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Fight banks and repair credit rating, consumers urged
07 May 2008
People should take on their banks over charges which have damaged their credit rating, a consumer group has said.
If the banks fail in their appeal against the right of the Office of Fair Trading (OFT) to investigate overdraft charges, thousands of negative credit ratings could be repaired, claims the Consumer Action Group (CAG).
"This is going to be super expensive and a super nightmare for the banks to deal with," said Marc Gander founder of CAG.
Anyone who has been overdrawn or owed their bank money has adversely affected their credit reputation for up to six years and could be refused credit cards, loans and mortgages because of their bad rating.
Mr Gander said that "anybody who has had a bank charge, meaning that they have exceeded their overdraft limit, has this black mark put on their credit record".
Last year, the BBC estimates that banks refunded about £784 million to nearly 378,000 customers.
