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FSA is missing the obvious by homing in on single problem

The FSA tells us that it does not want lenders to justify declined cases, but as usual it has retrospectively homed in on one potential problem while remaining ignorant about what occurs in the real world.

As the comments on Mortgage Strategy Online show, refusing to disclose why a case was declined causes aggravation which consumers whom the FSA purports to protect will end up paying for.

I’m not denying that mortgage fraud goes on but someone committing fraud is likely to know why a case might be declined in the first place.

A genuine person is less likely to realise that they have been rejected for reasons like incorrect entries on their credit file.

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