ICB Credit Rating Report

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minstrel_boy

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I hope this is the correct forum. Lately I applied for a Loan of 10K and was turned down. The lender told me to write to the ICB for further info on my credit rating

I have two loans at the moment totalling 6K. I have missed payments over the last couple of years on both loans but each one is up to date in terms of the repayments. I payed 6 euro for the credit report but there was no mention of either loan on it (i have not changed address). Why would i have been turned down if i do not have any bad history on my credit report? (also why are the loans not on the credit report?)
Thanks in advance for any info!
 
Rather than guessing why you were turned down get a copy of your file from the prospective lender, which, under the data protection act, you are entitled to. That should throw some light on the subject for you.
 
Thanks for the advise Demoivre. However, is it not the case that the prospective lender would have reviewed my credit report as relayed to them by ICB.

I have recieved this same report from ICB and there is no details of any borrowings on it.

Clubman, are you saying that I should visit ICB.ie to apply for my credit report? As stated above, I have already done so and recieved it. I'm just surprised by the lack of info on it. I rang them to clarify that they had all the info and they assure me they have.
 
minstrel_boy said:
Thanks for the advise Demoivre. However, is it not the case that the prospective lender would have reviewed my credit report as relayed to them by ICB.

I have recieved this same report from ICB and there is no details of any borrowings on it.
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Even if your ICB report was complete, the report in itself won't tell you why the lender refused you the loan. However the prospective lender will probably have created a file for you when you applied for the loan and it will more than likely state why you were declined. Through the ICB site links you can find [broken link removed], which I assume is what Clubman was referring to.
 
minstrel_boy said:
Clubman, are you saying that I should visit ICB.ie to apply for my credit report? As stated above, I have already done so and recieved it. I'm just surprised by the lack of info on it. I rang them to clarify that they had all the info and they assure me they have.
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Sorry - I didn't notice that you had it already. :eek:

Anyway - as demoivre says the lender may have refused you for reasons other than just what was on (or not on) your ICB report.
 
Just a query in general about ICB - shouldnt i be able to get a report of all data about me from them free of charge under the Data Protection Act ? They should be governed by the Act in the same way that all other bodies are ?

This has been a bone of conention with me for a while now, but no-one seems to know why they can get away with charging me for the priveledge.
 
Just to point out that lenders are obliged to provide all data held but this does not extend to disclosing the reason for a credit decline - as this could undermine the security of the lender's credit scoring or decisioning systems.

Credit is a privilege.. not a right...
 
So, am i correct in assuming the any individual or company that can flash €6 at ICB can get a credit report on me if they have my name, address and DOB ???
 
I don't think so. Or at least if they can then surely it'll be posted to you home address anyway? I presume that only individuals can see their own records - other than financial institutions who are authorised to do "wholesale" credit checking.
 
thomasd said:
Just to point out that lenders are obliged to provide all data held but this does not extend to disclosing the reason for a credit decline
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Under section 4 of the Data Protection Acts, 1988 and 2003, you have a right to obtain a copy, clearly explained, of any information relating to you kept on computer or in a structured manual filing system or intended for such a system by any entity or organisation. Your assertion isn't supported [broken link removed] either.
 
The actual credit rating/score wouldn't necessarially be stored - it could be programatically derived in realtime from a set of information that is stored. So you may request and be given the inputs (the information) under Data Protection, but not the outputs i.e. the actual credit rating/score. This is theoretical...but feasible.
 
Some banks dont register all loans with the ICB but usually do if there are more than 3 missed payments.

So in my opinion either the bank know you missed some payments and gave you a low score or else if your report shows you never had a loan they could have refused you for this.

I work in finance and a lot of banks will refuse a loan to someone who has no credit history, they may accept with a guarantor.

Banks use a scoring system giving certain points under headings like age, residential status (home owner, tenant, etc), credit history, length in employment, etc.
You may be refused a loan because they cant find much information on you even thought the information they do is isnt adverse.
 
Thrifty1 is correct. Many reasons to decline a loan. It may be what's on the ICB or, if the loan looks tight, it could be a lack of credit history at that level.

Length of employment, employment type and sector are important. Home owner status will also be considered. (e.g. a self employed 23 year old plasterer renting will score poorly.)

Did you give the bank a copy of your bank statements. If so, did the bank statements show returned payments and referral fees? They don't need an ICB to establish repayment capacity if the bank statements tell the story.
A friend of mine who works in a bank told me that they often don't bother doing an ICB if the credit scoring system returns a low score.
 
RossieGooner said:
So, am i correct in assuming the any individual or company that can flash €6 at ICB can get a credit report on me if they have my name, address and DOB ???
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as far as i know this is the case. i know of one individual who got a credit check done on a family member - ie they were just a private individual and not a bank/financial institution. an appalling invasion of privacy if you ask me
 
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