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Ohio Bank Erroneously "Files" Many of Its Depositors for Bankruptcy
Robert N. Charette spectrum.ieee.org Last week saw an uptick in the number of reported IT problems, slip-ups, and complications. Among the more mind-boggling was the revelation that Fifth Third National Bank of Cincinnati informed its customers last week via a letter that, “We inadvertently reported that you filed bankruptcy to the following [four major U.S.] credit bureau reporting agencies.” Oops. What the Fifth Third National Bank’s letter didn’t tell its customers was that their "bankruptcy" status was sent to the credit bureaus Experian, TransUnion, Equifax, and Innovis last October because of an erroneous software update to its IT systems. The bank found the error in November, but it wasn't fixed until December. The letter also didn’t explain why the bank decided to wait until last week to inform its customers of the problem. Fifth Third National Bank refused to tell inquiring news agencies exactly what happened, nor how many of its customers the bank falsely reported were in bankruptcy proceedings; it would only say it was a “limited” number. However, a couple of news reports placed the number at over 20,000. to read more: spectrum.ieee.org
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