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October 02, 2009

Reporting glitch likely to adversely affect Lloyd's credit card users

For my readers from overseas, which I actually have a few of, here's a story about a computer glitch at the U.K. bank Lloyd's TSB that is causing major problems for some consumers. 

Apparently, Lloyd's had some type of computer glitch which caused its monthly reporting to the credit bureaus to be delayed.  This means the information on the credit reports of its customers is now stale.  Most credit card companies (at least the ones I sue in the U.S.) report monthly.  Lloyds is at least 3 months behind.

For instance, a consumer who paid off his balance in June still has not had his credit report with Experian and Equifax updated by Lloyds.  This means that his debt to income ratio as well as his credit used to credit available ratio are inaccurate which could potentially keep him from getting new credit or cause problems with his existing creditors.

Allegedly, the computer glitch is being "worked on" but its hard to believe that a national bank could get that far behind.

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