# ICB credit rating question



## marfsmal (7 Jun 2012)

Guys I have a very straightforward question and I hope someone can help me out with it.

If you have missed payments on a loan/credit card, etc. for a total of say 6 months consecutively, and can't make up those arrears, but you have since then made all monthly payments,  what is reflected on your credit rating, assuming you continue to make the monthly payment and pay debt off in full? Does it stay on your rating for just 2 years as they would be counted as missed payments, or, would it be on your record for the full 5 years?


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## dmos87 (8 Jun 2012)

Hiya,

I've applied and gotten a copy of my ICB a good few months ago. I had a car loan about 4 years  ago and after an accident I missed a payment, which I paid back a month later once I realized. I was really worried it would show on my ICB report, but fortunately as I paid it back so quickly there was no mark at all applied. Clean report  

I cant say for certain for the example you've given as its a longer stretch of time with missed payments and they have yet to be paid back, but I do know if there is a strike on the report it remains for 5 years from the time the loan is repaid. 

If I were you, I would request a copy of my ICB report. You can do it online, and it only costs 6 euros.


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## marfsmal (8 Jun 2012)

dmos87 said:


> Hiya,
> 
> I've applied and gotten a copy of my ICB a good few months ago. I had a car loan about 4 years  ago and after an accident I missed a payment, which I paid back a month later once I realized. I was really worried it would show on my ICB report, but fortunately as I paid it back so quickly there was no mark at all applied. Clean report
> 
> ...



That's just it, I don't know if this series of missed payments would be down as a strike as such, or just logged as missed payments, so that's what I'm asking. The loan is being paid back all the time as is, no interest rate reduction, freezing, etc. so it's not going to be the same as someone who say only pays back some of what they owe, or reneges altogether. 

I might just get in touch with the ICB. But I have heard that payments are logged for 2 years and that once you catch up with missed payments it won't be on your record after 2 years.

Being charged off, etc. not paying back, etc. then yes, that would absolutely be 5 year mark on your report. My issue isn't like that though, it's about missed payments.

Sorry, I know you're trying to help but not really answering the question.


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## Knuttell (8 Jun 2012)

It only captures missed or indeed performing loan/CC repayments over 24 months as far as I am aware.

The only way to be sure is to order a copy from the ICB,then you will see exactly what a lender will see,I would advise any one looking for a mortgage to get a copy before applying.

http://www.icb.ie/


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## marfsmal (8 Jun 2012)

Yeah it's just that if I did get a copy now it would show the missed payments, it's really how long it will stay on my record that I need to know.

But no matter, even if it is on it for the 5 years, it'll look a lot better than say someone who didn't pay back at all on a cc that they owed?
Well I'm hoping so. Say in 2/3 years time I might be looking for a small mortgage and I'm really hoping that these missed payments don't haunt me then.


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## Knuttell (8 Jun 2012)

In the current climate any blemish on your ICB report will stop any mortgage application dead in its tracks.


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## marfsmal (9 Jun 2012)

Really? Is so, where's the incentive for a person to make all sacrifices and pay back a cc in full when they could walk away and make a deal with them down the line and in both cases have bad record for 5 years?


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## marfsmal (9 Jun 2012)

Have decided I'm going to call the ICB and ask them how exactly does the missed payments for 6 months compare with not paying back full amount on cc in terms of how it affects your credit rating and how long it remains on your credit rating record.


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