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Credit referencing

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  • 03-04-2003 7:14pm
    #1
    PhilipMarlowe
    Subscribers Posts: 4,419 ✭✭✭


    Question...

    I'm a retailer considering offering goods (€500 - 5,000) via a credit agreement to customers (interest free over 12 months, financing this in-house).

    Has anyone any experience of credit history look-ups.... who are the companies providing this service.... what are the implications of wanting to provide this facility (legals, data privacy etc.).

    I know of 3rd party companies who provide the financing service but I want the flexibility of doing this our way (if possible).

    Regards,

    Mark.


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    #2
    Victor
    Registered Users Posts: 78,421 ✭✭✭✭Victor


    There is Dun & Bradstreet / Stubbs Gazette, but I suggest you ask your accountant or bank manager, who might recommend something tailored to your needs.
    Originally posted by Hobart
    Don't think you can do it on the web. However you can contact the the Irish Credit Bureau and they will provide you with you credit rating and some history. I believe there is a small charge for this.


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    #3
    Lawdie
    Registered Users Posts: 863 ✭✭✭Lawdie


    For that kind of lending you would need the ICB (irish credit bureau)

    What sort of volume are you talking about?
    How many cases are you thinking of writing per year?

    This whole area is minefield. Its a great idea but unless your plan is solid the risk is high. Most large retailers in Ireland (for example) piggyback on other finance companies for lending.

    If you post up more of your business plan I'll take a look.


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    #4
    PhilipMarlowe
    Subscribers Posts: 4,419 ✭✭✭PhilipMarlowe


    Thanks for the replies...

    We are currently looking into doing this via our own bank which is the preferable route (for us). I dont know if its possible yet but ideally they would perform the lookup on our behalf and give us a 'yes' or 'no'... with us ultimately accepting the risk.
    We have no desire to know individuals histories/details.

    Being able to do this in-house offers us the flexibility we would like to have - eg. no payments until... etc.
    afaik the finance companies here don't offer this facility (like in the UK, US). The type of stuff we are looking to offer this facility on is seasonal so we could "induce" earlier spending... maybe a 10-20% deposit with the rest offered @ 0% over 12 months.

    Number of transactions I'd estimate to be only maybe 200 in the year... something like that.... ranging from €500 to €5,000 ish each.


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    #5
    Victor
    Registered Users Posts: 78,421 ✭✭✭✭Victor


    Do you want to look over the Hire Puchase and Consumer Credit Acts, etc.? Will you need to be licenced (as a lender?) by the Director of Consumer Affairs or other body?

    What happens if someone defaults, will you be happy chasing them down yourself? Will it be too much bother?


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