Moving back to Ireland concerned about UK Credit Record

C

cominghomeuk

Guest
I am returning home from the uk and starting a new job back home. I have a poor credit record in the UK with two defaults and wonder does Irish banks have access to my UK credit record
 
either they dont have access to uk a/c or if they have access they dont bother checking. a pal of mine was declared bankrupt in uk, lost his house to the bank, came to ireland and got a mortgage within 6 months
 
Under situations where you have defaults AND / OR vast amounts of personal debt, but still have some equity in your property - AND want to clean your credit record, then consolidate the account / accounts with defaults on WITH a remortgage.

Its not just defaults that are a problem, one or two late payments on your mortgage or secured home owner loan is enough to bump you from a medium risk client up to a subprime high APR client.

Remortgages are wonderful things ... they TOTALLY clean your credit history - blank slate.

That is why it is always important to own a property in your home country especially if you are doing a self build / refurb - few late payments and defaults due to cost over runs can be wiped clean.

Obviously timing is everything ...... make sure your pay is enough to make the payments on debts once refinanced prior to remortgaging or you will just get yourself in the same situation once more.

Try to avoid CCJ's since even though you may have settled or your debts with a remortgage - CCJ record can remain.

I work for a subprime lender.
 
MaxIII said:
Remortgages are wonderful things ... they TOTALLY clean your credit history - blank slate.

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Click to expand...

Sorry, that is NOT correct, I worked until recently for one of the Uk credit ref agencies ( operations centre here in Ireland) a remortgage does not wipe the slate clean, it will clear the debts but information on the conduct of the account will remain on the credit file for 6 years after the account is closed ( unless you can convince the lender to remove it earlier which is not very likely)

As for the original question, Irish financial institutions will not have access to your UK credit file - even for UK Institutions with branches here e.g. Halifax as only the UK companies have the legal right to access and use the information) If the UK company sold the debt on to an agency in Ireland it may affect you if that agency are registered with Irish Credit Bureau and they have your Irish address.

However, it's a possibility that the Irish company could ask you for a copy of your UK credit file ( I have known it happen for people moving overseas from the UK but normally only for places such as Australia and America)
 
Ok, I'll rephrase - the credit file remains open for 6 years - Yes. However - speaking from my own experience through working for a lender, we only look at the last year.

Each lender has their own criteria of who they will lend to and what is good - ok to lend to, and bad - who we will not lend to. The odd missed payment is no big deal, trick is not to have too many over a 12 month period - effectively you have a yearly allowance you mustnt go over if you want to maintain a healthy credit file. And dont ever miss more than 2 payments in a row = bad.
 
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