ACCURACY OF BANKING AND BUILDING SOCIETY CREDIT REFERENCE AGENCY INFORMATION

Summary

That this House is disturbed to discover that many people are incorrectly denied a good credit rating by credit reference agencies, building societies and banks on the grounds that they have been given a false address when, in fact, their postal codes have been incorrectly recorded sometimes following changes by the postal authorities to the codes; believes that this causes severe inconvenience, including the cost of checking their credit rating, and embarrassment to those affected and, in some cases, results in people being refused mortgages, bank and building society accounts or loans for important business opportunities; and calls upon all banks, building societies and credit reference agencies to ensure that their records are entirely accurate and up to date.

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Timeline

1. 19 July 2000

   Early Day Motion

   That this House is disturbed to discover that many people are incorrectly denied a good credit rating by credit reference agencies, building societies and banks on the grounds that they have been given a false address when, in fact, their postal codes have been incorrectly recorded sometimes following changes by the postal authorities to the codes; believes that this causes severe inconvenience, including the cost of checking their credit rating, and embarrassment to those affected and, in some cases, results in people being refused mortgages, bank and building society accounts or loans for important business opportunities; and calls upon all banks, building societies and credit reference agencies to ensure that their records are entirely accurate and up to date.

   Source: Early Day Motion

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Sponsors

• Mr Harry Barnes · Labour · Primary sponsor

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