Brendan Burgess
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Mods. In progress. I am posting it here pending a bit of research.
This question has been asked a few times, so I am going to start a Key Post on the topic.
Could someone who has restructured their mortgage please check their credit rating with the ICB and post the results
Introduction
You can get a general introduction to your credit rating at www.icb.ie
Any activity on your mortgage or other loans is recorded on your credit record.
These are summarised into a CBS Credit Bureau Score
There are two scores
|worst score|best score
ICB CRIF |330|550
GFS|300|850You want as high a score as possible.
If you go into arrears without approval, your score will reduce and your rating will be damaged
Other indicators are used such as
How long does the negative credit rating last?
5 years
If you reschedule your loan by agreement with your lender, it will be noted on your record, but your score will not be affected
If your lender agrees to reschedule your mortgage, an "R" (?) is marked on your credit rating.
If you apply for a loan at a later date to another lender, they may ask why you rescheduled it.
If you are in serious negative equity, they are probably not going to lend to you anyway.
My mortgage contract with PTSB entitles me to a 3 month mortgage holiday. Will this affect my credit rating?
If you take a mortgage holiday, it will be noted on your credit record for two years. But as pointed out above, it won't affect your score.
As user 95 A points out in this post
This question has been asked a few times, so I am going to start a Key Post on the topic.
Could someone who has restructured their mortgage please check their credit rating with the ICB and post the results
Introduction
You can get a general introduction to your credit rating at www.icb.ie
Any activity on your mortgage or other loans is recorded on your credit record.
These are summarised into a CBS Credit Bureau Score
There are two scores
ICB CRIF |330|550
GFS|300|850
If you go into arrears without approval, your score will reduce and your rating will be damaged
Other indicators are used such as
- W : Written off
- P : Pending litigation
How long does the negative credit rating last?
5 years
If you reschedule your loan by agreement with your lender, it will be noted on your record, but your score will not be affected
If your lender agrees to reschedule your mortgage, an "R" (?) is marked on your credit rating.
If you apply for a loan at a later date to another lender, they may ask why you rescheduled it.
If you are in serious negative equity, they are probably not going to lend to you anyway.
My mortgage contract with PTSB entitles me to a 3 month mortgage holiday. Will this affect my credit rating?
If you take a mortgage holiday, it will be noted on your credit record for two years. But as pointed out above, it won't affect your score.
As user 95 A points out in this post