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Credit Reports

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  • 20-03-2018 8:27pm
    #1
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭


    So we've finally joined the 20th centaury on this issue. They are available to the individual free of charge. I personally will be looking for this when considering an applicant (at the reference stage of course). Any one else requiring this or renter sticking it in their document pack?


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    #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    Samuel T. Cogley wrote: »
    So we've finally joined the 20th centaury on this issue. They are available to the individual free of charge. I personally will be looking for this when considering an applicant (at the reference stage of course). Any one else requiring this or renter sticking it in their document pack?

    Do you mean youll be requiring people to give you a copy of their ctedit report?


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    #3
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Stheno wrote: »
    Do you mean youll be requiring people to give you a copy of their ctedit report?

    Yep along with bank statements. There will be plenty of people who won't and plenty who will. Eventually we'll join the latter half of the 20th centaury and there will just be a score which will be better for everyone. When rental defaulters get their credit score effected, we won't need bank statements either.


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    #4
    GGTrek
    Registered Users Posts: 834 ✭✭✭GGTrek


    Samuel T. Cogley wrote: »
    So we've finally joined the 20th centaury on this issue. They are available to the individual free of charge. I personally will be looking for this when considering an applicant (at the reference stage of course). Any one else requiring this or renter sticking it in their document pack?
    I believe that the ICB charges 6 EUR for a credit report and it does not say how long it takes to provide one:
    http://www.icb.ie/cr_options.php
    Could you provide a link to where it says that it is going to be free? Thank you
    The other issue I see is that a candidate could provide false previous addresses and the credit report would come out clean.


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    #5
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    GGTrek wrote: »
    I believe that the ICB charges 6 EUR for a credit report and it does not say how long it takes to provide one:
    http://www.icb.ie/cr_options.php
    Could you provide a link to where it says that it is going to be free? Thank you
    The other issue I see is that a candidate could provide false previous addresses and the credit report would come out clean.

    It's not the ICB report. It's the new report. Sorry for the Journal article I can't seem to find the Sindo one.

    http://www.thejournal.ie/loans-over-500-credit-report-3914934-Mar2018/

    https://www.centralcreditregister.ie/borrower-area/submit-a-request/


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    #6
    GM228
    Registered Users Posts: 8,922 ✭✭✭GM228


    GGTrek wrote: »
    I believe that the ICB charges 6 EUR for a credit report and it does not say how long it takes to provide one:
    http://www.icb.ie/cr_options.php
    Could you provide a link to where it says that it is going to be free? Thank you
    The other issue I see is that a candidate could provide false previous addresses and the credit report would come out clean.

    https://www.centralcreditregister.ie

    The CCR run by the Central Bank will be the place from now on for credit reports, must be provided free under the conditions of the Credit Reporting Act 2013 and the GDPR.

    It only details information from 2017 onwards so most likely in a few years time the ICB will be no more as it will also be available to lenders.


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    #7
    jim salter
    Registered Users Posts: 680 ✭✭✭jim salter


    Samuel T. Cogley wrote: »
    So we've finally joined the 20th centaury on this issue. They are available to the individual free of charge. I personally will be looking for this when considering an applicant (at the reference stage of course). Any one else requiring this or renter sticking it in their document pack?
    And what would be your data protection protocols? Also, credit reports have been available to applicants for years now from the ICB for €6...please reference where the free ICB report can be obtained.


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    #8
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    jim salter wrote: »
    And what would be your data protection protocols? Also, credit reports have been available to applicants for years now from the ICB for €6...please reference where the free ICB report can be obtained.

    See above.

    Data protection controls would be having sight and cross referencing in front of the client. Queries to be written down on a piece of paper that is then shredded or eaten upon satisfactory answers.


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    #9
    jim salter
    Registered Users Posts: 680 ✭✭✭jim salter


    Samuel T. Cogley wrote: »
    See above.

    Data protection controls would be having sight and cross referencing in front of the client. Queries to be written down on a piece of paper that is then shredded or eaten upon satisfactory answers.
    So, you do not keep any record?
    Also, no need to be a smart ass.


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    #10
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    jim salter wrote: »
    So, you do not keep any record?
    Also, no need to be a smart ass.

    Smart mouth unless I've been getting this eating thing very wrong.

    No need to keep a record, data only kept for as long as needed and all that good stuff. The report/bank statement is of no use once it's been used as a cross check. The references might be so I'd tend top keep those on file.


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    #11
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Mr.S wrote: »
    I'm a little confused, what will you base your decision on by referring to the new credit report?

    FYI they are only 'free' if a borrower has loans of €500+.

    Whether or not they have defaulted/are up to their eyes in debt. Only loans over €500 are recorded. There seems to be some conflation of this €500 and the cost of the report which according to the website is free subject only to fair use.


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    #12
    Weepsie
    Moderators, Sports Moderators Posts: 20,411 Mod ✭✭✭✭Weepsie


    Be great if landlord's did the same so tenants would know that the bank is about to repossess...

    ...but makes sense to ask if they're free Id suppose


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    #13
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Weepsie wrote: »
    Be great if landlord's did the same so tenants would know that the bank is about to repossess

    I've always been willing to share that information with tenants. I seem to be a minority. I completely agree with you on that point.


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    #14
    Weepsie
    Moderators, Sports Moderators Posts: 20,411 Mod ✭✭✭✭Weepsie


    Samuel T. Cogley wrote: »
    I've always been willing to share that information with tenants. I seem to be a minority. I completely agree with you on that point.

    I was being a bit tongue in cheek anyway, based on having a very amateur Landlord some years ago who was a real mess.


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    #15
    testicles
    Closed Accounts Posts: 1,198 ✭✭✭testicles


    This post has been deleted.


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    #16
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    testicles wrote: »
    This post has been deleted.

    Data protection commissioner has already given a corollary decision on this in relation to bank statements. Additionally the tenant is entirely at liberty to refuse. Credit reports/scores are used in other countries in the decision making process in relation to lets - yet again we've gone at this half arsed. It should include bills, rentals etc. as well. Not only that an overall score should be available so one can make an at the glance decision without digging through every loan.

    Also I've no confidence in how you'd treat my data so you send me yours, along with your full data protection policy then we'll see :pac:


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    #17
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Weepsie wrote: »
    I was being a bit tongue in cheek anyway, based on having a very amateur Landlord some years ago who was a real mess.

    I'm all for relevant information being available on all parties. The current laws are a mess forcing people down these lines but LL's have to realise that their tax affairs (in relation to the property) loan performance (again in relation to the property) and RTB complaints are all fair game for prospective tenants (IMHO).


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    #18
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Samuel T. Cogley wrote: »
    Data protection commissioner has already given a corollary decision on this in relation to bank statements.

    I wouldn't equate a bank statement with a central credit register report.

    You could just as easily use enforced access requests as a corollary.

    It would be interesting to see the DPCs position on the matter.


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    #19
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Graham wrote: »
    I wouldn't equate a bank statement with a central credit register report.

    You could just as easily use enforced access requests as a corollary.

    It would be interesting to see the DPCs position on the matter.

    We'll see eventually no doubt.


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    #20
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Mr.S wrote: »
    And if you get applicants who don't have a credit history? (either from living abroad, or having no debt)

    Also, how do you verify the authenticity of the document you're viewing, but not retaining?

    1) Sorry to sound harsh, but next. (Having no debt is different - that would be reflected on the report).

    2) Cross referenced with bank statements. The address on the bank statement should be the same as the previous reference and address on the credit report. It won't always be but see 1).


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    #21
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Mr.S wrote: »
    1) So you want someone with a bit of (Irish) debt, but not a lot of debt?

    That was dealt with in the edit apologies

    2) That seems a bit flawed, the likelihood of the addresses not matching are quite high. My main point was how do you know what's being given to you (bank statements / credit report) are genuine.

    You don't you just have to cross reference and go with your gut.

    If someone wishes to rent, and is in a lot of debt, and knows you are asking for a credit report, wouldn't they just fudge the document?

    Sure wouldn't someone who has not paid rent for 18 months and wrecked the place just fudge a LL's reference. Nothing is air tight.

    As you yourself can't verify the documents, they're pretty much useless, aren't they?

    I wouldn't say so.

    I'm sure you will get people who jump through the hoops, but it seems a bit pointless.

    Of course it's possible for someone to fudge all this, but I suspect they'd just find it easier to find a LL no doing his due diligence.

    As i'm sure you're aware, in other countries the landlord can request the credit rating to gauge what you're trying to do, which makes a lot more sense.

    Absolutely - as above I'd welcome this much less invasive system.

    Answers in bold

    Edit: It's entirely because it's easy to fudge this or that, that you have to ask for more than seems reasonable.


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    #22
    GM228
    Registered Users Posts: 8,922 ✭✭✭GM228


    Mr.S wrote: »
    FYI they are only 'free' if a borrower has loans of €500+.

    No, only loans of €500+ are recorded on them and they are free (subject to fair usage).


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    #23
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Mr.S wrote: »
    Ah, the articles are bardly worded!

    I linked the Journal in fairness. :D


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    #24
    GM228
    Registered Users Posts: 8,922 ✭✭✭GM228


    Mr.S wrote: »
    Ah, the articles are bardly worded!

    Intentional or unintended pun I wonder :)


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    #25
    Paz-CCFC
    Registered Users Posts: 1,527 ✭✭✭Paz-CCFC


    Samuel T. Cogley wrote: »
    Data protection commissioner has already given a corollary decision on this in relation to bank statements.

    Which I believe was that data such as bank statements (or PPSNs or utility bills) could only be collected after the applicant was accepted as tenant (case study 5 here). Doing so during the application stage, eg when "considering an applicant", is not allowed. Destroying the documents after gaining the information you were looking for does not necessarily mean that you were not in breach, as you would still have collected/obtained it. Though, it is certainly a sensible practice in general to destroy sensitive documents as soon as possible if there's no legitimate reason to keep them.


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    #26
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Paz-CCFC wrote: »
    Which I believe was that data such as bank statements (or PPSNs or utility bills) could only be collected after the applicant was accepted as tenant (case study 5 here). Doing so during the application stage, eg when "considering an applicant", is not allowed. Destroying the documents after gaining the information you were looking for does not necessarily mean that you were not in breach, as you would still have collected/obtained it. Though, it is certainly a sensible practice in general to destroy sensitive documents as soon as possible if there's no legitimate reason to keep them.

    Quite right. I do men after the tenant is accepted and due diligence on them, and them alone is being done.


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