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The Information Commissioner’s Office (ICO) has reproached Bank of Ireland UK for inaccuracies in data shared from 3,284 customer profiles with credit reference agencies. This misinformation could have resulted in adverse consequences such as mortgage refusals, denied credit card applications, or loans that customers were unable to afford.
The ICO stated that determining the precise damage to each customer is challenging due to the intricate nature of credit scoring and various contributing factors. Nevertheless, the overall impact was deemed negative.
In March 2021, Bank of Ireland UK was found in violation of data protection laws, specifically the General Data Protection Regulation (GDPR), for failing to ensure the accuracy of personal data. The official reprimand advised the bank to assist affected customers by implementing and regularly reviewing robust processes.
Natasha Longson, Head of Investigations at the ICO, emphasized the profound consequences of mistakes made by financial institutions on individuals’ daily lives. She highlighted that affected customers might have faced difficulties obtaining mortgages, loans, credit cards, mobile phone contracts, insurance policies, or utility services. Longson acknowledged the corrective actions taken by Bank of Ireland UK and its commitment to supporting affected customers while emphasizing the importance of learning from these mistakes to prevent similar issues in the future.
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