What to do about ICB and debt?

I guess we better just accept that bond-007 is correct in all cases and ignore what the ICB themselves say and what has been said on AAM anytime anyone asks about the ICB :rolleyes: .

Trying to make out the banks keeping track of people's credit history is 'big brother' behaviour is scaremongering and sensationalist-lending money without looking at past behaviour is reckless and not a good basis for the stability of the banking industry.

As I said above, let the OP apply to see their own credit record, although they have already said:

Sol7 said:
The problem is no lender will give 100% mortgage if you have bad debt, i.e. on the ICB, I'm on the ICB as a result of this.
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which would certainly seem to suggest that in their case, the ICB has kept their records for more than 2 years.

By all means take it up with the ICB if there is a Data Protection issue-I for one would be interested to hear the outcome.
 
According to a broker I dealt with, it is up to the bank/lender on how far they check back. Some banks request the record of the last two years and others will check the last 5!
 
Aha-a possible explanation comes to light.

But it's only fair to point out that bond-007 has said they it was he/she who requested their ICB record and not the bank/lender.
 
The broker asked me to do the request as part of the mortgage application. I advised him there was a few missed payments about 4 years ago and both myself and the broker were surprised when a mainstream bank approved a mortgage.
 
Update which should clear up matters.
[broken link removed]
Typically, the citizen's payment profile history is reported over a 24-month repayment period.
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That might explain the 2 year period.
 
So to clarify

-'Black marks' remain for 5 years
-The typical history is 2 years only (assuming no 'black marks')

Does that sound correct?
 
So to clarify

-'Black marks' remain for 5 years
-The typical history is 2 years only (assuming no 'black marks')

Does that sound correct
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yes you are correct, the ICB does indeed retain and make available all repament historys on loans for a period of 5 years. typically the last 24 repayments are detailed in the event of an icb request, and it can be safely assumed that the previous 36 months are in order, where there have been missed payments in that previous 36 months, ICB will detail all 5 years.
 
hi,
my partner applied to the ICB to check his credit history as we were applying for a mortgage and it detailed a loan made in 2003 so i guess they do go back the 5 years. They gave details of his last 24 monthly repayments.
 
to the original poster, 90% would be the maximum on offer if a bad credit rating was placed against you and still remains there subject to normal income criteria, the amount of lenders that can assist is reduced down, some examples are GE,Start,Step Stone or Springboard

the ICB in Clonskeagh will carry out a credit check on you for €8 so that you can see for yourself what is noted there, if you disagree with any of the information you can look to change it, or if you agree, you can then approach a suitable lender from the above examples, some will more than likely charge you an interest rate at least 2-3% above normal competitive rates

DeirdreL

www.rea.ie
 
2-3%, those are massive increases, I thought it was only 1-1.5%
 
depending on the credit rating and how bad it is will determine what rate is offered, starting from 5.40% up to 8.30%, the rates can be high


DeirdreL

www.rea.ie
 
My partner and i have had to go with start mortgages because of his bad credit history and the interest rate is 7%/7.5%. Otherwise we would have been looking at 4.5%. Big difference!
 
My partner and i have had to go with start mortgages because of his bad credit history and the interest rate is 7%/7.5%. Otherwise we would have been looking at 4.5%. Big difference!
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Oh my God, that's frightening. You know what they should advertise this to people getting loans to ensure that they don't default.

That's alot of money to pay for a past error.
 
newkid30 said:
Oh my God, that's frightening. You know what they should advertise this to people getting loans to ensure that they don't default.
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Well they already have to say "your home may be at risk if you do not keep up your mortgage repayments" and that doesn't stop some people missing repayments and ignoring the problem instead of contacting their lender ASAP to sort things out.
 
Hence the consequences of a poor credit record. Most people are totally unaware of these up the line difficulties when they take out loans and have difficulties in meeting the repayments. Just look at the huge problem in the USA with the sub-prime mortgage companies. Lending to people with poor credit history is high risk and most Banks will just decline.
 
bond-007 said:
Prehaps the warning needs to be in 72pt text and repeated several times in radio ads?
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No matter what is done some people will always get into financial trouble, some will moan about nanny stateism and some will moan about nobody stopping them getting into financial difficulties. Perhaps the usual IFSRA disclaimer should also have a more pointed comment about personal responsibility too?
 
ClubMan said:
Well they already have to say "your home may be at risk if you do not keep up your mortgage repayments" and that doesn't stop some people missing repayments and ignoring the problem instead of contacting their lender ASAP to sort things out.
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Fair point Clubman. :)

I guess I got the fear of God instilled in me when I was 21 by my bank manager and have been terrified to default since.

I was late on one payment of my student loan and he rang advising me that if I was late or defaulted without letting the bank know in advance that I could be put on a debtors list and have problems getting a mortgage later in life. Eventhough it scared me at the time I think it was great advise.
 
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