Mortgage Advice re Central Credit Register

Discussion in 'Banking, credit cards, etc' started by littleblondie, 23 May 2018.

  1. littleblondie

    littleblondie Registered User


    Myself and my husband are hoping to apply for a mortgage in the coming weeks and have got copies of both of our credit ratings and they are spotless.

    The problem is I have just found out about this new central credit register and I’m panicking big time as I have two items which might appear on it.

    I previous had a bank of Ireland loan(more than ten years ago) which was written off 2.5k and sent to Cabbot for collection. I paid some of the money to Cabbot but after a while stopped making payments and never heard another word. It’s not appearing on the ICB. Will this show on the Credit register?

    Also I had a mortgage with the County Council. I met all my repayments etc but I after a five years I sold the house as could no longer afford the payments, I never could to be honest, more than half my income each month went to mortgage payments, I should never have been given the mortgage in the first place. The county council we grand to deal with and came to an agreement on the negative equity where by I pay a tiny amount a week for the next 15 years and then it will diseapear. Part of the agreement was that they wouldn’t put it on my ICB and they didn’t. But now I am worried they will be obliged to register it with the Central Credit Register.

    Are banks currently checking the Central Credit Register for mortgage applications or is it still just the ICB. I see on the website it says that’s it’s not mandatory to check it for credit applications until October 2018.

    Are there any underwriters out there who can advise me? I am sick with nerves about it.

    I have requested a copy of my report but apparently it can take up to 30 days to get and I’m alrwady losing sleep
  2. Elnino

    Elnino Registered User

    Banks generally do 2 ICB checks for mortgages
    1. At the application stage
    2. Immediately prior to draw down
    From October 1st this will change to doing 2 ICB and CCR checks. I would assume that you apply for a mortgage in the next couple of months that there systems won't be ready to do a CCR check on you but by the time you draw down the mortgage it will be after October and they definitely do a CCR check on you.

    There is no point in worrying about it until you get it back from the Central Bank and see what is in it.
  3. Otisredding

    Otisredding New Member

    Found your post as in a similar situation did you find your ICB and ccr reports differed?

  4. NoRegretsCoyote

    NoRegretsCoyote Frequent Poster

    The CCR is very new (2017 I think).

    I am not sure if they collect data on loans prior to when the CCR was established. The website implies that they don't, but it's not 100% clear.

    If you are panicking and losing sleep then ring them up to find out.

    Lo-call: 1890 100 050
    Landline: +353 (0)1 224 5500
  5. RedOnion

    RedOnion Frequent Poster

    They do in certain circumstances.

    A much better idea is to request a copy of your credit report yourself, and you'll see exactly what it contains.
  6. star32

    star32 Registered User

    I read ccr reports on a daily basis and trust me it shows up every little hidden debt you ever had. It leaves very little stones unturned. The ICB wouldn't show up half these debts. We as a financial institution had to declare all our bad debt and written off accounts since the mid 90's. I am sure everywhere else had to do the same. I also find the CCR more accurate and up to date. No need for ICB anymore.