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Credit Records

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  • 16-03-2004 11:52am
    #1
    Banjo013
    Closed Accounts Posts: 168 ✭✭


    I'm sure we all know about the Irish Credit Bureau - the agency that collects and records details of peoples credit agreements with financial institutions in Ireland.

    Does anyone know how far back in time they keep the records for ?

    I recently got refused for a loan and when I requested a copy of my credit file from the ICB, there was a record of an outstanding debt I had from 1998, when I was a student 6 years ago. It was only about €300 and I had completly forgotten about it ... being the irresponsible student, I fecked off travelling after college and left everything behind for a year. I just paid it off last week.

    I always thought they only held the records for a period of 24 months, and that's also what it says on Oasis.ie. However it appears they hold the records for much much longer than that.

    Anyone have the inside track on this one ? How long will this stay on my file ?


Comments

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    #2
    dahamsta
    Banned (with Prison Access) Posts: 16,659 ✭✭✭✭dahamsta


    Did you try asking them?

    adam


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    #3
    Dr. Loon
    Registered Users Posts: 3,522 ✭✭✭Dr. Loon


    It's for five years.


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    #4
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    I just paid it off last week.

    I think you've answered your own question. Even if the debt was amassed in 1998, it was still outstanding if you were able to pay it off last week. Therefore it wasn't actually older than 24 months as it was still open less then 24 months ago.

    (Not saying that the 24 months thing is accurate, but if it is, that seems the most likely explanation)


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    #5
    dglancy
    Closed Accounts Posts: 88 ✭✭dglancy


    The last 24 months of the payment profile will be available for the next 5 years.

    See http://www.dataprivacy.ie/2b.htm for a good lot of information and an example of an ICB credit file.


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    #6
    Is1ldur
    Registered Users Posts: 583 ✭✭✭Is1ldur


    However if a judgment was secured against the debt, it will stay on record for 12 years, or until a satisfaction is filed. I'm not too sure if judgments are reflected on ICB profiles, though.


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    #7
    dglancy
    Closed Accounts Posts: 88 ✭✭dglancy


    Judgments are not stored on your ICB file.

    The ICB is very different from the services running in the UK/USA. For one thing it's a not-for-profit company, where it's members contribute to it's running costs.

    It's really about recording payment profiles of registered debts/loans - not a 'one-stop-shop' for finding out a lot about a person's history.

    There is not credit score run by the ICB and it's individual members make lending decision based on their own 'extremely secret' lending criteria.

    A poor payment profile doesn't always mean NO LOAN, it just might mean extra security being arranged. In the UK a poor credit history might mean still getting a loan but at a higher APR (more risk for lender), but in Ireland this doesn't appear to happen much - yet.


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