More than 1,000 customers of ICS Mortgages may have had their ability to access new credit damaged as a result of an error in submitting information on their existing mortgages to the new credit register, run by the Central Bank of Ireland.

ICS Mortgages, a subsidiary of non-bank lender Dilosk, has written to some 1,067 buy-to-let and owner-occupier mortgage-holders to tell them that it passed on incorrect information on their loans to the Central Credit Register (CCR).

In the letter, ICS outlines that it incorrectly informed the register, which was set up by the Central Bank in 2018 to offer a centralised credit-rating system, that these mortgages were distressed, when in fact they were not. Lenders typically check the register when considering a loan application.

It’s understood that all the loans impacted had benefited from a rate reduction – not due to any financial difficulty – but that this fact was wrongly conveyed to the CCR as being a “restructure event”, which would indicate that the loan was in arrears, when they were not.


Leave a Reply

%d bloggers like this: