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Credit checks across Europe

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  • 21-09-2006 8:23pm
    #1
    Caryatnid
    Registered Users Posts: 555 ✭✭✭


    Hi. This is about bank legal stuff across Europe.

    Scenario 1: Suppose Jim had bad credit rating in his home country, Ireland. He can't get a credit card in Ireland. He goes to live in France (or somewhere in the EU), pays all his bills on time etc, applies for a credit card - question is: When they do a credit check on him, will they do it also in Ireland/the rest of the EU.

    Scenario 2: Jill (Irish), wants to buy a house in France. She can get finance over there from the estate agents. She tells them she has 10,000e cash, which she can use as a deposit. However she actually has a 10,000e loan with a bank in Ireland. Can the French estate agents (or a French bank say) find this out?

    I amn't in either situation above, and don't know anyone who even is in a similar situation. It just thought about this the other day, and didn't know how to find out.

    Thanks.


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    #2
    Ruu_Old
    Closed Accounts Posts: 36,634 ✭✭✭✭Ruu_Old


    Not entirely sure on this one but I would say between EU countries it might be easier for someone to get a hold of your credit report from your country of origin. A number of countries worldwide have agreements with each other to trace people who have skipped a country to escape bad debt and start a new life elsewhere, doubt it is possible to do this anymore. I'll try and find more information on this.

    I know when I moved to the US, my rating in Ireland meant nothing and they had no way of tracing it (as hard as they did try), so I had to build a brand new one here.


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    #3
    vector
    Registered Users Posts: 1,756 ✭✭✭vector


    Is there an Irish Credit Reference Buearu?
    Yes its called the Irish Credit Bureau, don't bother visiting their website, very little information there, and they only like dealing with their commercial partners.

    Is there a European Credit Reference Bureau?
    Well, that is a more interesting question. There are private companies such as Experian
    http://www.experian.ie/Consumer.html
    that operate in many countries

    A commercial lender likely consults Experian before making a final decision, <begin educated guessing> I imagine though that Experian would charge such a lender more for a multi-country search, then a single country search, so if one applies for credit in france, the frech lender won't bother spending the extra unless they are desperate for your business<end educated guessing>


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