ICB

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miss croft

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can someone explain to me how does one come of the "blacklisting" with the ICB ?
If you pay them the requested amount are you still "blacklisted" for 5 years after that.
Im following-up for a collegue who is desperate to put this whole ICB behind them and move on.She made a mistake 3years ago and ran into some hard times financially.She couldnt pay her dedts and now wants to clear her name with the ICB

What should she do??Can anyone advise?
 
ok...I still havnt found any sort of information regarding how my friend can clear her "bad debt" record with the ICB.I called them yesterday and left a message on the answering machine...they have not called me back...it must be a day off for them or they are very busy.I dont feel encourage to call them back.

So again im requesting advice from anyone out there who has had to sort out a "bad debt" record with the ICB.What should my frined do.How can she clear her name???

Please advise.
 
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miss croft said - "ok...I still havnt found any sort of information regarding how my friend can clear her "bad debt" record"
*****

You can't clear your name. The information on oasis is pretty clear.

The ICB is a central repository of credit information for a good reason - the members want to be able to assess the credit rating of individuals based on the experiences of other member institutions. If one of the institutions has a bad history with your friend, then this will be reflected in the individuals record.

However - your friend is allowed to add a comment to her own record to explain why certain events (such as non-payment) took place. This can be used to possibly mitigate a bad record. The history of a particular account is only held for 5 years, so it will expire after that time.

In the interim, there is little that can be done other than adding the comment to her record or explaining to anyone she is applying to for credit the exact circumstances of the account and the steps she has taken to improve her credit rating.

I'm sorry if this sounds harsh, but as above the ICB is there to serve member institutions, and if one of them has a bad experience with an individual, then they pass this information on.

Don't forget that your friend can request a copy of the record to see if everything that is recorded is correct. Under the data protection act you can request that incorrect information which is held about you (in electronic form, such as the record with the ICB) be corrected or removed.

z
 
I presume that if she actually repays the outstanding debt then she could clear her name.
 
I presume so too but as far as I know the ICB retain five years of records and 24 months of payment history for individuals so any (bad) debts incurred in that timeframe will presumably be listed and possibly affect one's credit rating. On the other hand:

"All loans are registered with the ICB, including instances where you may have missed payments in the past. If, however, you have come to an agreement with your lender to postpone payment of a previous loan, this will not affect your credit rating."

Note that the ICB is not itself a credit rating agency but simply a provider of credit history information to financial institutions:

"The ICB does not score citizens on the basis of their credit history. It simply records information and passes this information to lenders who make their own credit assessment based on the details available on the files."

I'm not aware of any "credit repair" services or procedures available in other countries (e.g. UK, USA) that apply in Ireland. Perhaps MABS could help?

Quotes taken from .
 
thanks guys...i dont think that there is a "repair" solution for this situation.

I have read the info on the OASIS web site and I totally understand the function of the ICB.

However I do think that there should be some sort of "repair" solution other than having to wait 5 years ect.
People's circumstances change and opportunities for rectifying past mistakes should be allowed for.5 years feels like a life-time when you are trying to make a life for yourself.

I stil have not heard from the ICB after leaving a message on the answering machine last week.

I give up!!!
 
However I do think that there should be some sort of "repair" solution other than having to wait 5 years
Click to expand...

There is - Repay the money originally borrowed! Is there any good reason why your friend should be able to walk away from her old debts and take on new debts?
 
I found their phone message a bit weird. I don't know if your friend got the same message, but when I got their voicemail it didn't identify itself as the ICB. And, as far as I remember they didn't return the call, either - I just tried again. Seems a bit odd.

As for a credit fixing facility - there is *always* the direct approach of talking to the person who you are applying to and explaining to them the circumstances. If you don't talk then all they have to go on is the credit history which shows a bad debt of some form. If you do talk then you can put your case across.

z
 
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