Consumer Bad Credit Guide

Welcome to the consumers guide to bad credit!

What is on my credit report file in Ireland

The Irish Credit Bureau (ICB) is the biggest credit-referencing agency in Ireland. It is not a state body - it is owned and financed by its members, which are mainly financial institutions. The bureau is an electronic library or database that contains information on the performance of credit agreements between financial institutions (i.e., banks and building societies) and borrowers (i.e., the citizen). A credit agreement can include a mortgage, car and personal loans and leasing and hire purchase agreements. Credit card details are included in the ICB library. Overdraft agreements, with the exception of overdraft agreements that are the subject of legal proceedings, are not monitored by the ICB.
Thirty-eight lending institutions register information with the ICB, usually on a monthly basis. Each time you apply for credit from one of these lenders, the lender accesses your credit file to find out about your performance under previous credit agreements with other lenders. All loans are registered with the ICB, including instances where you may have missed payments in the past. If, however, you have come to an agreement with your lender to postpone payment of a previous loan, this will not affect your credit rating. Typically, the citizen's payment profile history over a 24-month repayment period is recorded. Information on citizens is held for five years.
The ICB does not score citizens on the basis of their credit history. It simply records information and passes this information to lenders who make their own credit assessment based on the details available on the files.
In 2004, the Board of the ICB agreed requests to give all credit unions in Ireland the option of becoming members of the ICB. This means that credit unions will, in time, be able to supply information regarding loans and repayments to the ICB. Credit union customers' consent will be required before information can be passed on. There is no fixed date for when the passing of information from credit unions to the ICB will begin.
From July 2004, credit card companies have the option of supplying more information on credit card repayments to the ICB. In the past, information was mainly supplied by the lenders only where credit cards were revoked or canceled. Now lenders have the option of supplying full information regarding opening and closing balances to the ICB. Your card repayment performance will be measured by the ICB on a monthly basis but due to the nature of credit cards, you will also receive an additional 30 days before negative information about your record is recorded.
Members of the Irish Credit Bureau send information in relation to the loans they have given to their customers to the Bureau. Therefore, information about a loan will be kept on the ICB database for the full term of the loan whether this is a 3-year personal loan or a 30-year mortgage. The ICB Member records the customer's performance on the repayments and this information is then sent to ICB where it is also recorded.
When the loan is completed or when it reaches a "frozen" state, e.g., when it is Written Off, this means that the 5-year retention term "clock" starts ticking. In other words, regardless of what the customer’s performance on the loan was like, once the loan is "terminated in its current state - it will then stay on the ICB Database for 5 years from that date.
The ICB forms your credit record using the information it gets from your lenders. It holds: your name, date of birth and address; names of lenders and account numbers of any loans you have had within the last five years; all repayments made or missed for each month on each loan; evidence of failing to clear off any loan or credit card; evidence of loans that were settled for less than you owed; and a record of legal actions your lender took against you.
What type of loans do lenders report on?
Mortgages, car loans, personal loans, leasing and hire-purchase agreements. Lenders will also report on unpaid overdrafts and credit card debt. How long is my credit history recorded for? All records remain on the ICB database for 5 years once the account has been completed. This is the situation irrespective of whether you repaid the debt or you failed to complete payments.
Can I get past bad credit details removed from my credit record?
You may, but only if these details are incorrect and you are seeking to amend them. All banks and financial institutions in Ireland are obliged to provide an honest and truthful record of your credit agreements and transactions. If an honest and truthful record includes details of bad debts or failures to repay, then these are included on your record. You should be aware that when you initially apply for a loan of any kind in Ireland, you are required to sign a consent form which essentially states that you are aware that a history of your repayments on this loan will be kept and will form part of your credit history.
However, the details of your credit record with any financial institution/bank are between you and that institution. If your credit record was bad a long time ago but has now been rectified, you may be able to have this information removed from your record. However, this is only if the bank/financial institution agrees to this - they are not obliged to by law, nor required to do so as part of their own policy. Check with the financial institution(s) involved. Some financial institutions may operate discretionary powers and if for example, the debts were incurred due to exceptional circumstances or extreme hardship, they may be willing to assist you. Remember however, they are not obliged to do this by law.
Adding a personal declaration to your credit record

It is possible to add a personal declaration (statement) to your own credit record to clarify your credit record. For example, if you have incurred significant costs (such as following the breakdown of a relationship, a bereavement, an illness, accident, etc.) you may add details to this effect to on your credit record.
The text of the note must be less than 200 words and must be relevant to matters contained in the record and must not be frivolous, vexatious or denigratory.
This personal declaration is then attached to your file by the Irish Credit Bureau as a response and can be viewed when you access your data. Remember to bear in mind that a lender is not obliged to take your statement into account in reviewing or checking your credit history when you are being assessed for a loan.
Members of the ICB

Members of the ICB are:
ACC Bank
AIB Bank
AIB Finance and Leasing
AIB Credit Cards
Anglo Irish Bank Corporation
The Associates
Bank of Ireland Bank
BOI Direct
Banking 365
Bank of Ireland Finance
Bank of Ireland Credit Cards
Bank of Scotland (Ireland)
Barclaycard
BNP Capital Finance
Bord Gais Finance
Caterpillar Financial Services
City Financial
EBS Building Society
Everyday Finance
Fiat Auto Financial Services
First Active
Ford Credit Europe
Friends First Finance
GE Capital Woodchester Bank
HFC Bank
ICS Building Society
IIB Finance
IIB Homeloans
Irish Nationwide Building Society
Lucan District Credit Union Ltd.
Lombard and Ulster Banking
MBNA Europe Bank
National Credit Finance
National Irish Bank
Open + Direct
Permanent TSB
Permanent TSB Finance
POS Finance
Premier Bank
Roscrea Credit Union Ltd.
Tesco Personal Finance
Tipperary Credit Union Ltd.
Tullamore Credit Union Ltd.
Ulster Bank
Ulster Bank Credit Cards
Waterford Credit Union Ltd.
Waterford (St. Dominics) Credit Union Ltd.
Western Finance