Irish Credit Bureau report- what a load of *****

chasm

Hi Guys,
Received my credit report today from the ICB, and what a waste of €6.

I had hoped to get an idea of my credit score, but my only loans to date (other than credit union loans) have been with the bank ive been with for over 20 years, and i can only assume they go by my banking history when loaning out money, as there is no score given.

Anyway the credit report shows the details of a loan i finished paying in April 2009, nothing else, no sign of the loan i took out in July 2009 with the same bank, which i am still paying .... When i queried the ICB they said the bank must not have registered it with them. So the loan i took out in an attempt to improve my credit score didnt even do that:mad:

Why would the Aib not register the July 2009 loan with the ICB?

jor el

The don't believe the credit bureau rates you, it just keeps a record of what the credit institutes supply them with. Each credit institute or lender will score you themselves, and can come to completely different conclusions.

Why would AIB not record the loan with the ICB? Well, maybe your position with the AIB was such that they didn't need to go to the ICB to check, as they had enough information from your existing loan payments, and that with the loan amount meant they didn't need to check. There's no law requiring them to check or record information with the ICB. They'll just do it if they don't have enough information to go on themselves.

If you applied for a loan with a bank that you don't currently do business with, then you'd get a different score as you would have no credit history with them.

chasm

Thanks Jor el, Still think it's a bit much to pay for such lousy data though.
Would it not be in my interests to have the current loan listed though, i've never fallen into arrears with my payments and would have thought that if i applied to a different bank for a loan or a credit card and they checked with the ICB they would see that it is more recent than 2009?

BuffyBot

Could also be that the loan has been set up by the bank on a different profile than your other accounts. i.e. your current account and old loan might be under John Smith, and your new loan under John James Smith. It does happen, and in that case could easily lead to the data not appearing on your ICB report and a "phantom" ICB report under the second name.

dotsman

BuffyBot wrote: »

Could also be that the loan has been set up by the bank on a different profile than your other accounts. i.e. your current account and old loan might be under John Smith, and your new loan under John James Smith. It does happen, and in that case could easily lead to the data not appearing on your ICB report and a "phantom" ICB report under the second name.

This happens a lot. Not just with a slight variation of a name, but also with an old address. Banks are constantly trying to merge old customers profiles (ie, that Jane Doe of 123 Fake Street, Cork who took had a student account back in 1998 is also Jane J Doe of 321 New Street Dublin who took out a car loan in 2006 and is the same person as Jane Smith (now married) of 111 Boringville, Suburbia, Kildare who is applying for a mortgage. Their data is constantly improving, but without official national ID numbers etc it has been hard (although new laws regarding PPS info for tax purposes does narrow down the margin of error).

PCPhoto

I have suffered similar disappointment at not knowing my current credit rating.... got my ICB report and called them up asking why there isnt a credit score the response was that the credit score is only if the bank checks your credit rating prior to giving you a loan.

I accepted this and then realised that .... all those loans I got in the past few years ... the bank never did a credit check !!!

I applied for a loan in August (about a week after I got the ICB report) and was granted my loan ...no problem .... another credit report shows ...still no credit score ...so after spending €12 on credit reports all that I've learned is that my bank hasnt checked my credit rating before loaning me €6K ....even in times of recession !!!