DPC begins inquiry into CCR data breach by Central Bank

The Central Bank said the error it made, which it first publicly disclosed in August, led to decisions by lenders about applications for personal loans and credit cards by nine potential borrowers being influenced.

It holds repayment records for individuals for five years, after which time the records are supposed to be deleted automatically. This could potentially have influenced outcomes of applications for credit if the data showed they had difficulties in making repayments during the three month period. In the cases of 30,963 of these credit enquiries, lenders have said their credit decisions were not affected by the excess data, but in nine they were.

Loans Loans Latest News, Loans Loans Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Data watchdog starts probe of Central Bank over GDPR breachData Protection Commission has launched a formal inquiry after the regulator admitted to holding borrowers’ credit information for three months longer than it was allowed to
Source: businessposthq - 🏆 8. / 71 Read more »

Ulster Bank’s ‘riskier’ business customers migrated towards non-bank lenders on its exit from Irish marketCentral Bank of Ireland research suggests that presence of non-bank lenders in market reduced risk of a major credit supply shock following Ulster Bank’s exit
Source: IrishTimes - 🏆 3. / 98 Read more »