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Received my Credit Report from ICB

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  • 30-01-2010 3:54pm
    #1
    Bond007.
    Closed Accounts Posts: 7 ✭


    I got my credit report back yesterday and it just said "NO DATA FOUND"

    Now I used the correct details: my name, dob, address (always lived there)

    The thing is I have had a bank loan and a credit union loan before (Less than 5 years since) All cleared now and have no other debts.

    What should I make of this? Hopefully its good news to see "No Data" on the report but I cant help thinking its too good to be true.


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    #2
    ScouseMouse
    Closed Accounts Posts: 5,070 ✭✭✭ScouseMouse


    NO DATA FOUND is not always a good thing. When a bank or credit agency does a search on someone, it can be a good thing that the person has a history. If it shows you have had two loans and paid them off without any trouble, then you are at an advantage to someone no one has ever heard of.

    A few years ago, I built up a record by buying on the interest free packages instead of cash as it gave me this history.

    I have never had a problem getting credit except a tesco credit card and thats only because they are contrary as hell for no reason. (I have over ten grand in limits with a balance of 70 euro LOL)

    My credit report goes to about 40 pages !


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    #3
    Bond007.
    Closed Accounts Posts: 7 ✭Bond007.


    Thats the thing, I have had loans so it should be on my report. I have "no data found" and no record of these loans. I don't know what to make of it.


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    #4
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    Bond007. wrote: »
    I got my credit report back yesterday and it just said "NO DATA FOUND"

    Now I used the correct details: my name, dob, address (always lived there)

    The thing is I have had a bank loan and a credit union loan before (Less than 5 years since) All cleared now and have no other debts.

    What should I make of this? Hopefully its good news to see "No Data" on the report but I cant help thinking its too good to be true.

    Most credit unions are not registered with ICB, so they do not appear, this was "helpful" to many in the "good old days" of the Celtic tiger.


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    #5
    Bond007.
    Closed Accounts Posts: 7 ✭Bond007.


    Must have been a change of policy with the credit unions so,
    http://www.icb.ie/membership.php


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    #6
    Davy
    Registered Users Posts: 19,340 CMod ✭✭✭✭Davy


    Did you ring them about it?

    01 2600389.


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    #7
    Bond007.
    Closed Accounts Posts: 7 ✭Bond007.


    Thanks, Yeah going to ring them first thing on Monday, only opened the report Friday after close of business so didn't get a chance contact them yet.


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    #8
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    Bond007. wrote: »
    Must have been a change of policy with the credit unions so,
    http://www.icb.ie/membership.php

    That's only a portion of the Credit Unions in Ireland, mine is not listed..


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    #9
    Bond007.
    Closed Accounts Posts: 7 ✭Bond007.


    Is it not, handy link for you to check if the situation changes as I would say your place wont be in a hurry to tell you. There is around 500 credit unions in Ireland, only around 100 listed with ICB


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    #10
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    My credit union isn't listed either. Not sure if this is a good thing or a bad thing. If I was running the credit union organisation I'd have all my members on the ICB.


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    #11
    Bond007.
    Closed Accounts Posts: 7 ✭Bond007.


    Sure would make sense to have a common policy, Strange that under the current climate they don't enforce this on the different unions.


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    #12
    stepbar
    Closed Accounts Posts: 6,123 ✭✭✭stepbar


    I suspect that it's a matter of cost more than anything else. In that case the Credit Union should negotiate a contact with the ICB instead of each individual Credit Union signing up in their own capacity.


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    #13
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    Bond007. wrote: »
    Is it not, handy link for you to check if the situation changes as I would say your place wont be in a hurry to tell you. There is around 500 credit unions in Ireland, only around 100 listed with ICB

    Actually they would, unless the existing loan agreement has the required provisions, the Data Protection acts would require them to notify members.


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    #14
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    Bond007. wrote: »
    Sure would make sense to have a common policy, Strange that under the current climate they don't enforce this on the different unions.

    Many saw this as a bonus during the property boom.... :)


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    #15
    Bond007.
    Closed Accounts Posts: 7 ✭Bond007.


    GerardKeating wrote: »
    Many saw this as a bonus during the property boom.... :)

    I would agree if it was the banks case but I would have thought the credit unions involvement in the property market was limited. Just loans for deposits ect...


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    #16
    GerardKeating
    Registered Users Posts: 7,650 ✭✭✭GerardKeating


    Bond007. wrote: »
    I would agree if it was the banks case but I would have thought the credit unions involvement in the property market was limited. Just loans for deposits ect...

    Yes, one got the loan for the deposit from the credit union, and the banks were none the wiser....


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    #17
    enviro
    Registered Users Posts: 1,291 ✭✭✭enviro


    Thats what got the country in the situation it is today, different financial institutions not knowing the full details when giving loans and people defaulting then as they were beyond their means. Another way to look at it is the financial institutions didn't care:(


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