CREDIT REPORTS INFORMATION

Please see information on Credit Reports below.

        

Credit Reports and Credit Report Agencies

What is a credit report?

Your credit report, also known as your credit file or credit history, contains all your financial history and past financial behaviour in one centralised place. Whenever you apply for a mortgage, loan, credit card or even mobile phone contract, your credit report will be used by a lender to determine whether your application should be accepted or rejected. It is important that you know exactly what is on your credit report so when you next make a credit application you stand the best chance of getting approval. If you see anything on your credit report that you think is incorrect or needs updating then you can get this changed before you make any further applications.

How can I apply for my credit report?

Your credit report is a document that is used by lenders when you apply for any form of credit. Lenders use this document to decide whether to accept or decline your application so it is vital that you are aware of what is on your credit report. The healthier your credit report, the lower risk you are to a bank or lender, so the greater your chance of getting approval for a financial product. Not only do you have a greater chance of being accepted, but the terms of your agreement and interest rates are usually more appealing. This is another reason why it is so important that you know what is on your credit report. If you are able to iron out any problems or errors before you make an important application you stand more chance of being approved and receive better terms and conditions. The major Irish credit bureau, The Irish Credit Bureau (ICB), provide borrowers with the chance to pay a fee and receive a copy of their credit report. There are other companies that can offer you a similar service such as Experian – so it is worth researching the market before you make this payment.

Which credit report company should I use to check my credit history?

Knowing what is on your credit report is of paramount importance. It is advisable that you check your credit report at least once a year so it is worth paying a one off fee for your credit report to ensure that you know what is on your credit report. In Ireland, the main credit reference agency is the Irish Credit Bureau (ICB), having said this, if you do your research there are several other agencies which may hold information regarding your credit history that you should make yourself aware of.

Is the Irish Credit Bureau the best place to obtain my credit report?

The Irish Credit Bureau (ICB) is the biggest credit-referencing agency in Ireland providing lenders with financial information regarding borrowers. The ICB is funded by ICB members who are mainly financial institutions - it is not state funded. The ICB has an electronic database and holds information online regarding individual borrowers and their credit history. The credit history and information that they hold can take the form of mortgages, loans, leasing agreements, credit cards, overdraft arrangements and even mobile phone contracts. The ICB do not provide lenders with a credit score on an individual borrower, they do however, pass the credit report information on to lenders who are then able to make more informed lending decisions. The ICB offer you the chance to view your credit report if you make a one off payment. There are however, other companies that can offer you a similar service and sometimes additional features like ID protection. It is worth comparing the various credit report companies out there so that you can be sure you are getting the best for your money.

My credit report is wrong! How can I change my credit report?

If you notice that your credit report is wrong or has not been updated then there are ways that you can change this. It is your right to have this amended if a mistake has indeed been made. All banks and financial institutions in Ireland report truthful records of their credit agreements and transactions which are then included on your credit report. If they have made a mistake then you may be required to provide further information regarding this. If however, you simply want previous bad debt removed from your account you will need to check with the financial institution involved who might operate discretionary powers – for example if the debts were for exceptional circumstances and you came to an agreement to have the debt repaid.

Bear in mind that all the financial applications you make, whether you are approved or declined by the lender, will be logged on your credit report. If you have too many declined applications, you should be aware that lenders will start to notice.

        


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