# Arrear Removal From ICB Report?



## dave2k (2 Oct 2008)

Hi everyone,
I am on a fairly decent income, no credit cards, no debt at all and am in pretty good shape financially. I am not a home owner.

Basically, I am looking for a loan now and have been for the past month. NO ONE will give me one. 

I ordered a copy of my ICB report and it shows that I missed two payments 3 years ago. This was a result of me breaking my back and not being able to work (understandably). Obviously this is the cause of my "poor" credit score as it is the only thing mentioned on my report. It was a BOI term loan. I got caught up and actually paid off the loan 2 years early.

My question is this: Is there any way for me to have those two "black marks" removed from my report by bank of Ireland somehow if I explained the situation? I know I can add a note to the entries on the ICB but the marks are still there.

The two marks in my entire history seem relatively benign to me but apparently not. I cannot get a credit card, the likes of Blue Cube wont give me a loan (€12000) and even halifax wont give me a CURRENT ACCOUNT so I can get a debit card.

I thought there must have been a mistake on my ICB report or something but those two are my only arrears. 

Can anyone provide any insight? Does my inability to get credit (or even a current account) strike anyone else as strange?


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## ClubMan (2 Oct 2008)

Issues such as missed repayments are logged on your _ICB _file for 5 years after they have been resolved. Try contacting the bank and/or the _ICB _to see if they can remove these records but I don't think that they can/will. They may be able to annotate them to provide more explanatory information though. The www.icb.ie website should explain more about what might be possible.


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## DeclanP (2 Oct 2008)

Bet you would have gotten a loan 18 months ago. They are using every excuse under the sun to prevent you getting approval. Bet there are few of us who haven't missed a payment along the way but still had no problem getting a loan/mortgage in 'the good times'.


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## dave2k (2 Oct 2008)

Thanks for the replies guys. I'll give BOI a call tomorrow but somehow I doubt they will remove it so far gone.

It's really frustrating. 

What actually bothers me most is the fact that Halifax wont give me a current account because of it. I specifically asked them to remove the default €50 overdraft on new accounts too. I mean, how on earth could I be a risk to them if all I'm doing is putting money INTO the account?

Could there possible be more to this than I am seeing?

Can your parents or siblings credit history affect me? (They all have bad credit). Or is this just the impact of the credit crunch?


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## ClubMan (2 Oct 2008)

dave2k said:


> Can your parents or siblings credit history affect me? (They all have bad credit).


Almost certainly not.


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## Gus2008 (2 Oct 2008)

Sounds really strange to me! I know there is a credit crunch on, but still! Have you tried Bank of Ireland (as they have on file that you paid your loan off early etc.) for the current account/ debit card? 

Regarding the loan, you should consider opening a Credit Union account and start saving. You can then borrow up to 5 times your savings amount, after a certain period of time (3/4 months I think).


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## dave2k (2 Oct 2008)

Gus2008 said:


> Sounds really strange to me! I know there is a credit crunch on, but still! Have you tried Bank of Ireland (as they have on file that you paid your loan off early etc.) for the current account/ debit card?
> 
> Regarding the loan, you should consider opening a Credit Union account and start saving. You can then borrow up to 5 times your savings amount, after a certain period of time (3/4 months I think).



I have tried bank of Ireland. In fact, I got the rejection letter this morning. The loan I applied for there was a working capital business loan. My business account has been with them for years too. That account has never had a loan, overdraft or missed standing order/DD. My busines advisor there said that it was declined because of my credit record. Apart from those two blemishes on my account, I would consider myself the perfect candidate. That's why I'm here seeking information on the possibility that it could be something else. I'm really confused.

Also. Bank of Ireland do not offer a debit card. Halifax is the only bank in Ireland that do.

Looks like the CU is my only option here but I was hoping I could get to the root of the problem rather than find a workaround.

Thanks for all the replies. I am very grateful.


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## demoivre (2 Oct 2008)

dave2k said:


> I have tried bank of Ireland. In fact, I got the rejection letter this morning. The loan I applied for there was a working capital business loan. My business account has been with them for years too. That account has never had a loan, overdraft or missed standing order/DD. My busines advisor there said that it was declined because of my credit record.



Does he know *why* you missed the two payments three years ago?


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## Sylvester3 (2 Oct 2008)

Aren't all credit score calculations done automatically? The OP has mentioned a few things that I think make it clear what has gone wrong in their case:

1 - The missed payments have pushed down their score on their previous loan.

2 - The lack of other loans/credit cards means that the automated system has no 'good' credit history information with which to drive up the score again.

3 - Applying and *failing* to get credit would left a trace on the system that would further reduce their credit score.

I think it is harder to get real people involved in the credit approval process these days (such as a Bank Manager) so we are all subject to these automated systems and their rulings which sometimes seem unfair and not true to life. Especially in this case where the OP has tried so hard to avoid further credit.


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## ClubMan (2 Oct 2008)

Sylvester3 said:


> Aren't all credit score calculations done automatically?


Doesn't each financial institution do scoring their own way based on the _ICB _records and any other relevant inputs?


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## Elphaba (2 Oct 2008)

You probably have a better history of being in credit than most people.
But your lack of loans/credit cards/overdrafts have had opposite effect.
The banks have made no money out of you either. You could try for a 
50% capital grant for your business from your local enterprise board.
Surely your credit history for your business is treated separately
to your personal finances. You could look at setting up a limited company
for your business, with a partner with a good credit history, even if they
are there in name only.


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## dave2k (2 Oct 2008)

> Does he know why you missed the two payments three years ago?


Yes, I explained everything to him. I have absolutely nothing to hide and I laid it all out on the table. I even explained things as menial as the fact that the query from halifax was not a query relating to a credit application but for a current account.



> Especially in this case where the OP has tried so hard to avoid further credit.


I have been what I have told to be.  A good citizen, don't spend what I can't afford and don't borrow what you can't afford.



> Doesn't each financial institution do scoring their own way based on the ICB records and any other relevant inputs?


Apparently not. He actually told me that I am the perfect candidate for the loan before it went for approval.



> You probably have a better history of being in credit than most people.
> But your lack of loans/credit cards/overdrafts have had opposite effect.
> The banks have made no money out of you either.


This is what is really annoying me. I know people up to their eyes in debt who can barely afford their weekly shop but because they are making their minimum payments (just about) to their 4-6 different loans, they're the good guys!



> Surely your credit history for your business is treated separately
> to your personal finances.


Nope. The other director is in a very similar situation to me. No debt and in fact a perfect ICB score (it would seem). It is actually putting a bit of strain on our working relationship at the moment as it is clear this problem is me. My BA actually told me that it was my credit score that caused the loan to be declined.

I wouldn't mind taking out a small personal loan say for €1000 and just paying it off monthly and giving the bank their interest for the sake of improving my score but I can't get a loan anywhere. It's ridiculous. The system is messed up. That someone with a relatively high net worth (IMO), no dependents, above average salary and no debt is more of a risk than those living paycheck to paycheck and starving until children's allowance day.

Thanks for all the feedback guys. I've been banging my head against the wall for months now trying to figure out if this could be something else. I STILL feel it has to be. There must be something I am overlooking. A relationship, a utility bill I may have been late on.... SOMETHING.


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## demoivre (3 Oct 2008)

dave2k said:


> Yes, I explained everything to him. I have absolutely nothing to hide and I laid it all out on the table. I even explained things as menial as the fact that the query from halifax was not a query relating to a credit application but for a current account.



Request a copy of your file which you are entitled to under the [broken link removed] - this might shed some light on why you were declined. If it was me, and everything is as you say, I would be talking to other bank managers about moving my entire business account to them - you have nothing to lose.

http://www.askaboutmoney.com/forumdisplay.php?f=8


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## Mers1 (15 Oct 2008)

To the OP I hope its not too late.  

I would go straight back to BOI and ask them to contact ICB and have the credit score removed.   I had to do this in a situation a few years ago where the bank contiuned to look for direct debits from an a/c that I had closed.  They had written notification of the new a/c number and a signed DD mandate, and I worked in the bank !!!!!!!!! but no I ended up with a bad score against my name and oblivious to this fact until I applied for a mortgage.  I went mental.  Thankfully all sorted out and I got a written apology from the bank!  And even more thankful that I had kept copies of everything (6yrs)

Good luck


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## VOR (20 Oct 2008)

The credit scoring system will also score you down for not being a homeowner. 
It will also take your employment sector in to account. This can make a big difference to your overall scoring.
Credit scoring will also include the number of dependants, marital status and even if you have a land line. I know it sounds crazy but that all counts. People with landlines are easier to trace so banks prefer them on applications to mobile numbers.
Also, the number of bank enquiries in the last 12 months will show up. By right this should not be included in the scoring as a customer has a right to shop around. 
Have a look at the ICB again and see if the loan is marked "C" for cleared. It may be marked incorrectly. 
Then spend the €6.35 to get full disclosure from bank. Make sure you ask for info held at both branch and head office.


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## DubGus (20 Oct 2008)

dave2k said:


> Can your parents or siblings credit history affect me?


 
This could create confusion when analysing the reply from the ICB. Basically a request with your name, surname and address is sent to the ICB database, matches are returned and graded based on match percentage. If somebody leaving at your same address with your exact name and surname has bad credit history it could be misinterpreted and give you bad credit.

HTH

DubGus


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## dave2k (21 Oct 2008)

Thanks again everyone for the fantastic replies. I applied for a €500 overdraft on my personal account last week to "test" the waters again. I don't need it as I have not ran my balance down to €0 in almost a year (yea, I'm weird like that).

I was declined.

I know all this is happening at a time of some serious economic problems but I am really frustrated. 

I will take your advice and get as much info as I can from my branch and head office and see where it goes from there.

Thanks again everyone, you've given mea lot to consider.


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