We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Evolution Money
Customer Enquiries 0161 814 9158
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Secured Loans > Bank IT Failures: What Should I Do?

Bank IT Failures: What Should I Do?

16th September 2019 | Published by Evo Money

What’s Been Happening?

In the closing months of 2018, a number of high-street banks across the United Kingdom were hit with significant IT failures that impacted customers’ ability to access online services.

In the UK, for the last few years at least, we’ve been constantly bombarded by the press about the growing online threats of hacking and data theft. However, as banks rush to make the necessary improvements to their IT infrastructure, it’s being increasingly noticed that customers are finding access to their own cash can often become impaired during the process; in some cases, people have even missed important payment deadlines despite them having the required money in their accounts.

According to Which, banks in the UK are affected by serious IT failures and outages on a daily basis. From the 1st of April 2018, through to the end of the year, Which discovered that exactly 302 reports were filed by 30 of the UK’s major banks and building societies regarding serious IT failures – this averages out at roughly one incident a day!

Barclays reported the largest number of major incidents, at 41 over the investigated period. This was closely followed by Lloyds Bank with 37, Halifax/The Bank of Scotland with 31, NatWest with 26, RBS with 21 and the Ulster Bank with 18.

Furthermore, ClearScore recently conducted an eye-opening survey, specifically targeting individuals affected by these banking service outages. The results of this survey highlight the significant impact service outages have had upon banking customers; of the 2,000 people interviewed for the survey after experiencing a service outage, roughly 67% found errors in their credit history.

However, it appears that many more mistakes might be sailing under the radar; data suggests that roughly only around a quarter of banking customers actually think to check their Credit Scores after service outages. Additionally, a third of customers have never even considered checking their Credit Score – regardless of whether or not they’ve experienced a service outage.

Pile of pound notes

How Does It Affect Me?

If online services are impacted by outages, people can be left unable to make important payments – leading them to miss payment dates. Missing payment dates can have a significant impact upon a customer’s credit score, and this is especially unfair to customers who’ve had the money in their accounts but were unable to access it.

In some cases, defaulting on an important payment may incur costly late payment fees. Such fees can have staggering effects on customers with irregular streams of income; you could potentially be pushed over your credit limit or into your overdraft, both of which have a chance of damaging your credit score further. Worryingly, having a poor credit score can often affect your ability to qualify for a new mobile phone contract, a loan or even a mortgage.

If you’re worried that your credit score might have been adversely affected as a result of a banking service outage, feel free to check your credit score out now using an online service.

What Should I Do If I’ve Been Affected?

If you’ve spotted an error in your credit score that was most likely caused by something outside of your own control, here’s what you can do to fix it:

Talk to the Bank, Company or the Lender

Ideally, your first stop when trying to fix a credit inaccuracy error should be to contact the company or lender who you’ve been unable to pay because of the service outage. Many companies and lenders will likely be happy to amend the error immediately; however, you should be prepared to go through your company’s, or lender’s, official complaints procedure.

Talk to the Relevant Credit Reference Agencies

As your credit score is a reflection of your financial behaviour, and also belongs to you, it’s important to ensure it’s accurate. You therefore have the right to dispute any information it contains if you think it is incorrect.

If the company, or lender, is unwilling to address the problem, you may have to go directly to one of the UK’s three Credit Reference Agencies: Experian, Equifax or TransUnion. Experian, Equifax and TransUnion all have online forms you can complete that will allow you to raise a query concerning late payments due to bank IT outages. In order to settle the dispute, the Credit Reference Agencies will investigate the issue and contact all related parties.

If the company or lender you are having trouble with fails to agree with your assessment of the events, there’s no need to feel hopeless – a Notice of Correction can also be applied to your credit score file. A Notice of Correction is typically a 200-word explanation of the events from your perspective, usually describing how this incident isn’t reflective of your usual financial behaviour.

How Do I Improve My Credit Score?

A person’s credit score should represent an accurate record of their financial history. There’s no need to worry though if you have a low credit score from prior circumstances – there’s plenty you can do right now to begin to improve it.

Whether it’s by ensuring you’re registered with the electoral roll at your current address, or by applying for a credit-building credit card, there are multiple ways you can begin to rebuild your credit score. For some top tips on how to repair your credit score, check out our fantastic blog post on improving your credit score.

1# https://www.which.co.uk/news/2019/03/revealed-uk-banks-hit-by-major-it-glitches-every-day/
2# https://www.which.co.uk/news/2019/04/two-thirds-of-people-find-credit-score-errors-after-bank-it-failures/

Category: Homepage, Money
This post was written by Evo Money
Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 96 out of 100, based on 178 reviews over the past year. 178 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoThe Finance & Leasing Association is the leading trade body for the motor finance, asset finance and consumer credit industries in the UK.

Socialise

Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
Manchester,
M1 3BE


Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

Complaints:
0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2019 Evolution Money | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions | Fair Processing Notice
Get Quote
I want to borrow £
You will need to read and agree to our Fair Processing Notice before continuing. *
You will receive a call today to continue with your application.
Thank you for taking the time to fill in our online enquiry form. Unfortunately in this instance we won't be able to help as being a homeowner is one of our primary requirements.

Fair Processing Notice

Who we are:

Evolution Money Ltd, Progressive Money Ltd and Evolution Lending Ltd are all wholly owned subsidiaries of Darwin Loan Solutions ('the Group').

We take your privacy seriously and will only use your personal information to

A) Discuss loan offers and provide you with the products and services you have requested.
B) If you take out a loan with us and become our customer, it will also be used to manage your loan.

We'll keep your details for up to 12 months to enable us to help you with your loan application. If you don't take out a loan with us, we will delete your enquiry details unless regulations say we must keep them for longer.

This won't change any marketing preferences you've already chosen.

How we control and process your data:

Our companies hold and process your personal data in accordance with Data Protection law in the UK. We are committed to maintaining the privacy and protection of all personal data collected in connection with our broker and loan services. We may share your information with credit reference agencies and other companies for use in credit decisions, for fraud prevention and for debt collection purposes.

Next

Marketing Contact preferences - putting you in control:

We would love to tell you from time to time about offers and special deals on loans, insurance products and utility services which may save you money.

If you're happy to be contacted about these, please click the boxes to tell us how you want us to get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

BackNext

Marketing Contact preferences - Our partners:

We would love to tell you from time to time about special offers and deals from our carefully selected partners.

If you're happy to be contacted by them please click the boxes to tell us how our partners can get in touch with you.

You can change how we contact you at any time by simply getting in touch with us on FPNandmarketing@darwinloansolutions.co.uk or 0161 814 9210.

Your choices do not affect your enquiry/loan application in any way.

BackNext

Please read the full details of our Fair Processing Notice including Credit Reference Agency Information Notice (CRAIN) Click here to see a copy of the CRAIN.

If you agree to our Fair Processing Notice and want to continue to the next stage - click Agree.

BackAgree

Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution