# BOI will not amend the ICB to update info



## Kellylong (30 Sep 2016)

wish to ask advice regarding inaccurate information being held on my icb credit record regarding a personal Bank of Ireland loan.I will try to summarize the situation.

Having had some financial difficulty my personal loan feel into arrears as I could not pay €63.90 per week. 
So in May 2013  Bank of Ireland passed them to a 3rd party non registered collector - a non icb registered member Belgard Solicitors/Cabot Financial. Please note that I did not go to court/see a judge but was told that Judgement was made against me and I was instructed to pay €100 monthly to the collection agency.Over the course of the past 3 yrs payments have been made to the appointed collection agency

I have now cleared the loan entirely and wish that the ICB held accurate information on the state of the loan during the past 3 yrs. ICB representatives have informed me that on my icb credit report attached that the information supplied to any company shows the previous 24 months as missed payments ( which reflected the loan status in 2013). So the payment history is not reflected accurately. 

Now since BOI went to legal action and I was then legally instructed to pay €100 per month which I did please find attached statement from Belgard/Cabot. 
My concern is that the loan was revised and payments were accepted for the judgement amount, but my ICB record does not reflect the true,accurate nature of the loan.On researching icb/data commisoner  website there are several profile code like T terms revised that could be applied or removal of the inaccurate 24 months missed payments on the ICB report.


The Bank of Ireland legal representative told be me that Bank Of Ireland " have a policy not to update the ICB after it goes legal, and because its a personal loan its not deemed necessary to fufill the requirement to update the ICB".

As I  repair the only problem with my credit history which occurred during the downturn in the economy. I do feel that Bank of Ireland should reflect the true.accurate information held on me as is my right under the Data Protection Act. So I am asking for help in trying to rectify this situation as it impedes on my future credit rating. I have also sent my query to the Data Commissioner to ask their advice


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## TLO (30 Sep 2016)

Mods, this post should probably be moved.

Kellylong, the situation you describe, a financial institution declining to main accurate information about you on the ICB database, has recently been commented on in this thread:

http://www.askaboutmoney.com/threads/icb-report-post-bankruptcy.200597/

Maybe some of the suggestions there might be of help.  The Data Protection Commissioner needs to get on top of these situations.  Past financial mishaps are being rectified but the ICB records aren't being updated to reflect this.


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## Gerry Canning (30 Sep 2016)

kellylong.

1.BOI have by (policy) said $%$$ !! you , we went to court etc = now your issue, (I don,t like Banks but their view  has some validity)

2. Get written confirmation from Cabot that all issues are now sorted.+ keep the statements.

3. Should you require finance in the next 3 years (ICB will clear by then) , make sure you copy lender all that info + good statements /work etc.
And before you apply for a loan get a fresh ICB,

Not sure, but BOI are possibly technically correct in that their loan was not paid as agreed so the ICB is technically accurate ?


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## Kellylong (30 Sep 2016)

Thanks for replies - my issue it that 3 yrs of payments are basically reflected nowhere on icb...
BOI said when it goes legal they dont do anything - icb have said that hmm boi should note the legal proceedings have happened.
I am just getting conflicting reports from either icb - the loan is paid off but 3 yrs off meeting the revised payments arent reflected anywhere??
I havent even gotten a statement of CAbot/ BOI to say the loan is clear when asked they said why do you want it theloan is clear....
Very frustrating 


TLO said:


> Mods, this post should probably be moved.
> 
> Kellylong, the situation you describe, a financial institution declining to main accurate information about you on the ICB database, has recently been commented on in this thread:
> 
> ...


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## Jim2007 (2 Oct 2016)

Kellylong said:


> I am just getting conflicting reports from either icb - the loan is paid off but 3 yrs off meeting the revised payments arent reflected anywhere??



I would expect you need to get Cabot to update the record.  Strictly speaking BOI are correct - you failed to pay up, they sold the debt and as such are no longer party to the contract, so they would not really be in a position to say you'd paid up etc. as that is Cabot's business.


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## Gordon Gekko (2 Oct 2016)

My concern, based on my understanding, is that your ICB record is correct.

BOI subscribe to the ICB and recorded your interactions correctly, i.e. missed payments, arrears, and a default.

The disposal of the debt to Cabot is a default and starts a five year clock in respect of the removal of the default from your ICB record.

Cabot do not subscribe to the ICB, so your interactions with them are an irrelevance from an ICB perspective.


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## cremeegg (2 Oct 2016)

Kellylong said:


> Please note that I did not go to court/see a judge but was told that Judgement was made against me and I was instructed to pay €100 monthly to the collection agency.



I find this very strange.

Who told you that a Judgement was made against you ?

Why did you believe them ?

Did you get a summons ?

Did you see a court order ?


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## lff12 (4 Oct 2016)

Jim2007 said:


> I would expect you need to get Cabot to update the record.  Strictly speaking BOI are correct - you failed to pay up, they sold the debt and as such are no longer party to the contract, so they would not really be in a position to say you'd paid up etc. as that is Cabot's business.



While they are correct, if payments were made, ICB reports should reflect this, and when the loan is repaid in full, whether late or not, it should be updated on your ICB report.

Bank of Ireland are notorious for this: I paid off a car loan about 4 months late about 10 years ago (BOI & I talked but failed to come to any formal arrangement to repay, so I simply made small additional payments which I decided myself and they stopped bothering me).  A year later, I had my ICB report checked: and was shocked to discover they had just stopped updating the loan on the date when it should have been fully repaid, which made it look like there was €1200 outstanding.  I contacted the Bank and explained that it did not reflect that I had repaid in full.  They did update ICB and corrected the report.  I had been turned down for a couple of loans prior to this so I had suspected.  Unfortunately the crux is a) they generally only report against the original loan agreement but b) you are entitled for accurate information - so it should be at very least made clear that you had made smaller repayments and eventually paid off in full.

I think this might be one for the financial ombudsman if there still is one.

I worked in Systems projects for another bank, by the way, nearly all of the banks now automate the process of reporting back to the ICB using software supplied to them by ICB.  Its a right royal pain for them to make corrections manually, I'd say, as there is very heavy security around the ICB tools.


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## Jim2007 (5 Oct 2016)

lff12 said:


> While they are correct, if payments were made, ICB reports should reflect this, and when the loan is repaid in full, whether late or not, it should be updated on your ICB report.



Your missing the point BOI is no longer a party to the contract in this case and unless Cabot were to breach the DPA there is no way BOI should have access to details of the arrangement Cabot makes with it's customers, let alone a legal right to use such data to update the report.


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## Creditfail (23 Oct 2016)

The norm in most other countries with charges offs is as follows.

If your debt is sold to a third party, that party should have the ability to report to credit reporting agencies
the status of the debt and when its paid in full or written off. 

This problem is the how data is reported into the ICB and who has the ability to update 
accounts. The problem is we don't have exact rules around how defaults are applied and how
long they should stay on file.


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## Gordon Gekko (23 Oct 2016)

Jim2007 said:


> Your missing the point BOI is no longer a party to the contract in this case and unless Cabot were to breach the DPA there is no way BOI should have access to details of the arrangement Cabot makes with it's customers, let alone a legal right to use such data to update the report.



This is the salient point.

If I owe BOI €20k and I run into difficulty, the net result of which is the sale of my loan to Cabot, a default is recorded on my ICB record.

What happens thereafter shouldn't be relevant.


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