Credit Reports - Credit Reference Agencies

See below a list of services that offer you access to your credit report. When applying for credit it is important to know what banks and lenders see so you can be aware how they are assessing your credit report. Whether you are after a ‘one off’ look at your credit report or monthly updates so you are able to help rebuild or build you credit you should be able to find a reputable company to help you. It is recommended that you check your credit report at least once a year to make sure the information on your file is correct and up to date. Some people are turned down a loan, credit card or even mobile phone contract because their information is completely wrong or just not up to date. Prevent this from happening by checking your credit report thoroughly and frequently and correcting any errors before a lender spots them. Some credit reporting companies offer a free trial with their product so you are able to get a quick glance at your credit file. Make sure you cancel your membership if you do not require monthly updates before they start to charge you though. Use the table below to compare essential features such as duration of trial period and monthly costs.

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What is a credit report?

Your credit report is a financial document that contains all your financial history such as current or past loans, credit cards you hold or have previously held, mobile phone contracts, mortgages and any other financial products you might have applied for a line of credit. Not only this but it contains electoral roll information, whether you have any debt problems or any credit applications you have made - even if you have not been approved for these applications.

How can I check my credit report?

Your credit history and credit report is used by lenders when you apply for credit to determine if they will approve your application for borrowing. The better your credit report, the lower risk you are to a lender, so the more chance you will be accepted when you make your chosen credit application. Not only this, but it is more than likely that you will receive better interest rates on your loan or credit card. This is 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. Remember that all credit applications that you make are logged on your credit file which can sometimes have a negative effect on your credit report. The major credit bureau, The Irish Credit Bureau (ICB), offer a one off chance for you to view your credit report at a fee - but are there any other companies that can offer you a better service? ICB is really useful if you want a one off glance at your credit report; however, knowing what is happening with your credit report on a monthly basis could be important too.

Which agency should I use to check my credit report?

Regardless of whether you pay a one off fee for your credit report or you pay a monthly subscription fee for your credit report, knowing what is on your credit report is important. The main credit reference agency for individuals in Ireland is the Irish Credit Bureau (ICB) but there are several other agencies which may hold information regarding your credit history you need to be aware of, particularly if you are a business.

What is the Irish Credit Bureau?

The Irish Credit Bureau (ICB) is the largest credit-referencing agency in Ireland and is financed by ICB member which are mainly financial institutions. The credit bureau is an electronic database and hold information regarding the credit agreements between financial institutions and borrowers. Credit agreements can take the form of mortgages, loans, leasing agreements, credit cards, overdraft arrangements and even mobile phone contracts. The ICB are not responsible for scoring citizens on the basis of their credit history. The bureau simply records the information and passes it on to lenders who are then able to make an informed decision as to whether they will lend credit to a borrower. This decision is based on the details available on the credit report. This is why it is so important that you are fully aware what is actually on your credit report.

Can I change what is on my credit report?

If what you see on your credit report worries you then you have the right to have your credit history changed or amended, and in some circumstances you might have the right to have this information removed from your file. However, this is only if the information is wrong or out of date. Sometimes your request might not be auctioned so further information may be required. Having incorrect information on your credit report can ruin your chances of approval on the credit applications you make so it is important that you know exactly what is on your credit report before you make the application. Remember, all the applications you make, whether approved or declined, will be logged on your credit report and if you have too many declined credit applications lenders will start to notice.

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16 October 2015
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Check Out our latest new product range added to Which Way To Pay: Credit Reports and Credit Report Agencies