Now you can challenge unfair loan, mortgage or credit card rejections thanks to new data rules


  • Customers now have the right to challenge automated decisions
  • Experts say this is good for those whose circumstances are more complicated
  • They note the banks will no longer able to take a ‘computer says no’ approach

City & Finance Reporter for the Daily Mail

Customers who have been turned down for a mortgage, credit card or loan can now demand that their bank takes a second look at their application.

Under data rules introduced last week, called General Data Protection Regulation, customers have the right to challenge automated decisions.

It means that if the bank has used computer software to reject an application they can insist that a human reviews it. 

Customers who have been turned down for a mortgage, credit card or loan can now demand that their bank takes a second look at their application

Customers who have been turned down for a mortgage, credit card or loan can now demand that their bank takes a second look at their application

Customers who have been turned down for a mortgage, credit card or loan can now demand that their bank takes a second look at their application

Experts say the new rules are good news for borrowers whose circumstances are more complicated as banks will no longer be able to take a ‘computer says no’ approach.

Customers who are turned down for a loan as a result of a minor problem such as a one-off late bill payment may also benefit.

Advertisement



Source link