a customer finds it difficult to resolve the matter to their satisfaction, or if they experience problems or delays, then a formal complaint can be made to the Data Protection Commissioner,” added Senator Higgins.

“The Financial Ombudsman is also advising affected customers to keep a record of how they have been affected in case they need to complain at a later stage.”

“Ulster Bank must put things right, not just with their computer system, but more importantly, for their customers who must come first,” said Senator Higgins. “In that regard, anyone using their helpline should also be reimbursed.”