ICB Report

G

grapefruit

Registered User
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I recently requested a credit rating as hoping to apply for a mortgage the end of the year, the report shows a loan I am currently paying off, which was a consolidation loan to clear a credit card & an over draft, the loan was taken out last year & credit card gone since then. But the report doesn't show the credit card, which I thought it would as I had several missed/late payments on it, is this normal, I thought it would show missed/late payments like that?
Anybody any experiences with same?
 
grapefruit.
Seems to be (not 100%sure) that some of the Credit card companies ,having exited the new business market have also withdrawn from the cost of Irish Credit Bureau inputs.Since they are leaving they have no other interest in your Credit Rating.
Am also seeing some Banks showing customers with clear ICB once the (arrears) or debt issue such as yours is regularized.

I can see logic in Companies not continuing to (penalize) customers who may have got caught up in the Downturn but that are basically good credit risks.eg lost job for 6 months does not of necessity make anyone a future (chancher)
 
You don't get an X for having a missed payment. If you miss several in a row, they will report you to the ICB. Usually, they will ring you beforehand to see where the money is and threaten you with reporting you to the ICB.

Steven
http://www.bluewaterfp.ie (www.bluewaterfp.ie)
 
If you get your ICB print off it shows one month missed as 1, if missed for 2 months it shows as 2 etc etc.
Most times 1 can be explained but once you go 2 (down) it is hard to get finance.
On finance houses linked to ICB it is a semi-automatic reporting.
 
Many thanks for the reply guys, also another quick question.
Would 2 missed payments on a cc which is showing on an ICB report, definately
hinder future finance, even if the individual had 2 previous large loans which were paid on time and now completed?
 
just to add to the above, it also says on the ICB report( not mine) that the cc was revoked, but the card was paid off fully by the individual over 4 years ago
 
grapefruit said:
just to add to the above, it also says on the ICB report( not mine) that the cc was revoked, but the card was paid off fully by the individual over 4 years ago
Click to expand...
1. 2 down will hinder future finance but if you are prepared ie statements etc and can show two large loans repaid on time allied to fact cc sorted from issues over 4 years old ,you should be ok.
2. Banks/finance are now showing signs of pragmatism over past errors , in particular if you can show unemployment/decrease on wages allied to having worked to sort issues + present prospects Ok , you should be ok.

Up to now a (flawed) ICB has been financial kiss of death , but Banks are realising that most of those who were hit by Recession are still credit worthy people.
 
grapefruit said:
just to add to the above, it also says on the ICB report( not mine) that the cc was revoked, but the card was paid off fully by the individual over 4 years ago
Click to expand...


What Bank or Credit Card provider was it that provided the facility ? ... many of those who have exited the Irish market, have an outsourcing business working for them, or in some cases sold on their businesses on to other organisations with offices in Ireland.

There is a responsibility on the Banks (and I would think also the credit card companies) to retain personal customer records for either 6-years or 7-years (think it's 6-years from memory ?) after an account is closed. As such, you may be able to apply pressure on them to correct this ICB error, even if you are ultimately communicating with staff in another country.

It may also be worthwhile contacting the ICB and asking them have they a point of contact, who represents the credit card provider in question - they may well have been through this with the provider in question, for other customers. Contact details are on their website: http://www.icb.ie/
 
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