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will the ICB be abolished

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  • 17-05-2010 7:37pm
    #1
    waynestledger
    Registered Users Posts: 72 ✭✭


    Hi i was just wondering im 26 years old and like so many other people I find myself without a job for the first time since i left school almost 9 years ago. So i am finding it hard to make ends meet and have missed payments with loans and other stuff. My question is if things ever pick up can the banks still look at your credit report? or will the whole ICB (irish credit bureau) be changed to allow people the chance to get loans again.

    Thanks Wayne


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    waynestledger wrote: »
    Hi i was just wondering im 26 years old and like so many other people I find myself without a job for the first time since i left school almost 9 years ago. So i am finding it hard to make ends meet and have missed payments with loans and other stuff. My question is if things ever pick up can the banks still look at your credit report? or will the whole ICB (irish credit bureau) be changed to allow people the chance to get loans again.

    Thanks Wayne

    The ICB will not be abolished and i doubt banks will go easier on people will a bad history as they have been criticised for giving out too much credit in the good days and will tighten criteria so a bad credit history will certainly negatively affect your chances to gain credit in the future.


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    #3
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    Yes they will for the foreseeable future use the Irish Credit Bureau. There was talk of it being sold to a private company but no news on that yet. Even if it was they will still have your credit information on file for 7 years.

    The thing is the banks are going to be more cautious from now on to avoid another collapse, so I can never see them not using some type of credit check to lend. If they ever do how would they know if someone will pay back the loan?


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    #4
    Misticles
    Registered Users Posts: 13,746 ✭✭✭✭Misticles


    As fas as I know they can only hold the most recent, 3-4 years ago against ya, anything after that they cant hold against you.


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    #5
    EskimoJack
    Registered Users Posts: 61 ✭✭EskimoJack


    I can imagine when things pick up in 5 years that an amnesty type agreement will have to be considered for people and directors as irish laws a so out of date


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    #6
    itsyourmoney.ie: Aine
    Closed Accounts Posts: 10 ✭itsyourmoney.ie: Aine


    Misticles wrote: »
    As fas as I know they can only hold the most recent, 3-4 years ago against ya, anything after that they cant hold against you.

    ICB holds info on a loan for 5 years it is closed. More info here:http://www.itsyourmoney.ie/index.jsp?pID=666&nID=673


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