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Credit Union Loan on Credit Check

  • 20-12-2010 10:01am
    #1
    kitten_k
    Registered Users, Registered Users 2 Posts: 6,297 ✭✭✭


    Does a credit union loan show up on a credit check?

    If not not would you still declare it?


Comments

  • #2
    purpur1
    Registered Users, Registered Users 2 Posts: 239 ✭✭purpur1


    Unless the legislation has changed in the last year, credit union loans definitely do not show up in ICB reports. There's no need to declare it unless your payment per month on the credit union loan is massive. The bank will want to know where you're allocating that money each month. But if it's a reasonable sized payment and you feel you can afford the repayments on the new loan without declaring the credit union loan, then don't mention it.


  • #3
    Mountjoy Mugger
    Registered Users, Registered Users 2 Posts: 4,487 ✭✭✭Mountjoy Mugger


    All these are members of the ICB.


  • #4
    kitten_k
    Registered Users, Registered Users 2 Posts: 6,297 ✭✭✭kitten_k


    My credit union is on list of currently being processed.

    I have a bank loan with BOI and a credit union loan with a CU. I am looking to top-up my bank loan with BOI. I never miss a payment on each loan and would be looking to keep my re-payments at the same level.

    However I do repay my credit union loan by direct debit, would this make a difference?


  • #5
    irishgrover
    Registered Users, Registered Users 2 Posts: 2,496 ✭✭✭irishgrover


    kitten_k wrote: »
    Does a credit union loan show up on a credit check?

    If not not would you still declare it?
    #

    From direct knowledge, yes CU's do ICB checks and share info (although Not sure if they all do)
    Re should you declare it anyway, probably, as you arew signing a form stating that you are giving full disclosure...
    best of luck one way or the other..


  • #6
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,974 Admin ✭✭✭✭✭Toots


    Please read thecharter before posting on this forum. Asking for/giving advice on making false declarations on loan applications is not permitted

    OP you must declare all existing loans on your application, particularly as you will be signing a declaration stating that all info provided in the application is true and accurate.


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