Credit Rating - What timespan before getting all clear?

O

OBI

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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.
 
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.
 
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?
 
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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