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Irish lender takes 18 months to fix error on 1,000 borrowers’ credit files

  • 16/08/2019
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Irish lender takes 18 months to fix error on 1,000 borrowers’ credit files
More than 1,000 customers of ICS Mortgages have seen their credit ratings hit during an 18 month period due to an error made by the lender.


As reported by the Irish Times, the company incorrectly informed the Central Credit Register (CCR), run by the Central Bank of Ireland, that these mortgages were distressed when they were not.

The incorrect data was first submitted in December 2017 but only “fully rectified” by 31 July 2019.

As a result, any customers who attempted to take out credit with another lender from March 2018 – when the register went live – until the correction may have found themselves ineligible to borrow. 

A spokeswoman for the company said eight customers had informed the lender that they had been affected by the mistake. 

A subsidiary of non-bank lender Dilosk, ICS Mortgages wrote to 1,067 buy-to-let and owner-occupier mortgage-holders informing them of the error. 

The paper reported that all of the loans had a rate reduction which was wrongly portrayed to the register as a “restructure event”, suggesting that the loan was in arrears.

The Irish Times added that punishments had not been applied to ICS or Dilosk, but it understood they were in discussion with regulators and the Data Protection Commission. 


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