Irish Credit Bureau

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moneyhoney

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A report in Which magazine said recently that if you shop around for loans then all queries made by banks are recorded on your file with the ICB. Is this true & if so, does it look like all these loans have been refused, as the query was made but then no loan taken?? Worrying if this is the case.
 
I'm not sure that is actually the case. states:
Your credit record includes:
  • your name, date of birth and address;
  • the names of lenders and account numbers of loans you currently hold, or that were active within the last five years;
  • repayments made or missed for each month on each loan;
  • the failure to clear off any loan;
  • loans that were settled for less than you owed; and
  • legal actions your lender took against you
So, the ICB reflects a full picture of your credit history, good and bad.
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Also...
  • doesn't mention anything about loan refusals being recorded
  • nor does [broken link removed] on the [broken link removed] describe any codes for such purposes
Hope this helps.
 
i recently got a copy of my credit rating and it shows the banks that have requested information on your credit report it shows the date and time and what bank if this helps it doesnt say if you were refused
 
The article was basically claiming that if a bank made a query, it would be recorded & if there was no loan from that bank on your record, then other banks would assume that it was refused. Is this possible? Does anyone know any lenders who could confirm/deny this???
 
I don't see how they could necessarily assume that queries of one's ICB record not followed up by a loan being taken out were credit advancement refusals rather than, say, the borrower simply shopping around for the best deal. Of course they probably don't have to give a reason if they refuse credit...
 
ClubMan said:
I don't see how they could necessarily assume that queries of one's ICB record not followed up by a loan being taken out were credit advancement refusals rather than, say, the borrower simply shopping around for the best deal.
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Then there is the recent (last year or two) practise in certain banks to 'pre-approve' you for a loan. In the case of one major bank this involves fishing thru the ICB record , minging up a scoring system out of that fishing and then writing or calling you to say that you have been pre approved for a loan if you 'score' .

This would create clutter in your ICB record even though you never asked for a loan.

The other banks are wise to this bank and may indeed have a scoring system based on whether you took that loan you were pre approved for and if not why not ????

This is all computerised and extremely obscure as the behaviour and pattern matching has moved onto a rather abstract plane ....thats unless you are <cough> Eddie Hobbs himself :)
 
1. Worked on an online bank in the UK. Think we used Equifax. One of the lads was accidently connected to their live system when testing loan apps. He kept getting declined. Turned out this was on his UK record. He had to go the business analyst guy we were working with from Equifax and get his score reset as he would have been declined like a hot spud from anything else in the UK.

2. About 3 months ago I requested PTSB to move my mortgage repayment date from the end of the month to the start. However, they moved the day from 25 to 3 too late and the direct debit on the 3rd did not kick in. I got a nasty letter from them saying my mortgage was in arrears even though it was they who had messed up the direct debit move.
Should I go back to them and address this from the point of view of demanding that this is not reported as a repayment month misssed on my mortgage by the ICB??
 
legend99 said:
Should I go back to them and address this from the point of view of demanding that this is not reported as a repayment month misssed on my mortgage by the ICB??
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Yes indeed you should, and sooner rather than later. I presume you can prove it was their fault or they have admitted their error?
 
legend99 said:
1. Worked on an online bank in the UK. Think we used Equifax.
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Isn't Equifax a credit scoring/rating agency? The ICB is not a credit scoring/rating agency. They merely store credit history records. It is up to financial institutions or other third parties to use these credit history records to assess the credit worthiness or otherwise of potential borrowers.
 
legend99 said:
He had to go the business analyst guy we were working with from Equifax and get his score reset as he would have been declined like a hot spud from anything else in the UK.
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Can you explain the bit about getting the (credit?) score reset so?
 
What is the Banks policy on savings if they think you own money to another lender in the EU, are banks tell other lenders that you may have debt with your deposit account details ie how much saving you may have in a a deposit account?
 
Money said:
What is the Banks policy on savings if they think you own money to another lender in the EU, are banks tell other lenders that you may have debt with your deposit account details ie how much saving you may have in a a deposit account?
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Not sure what you mean by this - If you owe Money to a bank in the UK and apply for a loan in Ireland, ICB will not have your payment history with the English bank on record.
 
Not applying for any loans but if a credit contacts a bank in Ireland where there is savings does the bank have to tell them about the saving details - if you have savings with them and how much you have the saving account.
 
My elderly uncle was going to purchase a property in Ireland in 200 and wanted to go back to his roots but due to ill health and other family compilation he did not get around to purchasing in 2000 he sold his flat in the UK and transferred it to Ireland. He has been going back and forth since 2002 to find a place to no avail because property got too expensive there. He left his money in on one Ireland biggest bank,



Last year he got a letter from a debt collecting agent saying that he owed money and they were going to collect it. My uncle did not owe the money however the debt collecting agent got wind of his saving account in Ireland and they must have contacted them. It was amazing the way the bank in Ireland treated my uncle as if he was a criminal. The person in the bank in Ireland who called him/herself a financial adviser was more of a problem than the debt collecting agent in the UK. I am almost certain that my uncle details of his account were disclosed to that debt collector in the UK.



So much for the banks confidentiality policy, how can my uncle can prove that horrible bank did not disclose his deposit details to that equally horrible debt collector. So be very careful who you bank with in Ireland if you do not reside there they can cause you very unnecessary stress.
 
Did you complain to IFSRA or the FSA? I am not trying to be smart, but if the facts are indeed as you describe them, I would be very quick to do so, as this doesn't sound right to me. Can you be sure that the debt collector didn't have a way of getting this information from anywhere other than the Irish bank?

I'm only guessing, but if someone had a judgement registered against them, could a bank seek to recover the monies from a savings policy with another institution? Is a judgement registered in the UK enforceable against Irish held assets?

P.S. I'm not suggesting your uncle had any debts or judgements, I am just asking a question in general.
 
BoI are in contact with debt collectors in the UK all the time, I have been told this by an exemployee of the Bank, does anyone know if this is true?
 
Money said:
BoI are in contact with debt collectors in the UK all the time, I have been told this by an exemployee of the Bank, does anyone know if this is true?
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Surely there are data protection issues here. The banks can't be going around sharing info with each other.
 
bond-007 said:
Surely there are data protection issues here. The banks can't be going around sharing info with each other.
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Many Debt collection agencies in the UK have Irish operations also - this is probably what your friend means
 
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