Who regulates lenders?

edited 30 November -1 at 1:00AM in Loans
1 reply 922 views
ElvisThePrinceElvisThePrince Forumite
4 Posts
edited 30 November -1 at 1:00AM in Loans
I was knocked back for a loan back in August, unfortunately (for the loan company hopefully) the company failed to respond to a DPA request (subsequently earning a dressing down from the ICO) and then failed read the previous address section on my credit report (Doh!). After I pointed out that failure (which they have admitted too) it appears to me they have failed to read the Credit History section, whilst I normally subscribe to the !!!!-up rather than conspiracy theory, 3 howling errors is starting to make my spidey sense tingle: Since August the base rate has gone up (there are other reasons why they will want to avoid this as well related to the way they work but they are probably not important) so understandably they are very reluctant to authorise a loan at the old interest rate so I suspect they are now just looking for excuses. My question is who regulates them in this regard, is it a case of get another loan then SCC them for the difference, does the OFT regulate lending decisions, the ICO (under the DPA stuff) or even the FSA?

Cheers

Stephen

Replies

  • PBAPBA Forumite
    1.5K Posts
    There is no regulator for lending decisions. A company is perfectly entitled to turn you down for credit whatever the reason, even if the reason was a failure by them to score your application correctly.
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