24 April 2007
More comprehensive data-sharing practices planned among financial providers could it make it more difficult for consumers to get a loan approved.
Banks and building societies may share information among other financial institutions and credit agencies in order to assess credit health.
According to Moira Haynes, a spokesperson for the Citizens Advice group, financial institutions' desire to possess more information about our credit histories could be flawed, as information may not be entirely accurate.
Ms Haynes said that on a credit file there may be information implying "financial associations with other people which do not exist".
Poor credit files may entail consumers being refused in an application either for a mortgage or loan application.
However, spokesperson for the Financial Ombudsman, David Cresswell, has said that the group would consider claims which were caused by "consequential loss".
He also told the Scotsman: "So we will not simply look at the inconvenience caused by a mistake, but what the customer missed out on financially as a result of any error."
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