# Credit Rating - What timespan before getting all clear?



## OBI (15 Feb 2016)

Not sure if this is the right forum for this, but..

I had outstanding arrears on a small credit union loan when i was a student a few years back. It was about a year in arrears, but when i started working again i have been clearing it each month. I cleared it in full last month. Last year i remember requesting my ICB, and i noted the "bad debt" on my file, noting the payments in arrears.

This affected me last year when i wanted a car loan.

Now that this is cleared, i wonder how long will it remain on my file? - i.e. If i go look for a loan tomorrow, will the Credit Union loan still appear as "Bad Debt" ?

I have been getting mixed opinions. Some are telling me that it remains on your file for 2 years form the date of clearing it, and others are telling me that its removed straight away..

thanks in advance.


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## so-crates (15 Feb 2016)

have a look here
[broken link removed]

The relevant section ...
*Length of time records are kept for*
Members of the Irish Credit Bureau send information about to the loans they have given to their customers to the Bureau. Therefore, information about a loan will be kept on the ICB database for the full term of the loan whether this is a 3-year personal loan or a 30-year mortgage. The ICB Member records the customer's performance on the repayments and this information is then sent to ICB where it is also recorded.

_When the loan is completed or when it reaches a frozen state (that is when it is Written Off) the 5-year retention term clock starts ticking. In other words, regardless of what the customer’s performance on the loan was like, once the loan is terminated in its current state - it will then stay on the ICB Database for 5 years from that date._


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## Gerry Canning (15 Feb 2016)

obi,

Get statement from Cu showing loan repaid,if you need to apply for loan you can disclose this + it shows you paid it back from work.
Also if you are looking for credit apply online to Irish Credit Bureau ICB for copy of your ICB , you will then know your up to date position and at worst it will show you paid your debt..
it appears all loans are not shown for 5 years on ICB, even though they are( as so-crates says )for 5 years after?


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## XMarks (15 Feb 2016)

It should say on the ICB report when it is due to be removed from it. Try and find the report or order a new one.


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## Leo (16 Feb 2016)

Please edit your thread title to make it more meaningful.


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## OBI (16 Feb 2016)

Leo said:


> Please edit your thread title to make it more meaningful.


thanks. was just about to do it and see that its already been done, thanks for that.


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