Quick Query - re: ICB

B

Babsi

Registered User
Messages
15
Hi all,

Would anyone know how long it takes banks to run a credit check. I know it takes individuals 5 working days to recieve report - is this the same for banks/building societies?

Thanks B
 
Hi it can be done either over the phone or via intranet. So pretty much straght away unless the ICB computer is down.
 
EamonOB

Thanks so much for the prompt reply - if only my bank was as quick!!! We sent everything off via courier yesterday (from broker to bank), bank has seen all documents and were just waiting on declaration for credit check. Broker said we may not hear final decision till next week.

Thanks again

B
 
Be prepared for a wait I'm afraid. They may not get to see it for a couple of days due to the influx of applications at the moment and the tighter criteria for approving cases.
 
Hi,
The ICB check is quick but the loan providor may take his or her time in deciding to approve borrowings. Sometimes for big loans it needs to go through a credit committee. I expect your broker knows the days the credit decisions are made and that is why it will be next week before you get a decision on loan approval.
Best of luck
Eamonn
 
Locke & Eamonn
Thanks again - we are pre approved (and they took a while to come back) but just waiting on the check. Were pre approved with AIB a few weeks ago but.... they decided not to continue with application so this is our second go - hopefully this one will stick!!!
 
Generally if the loan looks affordable on the figures you supplied they will give you approval providing ICB report shows nothing bad.
 
In answer to the original question, a ICB request from a lending institution takes less than 2 mins.

I presume that when they are referring to " credit check" what that actually mean is an underwriters assessment - which typically takes 5 working days, you would assume possible less as underwriting depts are dealing with less volumes of applications, however alot of underwriters are now working in different roles / depts.
 
Molly/Colm,

Thanks for that. There are a few missed payments on the ICB - when I say missed payments I mean they didnt clear on the day and were paid by cash/cheque. We now have no loans and the loan would be more than affordable at the moment. As they already looked over application/statements etc would they still need 5 days to do an assessment?? I know the specifics aren't always the same in every assessment and they may not have time at the moment.
 
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