Central credit register ( 5 year's rule )

Hi ,
Please advice if anyone can

I took out personal loan in Feb 2015 from credit union which I defaulted in Nov 2017 but repaid and closed by Feb 2019 ,
Icb credit report show's that loan agreement removal date is Sept 2021 but unfortunately it's also register with CCR . it shows that loan is repaid and closed by lender but CCR rule :
if you pay off a loan, or if your loan is closed off by your lender, it is deemed a closed loan. For a loan closed after 30 June 2017, a lender will see the final two years of payment information.

When the oldest information reaches five years old, each separate entry will be deleted month by month thereafter. The closed loan information will be completely removed from the credit report five years after the last payment was made.

For example, if you pay off a loan in January 2020, the lender will see information back to January 2018. They will continue to see this information until Jan 2023, when the oldest information (i.e. the information as at January 2018) begins to delete on a monthly basis. The entire record will have been deleted by January 2025.

Your personal information is be held on the CCR for a period of five years from the date the last loan was paid off.

I found this rule outrages as i wasn't able to borrow from last 6 year's and since CCR comes into play it extended my bad rating till 2024 which is almost 10 year's
I'm planning to sue CCR and central bank of Ireland as i already try discuss with credit union + central credit register , none of them are willing to explain or provide any help ..... I had been refused credit from 2019 till now some 50 times just because over this loan , I took out secured credit union loans and repaid them but when it comes to unsecured loan they even refuse .
Now I'm paying high interest car loan 15% just because of this agreement which even i repaid and it's killing me everyday to think its another 3 years of more wait when any lender will intertrain me .... any advice be greatly appreciated ... cheers

Hi Silence,
Those are the rules I'm afraid.
I had an MBNA CC many years ago that got into issues and was sent to Cabot. After paying Cabot for a few years I made a settlement offer with them in 2019 and they accepted it(1/2 of the outstanding amount). Little did I know that this was effectively blacklist me until for 5 years (until 2024). Two loan refusals due to it.
I see it as my own mistake and I just have to save for what we need.

I'm not sure who you can report this to as your credit agreement will have stated that failure to repay can effect your ability to get credit in the future, which you would have signed up to.
S

Silence4u said:

I'm planning to sue CCR and central bank of Ireland

Click to expand...

Best of luck with that!

Have a look at the legislation it's based on:

It's normally possible to get credit once you've repaid all legacy debt, and have 2 years clean.

Hi Silence4u, sorry I’m aware I’m digging up an old thread but am curious about how the above issue panned out for you in the end re getting a mortgage approval with the loan due to show on your CCR until 2024. Did you get approval? I am in a very similar situation myself. Thanks

Silence4u said:

Hi ,
Please advice if anyone can

I took out personal loan in Feb 2015 from credit union which I defaulted in Nov 2017 but repaid and closed by Feb 2019 ,
Icb credit report show's that loan agreement removal date is Sept 2021 but unfortunately it's also register with CCR . it shows that loan is repaid and closed by lender but CCR rule :
if you pay off a loan, or if your loan is closed off by your lender, it is deemed a closed loan. For a loan closed after 30 June 2017, a lender will see the final two years of payment information.

When the oldest information reaches five years old, each separate entry will be deleted month by month thereafter. The closed loan information will be completely removed from the credit report five years after the last payment was made.

For example, if you pay off a loan in January 2020, the lender will see information back to January 2018. They will continue to see this information until Jan 2023, when the oldest information (i.e. the information as at January 2018) begins to delete on a monthly basis. The entire record will have been deleted by January 2025.

Your personal information is be held on the CCR for a period of five years from the date the last loan was paid off.

I found this rule outrages as i wasn't able to borrow from last 6 year's and since CCR comes into play it extended my bad rating till 2024 which is almost 10 year's
I'm planning to sue CCR and central bank of Ireland as i already try discuss with credit union + central credit register , none of them are willing to explain or provide any help ..... I had been refused credit from 2019 till now some 50 times just because over this loan , I took out secured credit union loans and repaid them but when it comes to unsecured loan they even refuse .
Now I'm paying high interest car loan 15% just because of this agreement which even i repaid and it's killing me everyday to think its another 3 years of more wait when any lender will intertrain me .... any advice be greatly appreciated ... cheers

Click to expand...

Yep its gross injustice its not as if it was a free LOAN you wanted.
Have you thought about the ombudsmans office.
I been ill and other problems all over €1900.. tks

Why shouldn’t lenders have the information that someone is a loan defaulter?

At least for a reasonable period of time, e.g. five years.

Naymar said:

Yep its gross injustice its not as if it was a free LOAN you wanted.
Have you thought about the ombudsmans office.
I been ill and other problems all over €1900.. tks

Click to expand...

On what grounds would you make a complaint to the ombudsman?

The five year rule is in the legislation:

If somebody has been declined credit, with previous credit history being quoted as the reason, the thing to do is to obtain a copy of their credit report from https://www.centralcreditregister.ie/.

Having obtained the credit report, the next thing to do is to check if it's accurate. If it's accurate, then no further action is needed, other than to wait for the negative entries to drop off. If it's not accurate, then the prospective borrower needs to contact the reporting financial institution with a view to getting the reported information corrected.

Obtaining credit is a privilege. It's not a right. Complaining to the Ombudsman regarding a declined credit application is a waste of everybody's time and emotional energy.