# ICB - How Long to Repair Credit Rating



## tunnellight (20 Oct 2014)

Hi,

I have an ICB query - I realise that it would be better to ask them this question directly but I can only get through to an automated voice service.

I have a negative equity mortgage. The property was bought in 2006 through a joint mortgage with my now ex-partner.
We split up in 2008 , he left the country & ceased making payments on the mortgage.
I kept paying my half, but his half went into arrears.
I eventually got the property put in my own name last September , took on all the negative equity, cleared all arrears in a lump sum payment ( obviously I did not want to do this until the property was solely in my name) , and have since been making full payments on the loan.
I reckon I will be back in positive equity in a few years if I keep plugging away at it . 

My question relates to my credit history. 
I am aware that these missed payments will show on my credit rating for five years after the loan is discharged.
There are 27 years left on this loan.
Does this mean that I will have a bad credit rating for the 27 years plus another five?
It seems very harsh if this is the case !!
Thanks in advance for your answers


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## so-crates (20 Oct 2014)

The loan will be on your record for that period yes. A possible alternative would be selling the property to clear the loan. The important date is the date the loan is paid back not the term agreed in the first place.

One thing to consider is that even if it is on your record, going forward matters too. If, say in five years time, you went looking for credit, despite the missed payments you will have been maintaining regular repayments and demonstrably clearing the loan without issue.


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## tunnellight (20 Oct 2014)

Wow - so thirty two more years of poor credit rating - for a two bed apartment in €100K of negative equity.
A staff member in the bank concerned assured me that my ICB record would be clear in 5 years when I took the loan into my own name - but I had my suspicions this would not be the case.
Selling & paying the loan off will hopefully be an option at some stage in the future


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## Monbretia (20 Oct 2014)

Is it not just the last 24 payments that show on an ongoing basis?  To the best of my knowledge you can't see the whole term of the loan and the fact that say 10 yrs ago there were missed payments.   So if you stay up to date surely once the missed payments and arrears are gone over the 24 month mark then while the loan will show, will it show as ever having had a problem?

I haven't dealt with ICB reports recently so not sure if there has been a change, would like to know the answer myself anyway so if someone who is familiar with them could clarify that would be great.


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## tunnellight (20 Oct 2014)

Monbretia - I got a copy of my ICB report - & you are correct , it only showed the previous twenty four months loan repayments.
So if that were all the bank were given, then my record would be repaired in twelve months time.
I think though  that if a bank apply to the ICB though , that the ICB give a "score" , based on information held on file. 
This score takes into account loans in operation for the previous five years.
I am OK with this. I take responsibility for co buying with an irresponsible person. I have learned my lesson, and am paying for it.
I just find the punishment to be very harsh if I still have this stain on my record in thirty years time.


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## Monbretia (20 Oct 2014)

When I worked in banking we did not look at any score as such, just looked at missed or late payments on existing and previous loans that were still on ICB, also any closed loans that showed written off or revoked credit cards were the main things and matched up loan balances and number of loans to what customer had provided.


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## tunnellight (20 Oct 2014)

Thanks Monbretia.
Can I ask how long ago that was?
And was that the case for mortgage loans , or for smaller personal loans ? 
If that is the case , my loan has been brought up to date since September 2014, then by the end of 2016 I should have a clean ICB record.
I don't have any other loans


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## Gerry Canning (20 Oct 2014)

The ICB can show repayment issues for up to five years.eg write offs,repossessions. These (bad) issues do not apply to tunnelight.

it means that arrears or other repayment issues may show for up to 5 years.

in tunnelights case it won,t be 100%sure to be  clear until 2013 +5 years = 2018.
But most ICB checks only go back 2 years. .
having said that if tunnelight keeps things clear for even another while ,her explanation on arrears should free credit for tunnelight.
Hope this helps.


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## tunnellight (20 Oct 2014)

Thanks so much So-crates, Gerry & Monbretia for taking the time to reply
The ICB process is a lot clearer now.


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## so-crates (20 Oct 2014)

There is a difference between what is shown on your report (24 most recent profile code indicators) and what is retained on the system (5 years post loan closed). As Gerry says (and as I was trying to indicate) a clean nose for a few years will mean that the existing issues on the loan should no longer present a problem but it does not mean they disappear from your record.


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## so-crates (20 Oct 2014)

Good luck tunnellight

(P.S. as for ringing them, I attempted that earlier this year out of curiosity - despite their "contact us" section - they are not all that contactable, certainly not for general queries. I didn't need to get an answer from them but I did toy with the idea of rocking up to their office and collaring one of them on the way out to lunch  )


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## tunnellight (20 Oct 2014)

OK, I understand. 
So who gets access to the report (24 most recent profile code indicators) & who gets access to what is retained on the system ?
If I were to apply for a loan in a few  years time, and the bank request information on me from the ICB , are they given the 24 month report , or more historical information from the system?


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## tunnellight (20 Oct 2014)

So-crates , Im glad I'm not the only one !! I toyed with that idea myself.


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## Time (20 Oct 2014)

They get everything they need. They have access to the historical data, everything up to 5 years. If they use, that is something you need to ask them.


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