Not upheld: Credit file / adverse marker disputes complaint against Triodos Bank UK Limited

Decision detail

Summary

Ms T complained that Triodos Bank UK Limited refused to share her credit history with Equifax, resulting in an inaccurate credit score and reduced credit opportunities. Triodos stated it reports only to Experian, the agency it uses for its own credit checks, and has no obligation to report to other agencies. The ombudsman found no regulatory requirement for lenders to report to all credit reference agencies and determined that Triodos had met its obligations. The complaint was not upheld, with the ombudsman noting that the FOS cannot instruct firms to change their processes as that authority rests with the FCA.

The Ombudsman's reasoning

There is no regulatory requirement for lenders to report credit data to all credit reference agencies. Triodos has met its obligations by reporting to Experian, the agency it uses for its own credit checks. The Financial Ombudsman Service is not the regulator and cannot instruct businesses to change their processes; that authority rests with the Financial Conduct Authority (FCA).

How this compares

Source

Read the original decision on the Financial Ombudsman Service website