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Being reported to the Irish Credit Bureau...

  • 25-09-2008 5:14pm
    #1
    bobbysands81
    Registered Users, Registered Users 2 Posts: 7,218 ✭✭✭


    How easy is it for this to happen?

    Would a months arrears on a loan show up? Even if it is now completely up to date?

    Would 2 returned standing orders show up? They were returned as the person was closing their current account? They were immediately brought up to date and paid, and continue to be paid by cheque now.


Comments

  • #2
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    bobbysands81 wrote: »
    How easy is it for this to happen?

    Would a months arrears on a loan show up? Even if it is now completely up to date?

    Would 2 returned standing orders show up? They were returned as the person was closing their current account? They were immediately brought up to date and paid, and continue to be paid by cheque now.

    Chances are the missed payment will show up and it will show its up to date. Its highly unlikely to go against you for a further loan, but be prepared to explain what happened. Why not get a copy of your ICB and see for yourself?


  • #3
    bobbysands81
    Registered Users, Registered Users 2 Posts: 7,218 ✭✭✭bobbysands81


    unclebill98 wrote: »
    Chances are the missed payment will show up and it will show its up to date. Its highly unlikely to go against you for a further loan, but be prepared to explain what happened. Why not get a copy of your ICB and see for yourself?

    It's not actually me that fell behind (I'm sure everyone says that though!).

    A credit report has been ordered, many thanks.

    If anyone else has views on this I'd love to hear it.


  • #4
    AARRRGH
    Closed Accounts Posts: 12,382 ✭✭✭✭AARRRGH


    The company you're paying money to has to be a member of the ICB. If it's a missed loan payment it'll go on your record.

    If you have more than 2 years left on your loan, don't pay it off early - this will ensure the missed payment is wiped off your record. When you receive your credit report you'll understand what I mean.


  • #5
    psycho8itch
    Registered Users, Registered Users 2 Posts: 66 ✭✭psycho8itch


    Sorry for butting in..but does a credit report cover a certain time period?

    For instance; if i had a loan 4 years ago and missed one or numerous payments, would this show up an a credit report that i ordered now?


  • #6
    Slice
    Closed Accounts Posts: 1,133 ✭✭✭Slice


    If you find your credit report to be inaccurate you can contact the financial institution that submitted the information to the ICB and they would be obliged to submit amended information reflecting accurate details. What's more you can submit your own comment against anything that's reported about you for the reference of any future financial institutions that request your details from the ICB.

    I have a personal loan and two credit cards and I've found that on my report there are no details relating to my personal loan. While details about my credit card repayments have been recorded. I have on occasion been late making payment of my credit cards but this is not reflected in the report I got. My impression is that you need to be a serious defaulter to impact your credit rating.


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  • #7
    bobbysands81
    Registered Users, Registered Users 2 Posts: 7,218 ✭✭✭bobbysands81


    psycho8itch wrote: »
    Sorry for butting in..but does a credit report cover a certain time period?

    For instance; if i had a loan 4 years ago and missed one or numerous payments, would this show up an a credit report that i ordered now?

    Yes, the time period is five years.

    If I defaulted constantly on a loan in 2002 it will no longer show up, if I did the same in 2006 it will continue to turn up until 2011.


  • #8
    bobbysands81
    Registered Users, Registered Users 2 Posts: 7,218 ✭✭✭bobbysands81


    bobbysands81 wrote: »
    How easy is it for this to happen?

    Would a months arrears on a loan show up? Even if it is now completely up to date?

    Would 2 returned standing orders show up? They were returned as the person was closing their current account? They were immediately brought up to date and paid, and continue to be paid by cheque now.

    Hypothetical question but what kind of satisfactory reason might someone give to explain either of the above?


  • #9
    redroar1942
    Closed Accounts Posts: 388 ✭✭redroar1942


    AARRRGH wrote: »
    The company you're paying money to has to be a member of the ICB. If it's a missed loan payment it'll go on your record.

    If you have more than 2 years left on your loan, don't pay it off early - this will ensure the missed payment is wiped off your record. When you receive your credit report you'll understand what I mean.

    Apologies but would you mind explaining why I should'nt pay off my loan early. I also missed two payments about one year into a five year loan.


  • #10
    bobbysands81
    Registered Users, Registered Users 2 Posts: 7,218 ✭✭✭bobbysands81


    redroar1942 wrote: »
    Apologies but would you mind explaining why I should'nt pay off my loan early. I also missed two payments about one year into a five year loan.

    Can anyone help me with a valid reason that a bank would be happy with for a missed payment showing on a credit report???


  • #11
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    giving you a valid reason would mean I'd be telling you how to lie to a bank. Not sure if mods would allow it.


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  • #12
    tHE vAGGABOND
    Registered Users, Registered Users 2 Posts: 6,693 ✭✭✭tHE vAGGABOND


    Can anyone help me with a valid reason that a bank would be happy with for a missed payment showing on a credit report???
    Just tell the truth. I have several black marks on mine, as I went to England on short notice to take up a job and just forgot about payments for loan and credit card, until it was too late and they were sending legal letters..

    When I got my mortgage I just told the truth, laughed about it, said it was all sorted in the end and they were happy with that.


  • #13
    bobbysands81
    Registered Users, Registered Users 2 Posts: 7,218 ✭✭✭bobbysands81


    unclebill98 wrote: »
    giving you a valid reason would mean I'd be telling you how to lie to a bank. Not sure if mods would allow it.

    We're only talking hypothetically so you couldn't get in trouble.


  • #14
    unclebill98
    Registered Users, Registered Users 2 Posts: 3,816 ✭✭✭unclebill98


    tHE vAGGABOND wrote: »
    Just tell the truth. I have several black marks on mine, as I went to England on short notice to take up a job and just forgot about payments for loan and credit card, until it was too late and they were sending legal letters..

    When I got my mortgage I just told the truth, laughed about it, said it was all sorted in the end and they were happy with that.

    Yep, spot on. Being honest is the best policy. If its only a few missed payments and the loan is up to date then there would not be a massive problem.


  • #15
    BuffyBot
    Registered Users, Registered Users 2 Posts: 24,924 ✭✭✭✭BuffyBot


    bobbysands81 wrote: »
    We're only talking hypothetically so you couldn't get in trouble.

    Don't bet on that :)


  • #16
    wasim21k
    Registered Users, Registered Users 2 Posts: 438 ✭✭wasim21k


    AARRRGH wrote: »
    The company you're paying money to has to be a member of the ICB. If it's a missed loan payment it'll go on your record.

    If you have more than 2 years left on your loan, don't pay it off early - this will ensure the missed payment is wiped off your record. When you receive your credit report you'll understand what I mean.

    thats true when you see your icb report i think u woule know what his mean.
    can i say its flaw in system? or this is the way icb works?


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