IRAC’s business model is premised on one fact; that banks, like any other business concern, make mistakes in their handling of Loans, Overdrafts, Mortgages and other accounts. Banks, as a matter of fact, invite the lender to verify the transactions as reported on the bank statements of account.
The reasons for the overcharge are several. Some of these include:
- When the interest rate is raised, changes are applied earlier.
- The incorrect interest rate was applied
- The interest rate was charged at least one day earlier than it should be charged.
- Incorrect dates are used when calculating interest.
- The interest rate was calculated on an incorrect balance.
- When the interest rate is lowered, changes are not applied immediately.
- The original calculation of your repayment amount is incorrect.
- A payment was credited at least one day late.
- An amount was debited earlier than it should have.
- Bank charges are too high or include non-contractual or illegal charges.
- Payout figure is too high.
- Offset accounts include incorrect transactions.
IRAC’s Credit Verifier! picks out these inconsistencies and analyses the statements according to the terms of your Banking Facility Contracts and as read with The Central Bank of Kenya Act and The Banking Act.
IRAC also provides advice on banking issues, where to bank, negotiation of terms of banking, what to look out for and verification of finance costs (interest charged and other finance costs).