Former KBC Ireland borrowers hit by data blunder after Bank of Ireland transfers

Error has resulted in Bank of Ireland not filing monthly loan performance updates to the Central Credit RegisterBank of Ireland has admitted that it made an error after taking over KBC Bank Ireland mortgages in February, which has resulted in the lender not filing monthly loan performance updates on about 35,000 loans the Central Credit Register .

The data gaps since February may affect borrowers’ ability to secure loans or credit elsewhere. However, the bank said that this is unlikely. Bank of Ireland has told its new customers in letters issued recently that the problem occurred on the point of transfer, where the “start date” of the loan was incorrectly put into its systems. A spokesman for the bank said that it related to some 35,000 mortgage accounts, or about half of the KBC loans it acquired.

“As we were aware of this error, we did not submit the mortgage details to the CCR. This was to prevent incorrect credit information being reflected on your credit report,” the bank said in the letters. “As a result, we have not submitted information relating to your mortgage loan to the CCR for February or March 2023. We will continue to withhold monthly reporting until the error is fixed.”

Source: Loan Digest (loandigest.net)

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