A new pressure group objecting to the passing of personal information between financial institutions is to be launched within the next two weeks.
Calling itself Blacklistednames.com, the new group is seeking tighter regulations on what information banks and building societies can obtain about individuals.
Dr Alan Evans, spokesman for the new organisation said yesterday: "We are gravely concerned that at present without full knowledge or consideration of transactions, financial institutions can refuse anyone a loan because their details appear on this database.
"If someone defaults on a loan, even for reasons beyond their control with just one bank, with this database their chances of getting a loan with anyone else are taken away. It puts the individual in an extremely weak position." The group's website is expected to be online by the end of next week and it has emerged that a national publicity campaign is planned to highlight the issue.
Dr Evans said he would like to see a curbing of the powers of the Irish Credit Bureau, who provides information to the various financial institutions.
A spokesman for the Irish Credit Bureau, told The Irish Times: "We are not a blacklisting organisation, but a credit reference agency. There is a data protection act under which we operate and our members have obtained consent from individuals for the information to be made available. If someone has a gripe, there are remedies in place under the law if they wish to seek resolution."
In the past, a solicitor who sued GE Capital Woodchester Bank Ltd for libel was awarded €14,500 damages at the High Court. Mr Bryan F. Fox had claimed the company had given false written information about him to the Irish Credit Bureau Ltd. The bank denied any impropriety.