Sam* had less than $2 owing on his old credit card when he applied for a home loan earlier this year — but the miniscule debt was enough to have his pre-approval rejected. It meant Sam missed his opportunity to buy the property he wanted, prompting lawyers to slam the credit reporting industry. Sam stopped using his Citibank credit card in 2023, accidentally leaving just $1.50 owing on the card he thought he had paid off.
“At the point at which the customer had essentially paid off the balance of the credit card, we should have closed the account. “The fact that didn’t happen was an oversight and has caused unnecessary distress for the customer and, again, we are sorry this happened.” “We’ve now asked these bureaus to restore the customer’s credit file and are reaching out to him to offer any further support we can provide.
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Source: GuardianAus - 🏆 1. / 98 Read more »