icb accuracy?

hi folks, and thanks in advance for any info provided.

i have just received my report from the icb. there is only one thing detailed on it and that is an MBNA credit card. it shows the balance as at mid Jan, the credit limit and there is a tick on the last 9 payments indicating that my payment history with them is fine (which is funny because nearly all of my last 5 payments have been well overdue)

thin g is i have other personal loans (2) and another CC. but there is no mention of these anywhere on my report.

i submitted my name, my address, my pre-marriage name and my old address going back 10 ears ago, so they defo have all my details,

i am wondering if this is the same report a financial institution would see? its just curiosity on my part. because if institutions can see more then i would be arguing that the icb charging 6 euro for a report that would be effectively useless is a disgrace.

any ideas?

Taken from website.

The information which is held on the ICB database relates to credit agreements between ICB members and their customers. A condition of such agreements is that the customer agrees that the financial institution may use the data supplied for the purpose of credit checking. Consequently, where an individual enters a credit agreement with an ICB member, details of the individual’s performance in complying with the terms of the agreement are input to the ICB "credit file" database, which may be accessed by all member institutions of ICB. Each time a person applies for credit from an ICB member, that institution accesses the ICB’s "credit file" to ascertain the applicant’s performance under any previous credit agreements with ICB members.

Mmembership listing here : [broken link removed]

As far as i remember the icb site lists all the financial institutions that report to them. Maybe have a look and see if the ones you have loans with are on the list. I got one a couple of weeks ago and it was very accurate

As above..

smashbox, thanks for that. but i had read that site, and the article re icb on the citizens info site as well but it is not clear if the report i am receiving contains the same info that institutions would see.

i understand they are saying that under a credit agreement, institutions can access, and record details.

my point is, if my other details are not recorded on the report i got then why should they be visible to institutions and not me?
now i am not saying that they are visible, because i don't know if they are...this is what i wish to find out.

the other 'missing' accounts are a BOI cc and a BOI personal loan as well as a tesco finance (ptsb) loan. i have never missed a payment on either, but have been very late on one or 2 with tesco loan

BOI are certainly on that list, as is PTSB.

Your credit rating may be poor if you missed repayments on a regular basis or failed to pay off a loan in the past. From what you are saying, you have never missed a payment.

However, these missing items, if from the last five years, SHOULD be on your credit report. If I were you, I would contact ICB and ask them what the story is. They should be on your file. I would want to know why they're not.

Whatever is visible to you is visable to the institutions, and vice versa.

Make sure you have your reference number from your report for the phonecall.

I got my own report yesterday, wanted to see it out of curiosity. I was impressed by having such a high score, good thing apparently.

I rang them to ask a question, asked 10 while I was at it and for a finish was told that exactly what I got is exactly what a bank etc would get if they requested my report.

Yep thats the way it is Carrie

i know its so weird right??

i got a 3 page document

page 1 of 1 = cover letter with ref number

page 2 of 3 = 'details provided by you' (ie my names given, addresses given, dob, occupation and ph numbers)

page 3 of 3 = name account found under, and account informaion which is a/c number, opening date, company name (MBNA) finance type (credit card) etc etc and includes bal as at 6th feb 2009.

then 9 small boxes indicating payment history, all ticked.

where on the form are you seeing a 'credit score'?

i am going to ring them tomorr.

but basically it could be said that if i opened up a new current a/c, just kept my salary going into this a/c and all my dds going out of my other a/c, there would be no way a lender would ever know about the other loans??

surely this system is flawed??!

but basically it could be said that if i opened up a new current a/c, just kept my salary going into this a/c and all my dds going out of my other a/c, there would be no way a lender would ever know about the other loans??

Click to expand...

If an underwriter saw a salary credit in and a transfer out monthly, and no DD's from the account salary is mandated to, they would request a copy of the bank statement the funds are transferred into.

The reason some of your loans are not recorded with ICB is because a lot of lenders are very lax at submitting and payment records in to ICB.

yes Molly this is true but i have other payments that go into another account that could cover the dd's so that wouldnt be an issue.

however, that was just a thoretical question to highlight the flaws of the system,

and as for them being lax....well i have had the missing cc and personal loan for 3 years and the other loan for 2 years!! i think if they were gonna be recorded they would be by now!

well i have rang and icb are adamant, the report i have is the report an underwriter would get.

i enquired 'theoretically' could it happen that you would have other borrowings and they are not registered by icb members, and she said that if the instituitons have no problems with your borrowings then it is possible they may not bother registering them!

Oh right, thats strange, I thought it was an automatic thing. At least you have a perfect record!

I also received credit report with no credit score. I have a loan and a credit card and I have the ticked boxes for each for the last 12 months with no missed payments. I was considering getting a second loan last November and these applications are on the credit report but again no score there either. How long do the applications stay on the report