“Alarm bells ought to have been ringing about Lynn’s practice long before Fiona McAleenan blew the whistle. Had the banks checked Lynn’s credit profile they would have seen that it was deemed ‘risky’ by Businesspro, the credit bureau and debt reporting agency that assesses risk according to court judgments issued against individuals and companies and tracks their record of repayment, if any, in its weekly debt publication, Stubbs Gazette. In May 2002, a High Court judgment for an unpaid debt of €7,061 was registered against Lynn, but he did not pay the debt until 2006. The debt was published in Stubbs Gazette. Banks routinely access Businesspro’s database as part of their due diligence before issuing loans and, if they did check Lynn’s profile, they chose to ignore the red flags about his credit history”
Extracted from ‘Bust – How the courts have exposed the rotten heart of the Irish economy’ by Dearbhail McDonald, published by Penguin Ireland.
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