We need your help now
Support from readers like you keeps The Journal open.
You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.
If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.
Sign in. It’s quick, free and it’s up to you.
An account is an optional way to support the work we do. Find out more.
By continuing, you are indicating that you accept our Terms of Service and Privacy Policy.
WITH MANY FIRST time buyers clamouring to get up on the property ladder these days, many people have turned their thoughts to wondering about their credit rating.
People are thinking back on those few credit card payments they were late in paying, or that loan repayment that bounced back when they didn’t have the money in their account that one time.
Stephen Curtis from the Irish Mortgage Holders Organisation spoke to TheJournal.ie about credit ratings, which he said is one of the most common questions the IMHO is asked about. Here he walks us through all there is to know.
Do I have a credit rating?
Anybody who has ever borrowed money will have a credit rating. The credit rating contains details of all loans you have currently, or had within the last 5 years. It contains a number of details about a person’s history including:
Who calculates my credit rating?
In Ireland personal credit reports are managed and maintained by the Irish Credit Bureau. The Bureau is owned by over 140 financial institutions, credit unions, mortgage providers and local authorities – i.e. lenders. Members report into a central database the performance of individual credit agreements and this information is available to all other members of the bureau along with the individual borrower.
What is a good and bad credit score?
The information in your credit rating generates a credit score which is used by financial institutions in making a decision on whether to lend to you. The best score is 850, the worst is 300.
What is my credit rating and how do I find it out?
You can request a copy of your credit rating online at www.icb.ie, at a cost of €6. It takes about a week to be sent to you. If any errors are present in your report you can request that the record be amended. However your lender must request that the change is made, you can’t do it yourself. You can also see which financial institutions have requested a copy of your credit rating.
Who can ask to see my credit rating?
Lenders and financial institutions can ask to see the information at the credit bureau as they use it in deciding if they want to lend to you or not. It is widely used and often cited by lenders when refusing to make loans.
Uh oh. I think I have a poor credit rating. Will this stop me from borrowing again?
For borrowers in difficulty, the first option to start repairing your credit history is to restructure problem loans. This doesn’t remove previous missed payments but it does stop the problem and starts the process of repairing and improving your credit score.
Similarly if you enter into an insolvency arrangement, either a Debt Settlement Arrangement (DSA) or a Personal Insolvency Arrangement (PIA), it will be recorded on your credit score for the duration of the term (so up to six years) and for the five years after.
If you are adjudicated a bankrupt, it is recorded on your credit score for the duration of your bankruptcy and remains there for 5 years afterwards.
However it is also very important to understand that given the scale of the financial meltdown in Ireland thousands of citizens have seen their credit rating decimated.
If you have a poor credit score you are in good company. It is inconceivable that in the future, if you do need to borrow, past problems, if dealt with comprehensively, will shut a person out from access to credit.
To embed this post, copy the code below on your site
Im f@@ked…low credit rating and im simply not worried about it. .early funeral for me if I did. Ex wife (wagan) upped and left house kids the lot..mortgage fell way behind and when I offered bank to pay mortgage + 200 extra towards arrears they said they’d get back to me…that was 5 months ago. .think there not cooperating . So f@@k em all. Iv tried and came up against a brick wall…I will loose the house this year that’s for sure. .kids moved abroad and building own life so they aint coming back….banks and credit bureau…f@@k u all…I don’t give a shit…I lodged no money in s bank.
Maybe the bank received your letters couldn’t decipher the rambling mess of words and simply put them in the bin….
First step MAB.ie, remember banks are obliged to help you so you should have been sent out a pack with information on how to get a holiday on repayments etc.
I’m guessing that there is more to this story, like your wife won’t sign the papers needed to give you your 3-6 months break or years interest only.
She’s probably answering the phone to the bank with the line “make him pay, make the &@?!%}%*+ suffer”….
That is my experience of 5 years in the bank, separated couple just wanting to stick the knife in.
Don’t worry Jack
The other 142,000 Irish families (approx 250,000 joint borrowers, 500,000 family members) who are in mortgage arrears know exactly what you are talking about.
The 50-60 thousand people who bought an investment property and who now are in arrears, understand you.
Half of all the SME loans in the country are in arrears, those people understand you.
The other 100′s of thousands of people in deep financial distress know exactly what you’re on about.
We’re in our 8th years of this crisis and the banks have done nothing to sort out the mess they created.
They must be much too comfortable on their bankerdole to do anything.
@jp..your right jp of course there’s more to the story. Ex wife remortgageed the house about 4 months before she ran. She.took the money so now it’s a big mortgage on a house in country with no equity and if sold would never get close to even paying it off… I got very sick which resulted with me been out of work. .(long time). Back working again and made bank a good offer..nope . They not interested.. Ex wife married a wealthy guy and two year ago I found out that she and new hubby are in dept to banks for 8 million. .greed came home to roost eh. . Me ! I met a lovely younger lady two year ago and dead happy. .house in north dublin and mortgage free . Haha happy days…hence not bovered and not giving a shit about banks. .amen
I was told by my bank if I play lotto on line it affects my rating
It doesn’t have anything to do with your credit rating it does affect what underwriters think of you though
The ICB is a bank funded farce compared to its UK equivalents Experian, Checkmyfile, Equifax etc. , which will give you exact account balances/limits etc and a step by step roadmap on how to improve your credit rating.
Here in Ireland
Some banks don’t bother registering loans with the ICB for months and even years.
Other banks don’t bother registering loans with the ICB at all.
This of course suited the banks during their little commissions driven bubble as it allowed them to over-lend to customers, using them as debt mules to falsely over-inflate property values and the bank’s balance sheet, as they funnelled billions of toxic credit into country.
Hi Niall. That’s not correct. The only thing that impacts on your Irish Credit Bureau rating are reports made by the member companies – the lotto isn’t a member.
Here’s the biggest most common credit rating problem CHILDREN if you have children you can’t buy a house child care is too expensive. how Fianna Fáil didn’t fix this when it was going so well is beyond me. every well developed country has free child care but NO not here the gimps just don’t care about kids.
Buy the way in 2009 I got a call from BOI to see was I ok with handling the whole situation of the downfall in the economy, and was I able to keep up with the new fees on day to day banking. In this conversion the lady on the phone asked was that my baby crying in the back ground I replied yes and asked why do you ask ! And she replied it will affect you when applying for a loan in the future. That was the end of that conversation.
The ICB is a complete clusterfluich.
Apparently if you pay off some of your mortgage early you get marked DOWN for it !!
AIB who made the erroneous record would not correct it, and the person involved ‘doesn’t take phone calls’. Really ??
And, you have to pay to get your own ICB report – and if you do find an error in it, they won’t fix it. They only refer you to the person that recorded the error………….as in my case, the guy in AIB Ballsbridge who doesn’t take calls……………
So, closed all AIB accounts and off to the PSTB I went.
Never missed a payment on a credit card or over draft… Never had a ‘loan’
I did pay a college fees bill a few months late and the final bill on a mobile phone account I closed got lost when I moved house and wasn’t paid until a final demand notice got to me via my parents.
I’m correct in saying regular bills not that of a financial institution paid late etc. Don’t count towards credit rating?
Only bank (financial inst.) loans and credit cards.
Hi Drew, only members of the Irish Credit Bureau impact on your credit rating. The Bureau is owned by 140 financial institutions, credit unions, mortgage providers and local authorities etc but not utilities
Not bovered
DO YOU NEED A LOAN TO START A BEFITTING NEW YEAR!!!!!!
Are you a business man or woman? Are you in any financial stress? Or do you
need money to start your own business?
Do you have a low credit score, and you will find it difficult to get loans
from local banks and other financial institutions? solution to your
financial problem is Dr. Carson Grant The Terms and Conditions are very simple
and considerate.You will never regret any thing in this loan transaction because i will
make you smile through out this transaction, because you where not born to be a loser
Email (carsongrantloanhome@gmail.com)
Our services include the following:
* Personal Loans
* Debt consolidation loans
* Possibility
* Business Loans
* Education Loans
* Mortgage
* Home Loans
We offer loans at 2% interest rate
We offer loans to people in need of financial assistant with a low interest
rate of 2%. In order to get a loan with this company, you can tell the exact amount of
loan you need and the time in which you can pay back the loan.
NOTE: You are required to email us on:(carsongrantloanhome@gmail.com)
Do you need Loan, Do you need Business or Personal Loan?
Do you wish to refinance your company?
Our company is based in United States and Europe. We give out loan to any individual and company at 2% interest rate yearly. We offer this types of loans and much more:
* Personal Loans
* Business Loans
* Consolidation Loans (ETC).
if interested contact us at: juliansmiths2014@hotmail.com or call (302) 585-3970 for more details.
DO YOU NEED A LOAN TO START UP OR EXPAND YOUR BUSINESS? Zion financial services is a sincere and certified private Loan company approved by the Canadian Government, we give out international and local loans to all countries in the world, Amount given out $5000 to $10 Million. We offer loans with a dependable guarantee to all of our clients. Our loan interest rates are very low and affordable with a negotiable duration.
Available now are
MORTGAGE LOANS, STUDENT LOANS, PERSONAL LOANS, START-UP & EXPANSION OF BUSINESS LOANS AND NEW ARE UNSECURED & SECURE LOANS, CONSOLIDATE LOANS
Apply for a loan today with your loan amount and duration, Its Easy and fast to get 3% interest rates per annum and monthly installment payments. email us now to apply: zionloanfirm.ltd@aol.com
TO APPLY TO APPLY:
Regards
Peter James
General Manager
Zion capital investment, Canada
Email: zionloanfirm.ltd@aol.com
**AVOID SCAM**
Hello everyone,
Are you looking for a business loan, personal loans, mortgage loans, auto loans, student loans, debt consolidation loans, unsecured loans, venture capital, etc … Or have you been declined a loan by your bank or financial institution for one or more reasons?
Here you will get solution to that problem as long as you are found eligible for the loan and trust worthy.
We offer loans from a minimum of $5,000 to a maximum of $10,000,000.00,we offer loans to companies and individuals at a low and affordable interest rate of 2%. So if you are interested in a quick and easy loan.
Contact us today:
mikerobertloans@gmail.com
Are you in financial need?we offer all kind. we offer the best at a low interest rate, search no further, Contact us now :email:
EMAIL: chongieloans@aol.co.uk
WEB SITE: http://www.chongieloans.webs.com
Best Regards
Chongie B.l.A
Chongie Financing Plc.
My name is Glenn Baker and i live in USA Florida and i am a happy man today, I told my self that any Loan lender that could change my Life and that of my family, i will refer any person that is looking for loan to Them. If you are in need of loan and you are 100% sure to pay back the loan please contact them and please tell them that Glenn Baker referred you to them. scottlarry918@gmail.com
Glenn Baker
I’m Jennifer Raff by name. I live in USA, i want to use this medium to alert all loan seekers to be very careful because there are scammers everywhere.Few months ago I was financially strained, and due to my desperation I was scammed by several online lenders. I had almost lost hope until a friend of mine referred me to a very reliable lender called Mr.Larry Scott who lend me an unsecured loan of $85,000 under 2hours without any stress. If you are in need of any kind of loan just contact him now via: scottlarry918@gmail.com I‘m using this medium to alert all loan seekers because of the hell I passed through in the hands of those fraudulent lenders. And I don’t wish even my enemy to pass through such hell that I passed through in the hands of those fraudulent online lenders,i will also want you to help me pass this information to others who are also in need of a loan once you have also receive your loan from Mr.Larry Scott i pray that God should give him long life.
God bless him forever.
Jennifer Raff
DO YOU NEED A LOAN TO START A BEFITTING NEW YEAR!!!!!!
Do you seek funds to pay off credits and debts? Do you find yourself in a bit of trouble with unpaid bills and don’t know which way to go or where to turn? What about finding a reputable Debt Consolidation firm that can assist you in reducing monthly installment so that you will have affordable repayment options as well as room to breathe when it comes to the end of the month and bills need to get paid? Dr. Carson Grant Loan Company is the answer. Email (carsongrantloanhome@gmail.com)
**Are you financially squeezed?
**Do you seek funds to pay off credits and debts?
**Do you seek finance to set up your own business?
**Are you in need of private or business loans for various purposes?
**Do you seek loans to carry out large projects?
We offer the following types of loans
*Debt Consolidation Loans *Business Loans *Personal Loans *Home Loans *Car Finance *Commercial Loans *Investments Loans *Debts Consolidation *Business Planning *Commercial Development Finance *Properties Mortgages *Bad credit loans *commercial loans *Start-up- working capital loans *Construction loans *Car loans, *Hotel loans*Student loans
We give you loan with a low interest rate of 2% and loan duration of 1 to 30 years to pay back the loan (secure and unsecured). Do not keep your financial problems to yourself in order for you not to be debt master or financial stress up, which is why you must contact us quickly for a solution to your financial problems. It will be a great joy to us when you are financially stable. Email (carsongrantloanhome@gmail.com)
Hello
Are you in need of a loan for any purpose? You are in financial problem? Do you need financial solution? Mr.Johnson Pablo loans is the solution for all your financial problems, Our loans are simple, cheap and fast. Contact us today for that loan that you want, we can arrange any loan to suit your budget at only 2% interest rate. If interested, please contact us immediately.Optional Loan Protection may enable you to meet your loan repayments if you can not work due to illness, accident or unemployment. You can only get this valuable insurance when you apply for credit, so do not forget us if you want to it.Email: johnsonpabloloancompany@gmail.com
Use precise geolocation data. Actively scan device characteristics for identification. Store and/or access information on a device. Personalised advertising and content, advertising and content measurement, audience research and services development.
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work.
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then these services may not function properly.
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we will not be able to monitor our performance.
Cookies, device or similar online identifiers (e.g. login-based identifiers, randomly assigned identifiers, network based identifiers) together with other information (e.g. browser type and information, language, screen size, supported technologies etc.) can be stored or read on your device to recognise it each time it connects to an app or to a website, for one or several of the purposes presented here.
Advertising presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type or which content you are (or have been) interacting with (for example, to limit the number of times an ad is presented to you).
Information about your activity on this service (such as forms you submit, content you look at) can be stored and combined with other information about you (for example, information from your previous activity on this service and other websites or apps) or similar users. This is then used to build or improve a profile about you (that might include possible interests and personal aspects). Your profile can be used (also later) to present advertising that appears more relevant based on your possible interests by this and other entities.
Advertising presented to you on this service can be based on your advertising profiles, which can reflect your activity on this service or other websites or apps (like the forms you submit, content you look at), possible interests and personal aspects.
Information about your activity on this service (for instance, forms you submit, non-advertising content you look at) can be stored and combined with other information about you (such as your previous activity on this service or other websites or apps) or similar users. This is then used to build or improve a profile about you (which might for example include possible interests and personal aspects). Your profile can be used (also later) to present content that appears more relevant based on your possible interests, such as by adapting the order in which content is shown to you, so that it is even easier for you to find content that matches your interests.
Content presented to you on this service can be based on your content personalisation profiles, which can reflect your activity on this or other services (for instance, the forms you submit, content you look at), possible interests and personal aspects. This can for example be used to adapt the order in which content is shown to you, so that it is even easier for you to find (non-advertising) content that matches your interests.
Information regarding which advertising is presented to you and how you interact with it can be used to determine how well an advert has worked for you or other users and whether the goals of the advertising were reached. For instance, whether you saw an ad, whether you clicked on it, whether it led you to buy a product or visit a website, etc. This is very helpful to understand the relevance of advertising campaigns.
Information regarding which content is presented to you and how you interact with it can be used to determine whether the (non-advertising) content e.g. reached its intended audience and matched your interests. For instance, whether you read an article, watch a video, listen to a podcast or look at a product description, how long you spent on this service and the web pages you visit etc. This is very helpful to understand the relevance of (non-advertising) content that is shown to you.
Reports can be generated based on the combination of data sets (like user profiles, statistics, market research, analytics data) regarding your interactions and those of other users with advertising or (non-advertising) content to identify common characteristics (for instance, to determine which target audiences are more receptive to an ad campaign or to certain contents).
Information about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc. This specific purpose does not include the development or improvement of user profiles and identifiers.
Content presented to you on this service can be based on limited data, such as the website or app you are using, your non-precise location, your device type, or which content you are (or have been) interacting with (for example, to limit the number of times a video or an article is presented to you).
With your acceptance, your precise location (within a radius of less than 500 metres) may be used in support of the purposes explained in this notice.
With your acceptance, certain characteristics specific to your device might be requested and used to distinguish it from other devices (such as the installed fonts or plugins, the resolution of your screen) in support of the purposes explained in this notice.
Your data can be used to monitor for and prevent unusual and possibly fraudulent activity (for example, regarding advertising, ad clicks by bots), and ensure systems and processes work properly and securely. It can also be used to correct any problems you, the publisher or the advertiser may encounter in the delivery of content and ads and in your interaction with them.
Certain information (like an IP address or device capabilities) is used to ensure the technical compatibility of the content or advertising, and to facilitate the transmission of the content or ad to your device.
Information about your activity on this service may be matched and combined with other information relating to you and originating from various sources (for instance your activity on a separate online service, your use of a loyalty card in-store, or your answers to a survey), in support of the purposes explained in this notice.
In support of the purposes explained in this notice, your device might be considered as likely linked to other devices that belong to you or your household (for instance because you are logged in to the same service on both your phone and your computer, or because you may use the same Internet connection on both devices).
Your device might be distinguished from other devices based on information it automatically sends when accessing the Internet (for instance, the IP address of your Internet connection or the type of browser you are using) in support of the purposes exposed in this notice.
The choices you make regarding the purposes and entities listed in this notice are saved and made available to those entities in the form of digital signals (such as a string of characters). This is necessary in order to enable both this service and those entities to respect such choices.
have your say