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Credit history

  • 15-12-2011 12:44am
    #1
    shangri la
    Registered Users, Registered Users 2 Posts: 952 ✭✭✭


    The Irish Credit Bureau holds your credit rating for the previous 5 years and gives this information to a lending institution if you apply for a loan.

    Do banks you have done business with in the past hold on to your loan history with them for longer than 5 years or are they legally obliged to dispose of information older than 5 years?

    If you apply for a mortgage with a bank and are refused is this refusal recorded and available to be viewed by other lending institutions?

    Is there evidence of banks sharing information on customers beyond 5 years?


Comments

  • #2
    Jet Black
    Registered Users, Registered Users 2 Posts: 3,845 ✭✭✭Jet Black


    shangri la wrote: »
    Do banks you have done business with in the past hold on to your loan history with them for longer than 5 years or are they legally obliged to dispose of information older than 5 years?

    No, they are not allowed to hold onto information for longer than is needed.
    shangri la wrote: »
    If you apply for a mortgage with a bank and are refused is this refusal recorded and available to be viewed by other lending institutions?

    All that is able to be seen by ther banks is that a bank checked out your credit report, so when the next bank check your ICB all they will see for example is- Bank of Ireland 14/12/2012. It wont show any details of the product.


  • #3
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    shangri la wrote: »
    The Irish Credit Bureau holds your credit rating for the previous 5 years and gives this information to a lending institution if you apply for a loan.

    Do banks you have done business with in the past hold on to your loan history with them for longer than 5 years or are they legally obliged to dispose of information older than 5 years?

    If you apply for a mortgage with a bank and are refused is this refusal recorded and available to be viewed by other lending institutions?

    Is there evidence of banks sharing information on customers beyond 5 years?

    Yes they can hold onto info longer than that. They legally must hold the info for 6 years minimum and can hold onto for as long as they wish afterwards.

    Have never heard of banks sharing information on individual customers. Central Bank and Data Protection Commission simply would have a field day if this happened.


  • #4
    eamo63
    Registered Users, Registered Users 2 Posts: 1 ✭eamo63


    shangri la wrote: »
    The Irish Credit Bureau holds your credit rating for the previous 5 years and gives this information to a lending institution if you apply for a loan.

    Do banks you have done business with in the past hold on to your loan history with them for longer than 5 years or are they legally obliged to dispose of information older than 5 years?

    If you apply for a mortgage with a bank and are refused is this refusal recorded and available to be viewed by other lending institutions?

    Is there evidence of banks sharing information on customers beyond 5 years?


    As far as I know after 5 years It's supposed to be off the credit ratings we just applied for a washing machine from argos on hp can't get it they said we have no credit rating for the last 10 years so we are not rated
    What a joke an 18 year old can get credit but someone who never owed anyone can't


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