National Bank sets sights on Citibank

20 March 2007

BRUSSELS – Complaints indicate that Citibank is misusing the credit records of the National Bank. The National Bank wants the economic affairs inspectorate to stop Citibank from doing so.

Complaints that Socialist SP.A MP Hans Bonte has received after setting up a Citibank hotline indicate that Citibank is using the data from the credit records to identify individuals who have recently taken out credit and offer them new loans.

Luc Dufresne, responsible for the micro-economic information department of the National Bank, is going to discuss the complaints at a meeting with representatives from the economic affairs inspectorate on Friday. “Misuse of information could have serious consequences for Citibank. We will certainly urge for sanctions that could range from a fine to losing its license to issue credit,” Dufresne said.

Citibank denies the accusation. “We only consult the credit records if an individual officially applies for a loan,” said spokesperson Lars Seynaeve.

Subject: Belgian news