ICB credit rating

Danjo8610

Hi guys,

I'm just looking for a bit of advice here if anyone can help me out. I'm 26 years of age and recently received my credit report from the credit bureau. Not pretty I'm told.. It gives a grid of the last 24 months of your payment to the creditor. In my case it was the credit union. I got the loan in 2006 and a "top-up" in 2008 and I now owe 13k. When I got both of these loans I was an apprentice carpenter and like the others I thought I'd be employed forever on good money although I wasn't myself on good money at the time. In feb 2010 I lost my job and genuinely could not afford my repayments. I fell into arrears of nearly 1500 euro. The credit union never told me that I was put on the ICB list but I realised now that I was. I gave up the carpentry and got into another line of work and have been paying back consistently but I've not managed to clear the arrears as it shows on my very recent credit report. My question is, how long does this affect you for and is there anything I can do now? e.g appeal explaining my circumstances. I'm told this may affect me the rest of my life? It just seems a harsh penalty to pay for stupid mistake made by an immature kid.

chris85

Danjo8610 wrote: »

Hi guys,

I'm just looking for a bit of advice here if anyone can help me out. I'm 26 years of age and recently received my credit report from the credit bureau. Not pretty I'm told.. It gives a grid of the last 24 months of your payment to the creditor. In my case it was the credit union. I got the loan in 2006 and a "top-up" in 2008 and I now owe 13k. When I got both of these loans I was an apprentice carpenter and like the others I thought I'd be employed forever on good money although I wasn't myself on good money at the time. In feb 2010 I lost my job and genuinely could not afford my repayments. I fell into arrears of nearly 1500 euro. The credit union never told me that I was put on the ICB list but I realised now that I was. I gave up the carpentry and got into another line of work and have been paying back consistently but I've not managed to clear the arrears as it shows on my very recent credit report. My question is, how long does this affect you for and is there anything I can do now? e.g appeal explaining my circumstances. I'm told this may affect me the rest of my life? It just seems a harsh penalty to pay for stupid mistake made by an immature kid.

It will stay on ICB for 6 years from completion of the loan. The only grounds for appeal would be that the CU made a mistake but thats not the case here. Also since the CU is a member of the ICB they are obliged to record loan on the ICB.

wmpdd3

I was in the same boat but I agreed a new schedule with the credit union and my arrears were cleared.

Danjo8610

chris85 wrote: »

It will stay on ICB for 6 years from completion of the loan. The only grounds for appeal would be that the CU made a mistake but thats not the case here. Also since the CU is a member of the ICB they are obliged to record loan on the ICB.

Loan is due to clear when I'm 29! So basically I'm f***ed till I'm 35?? Awful news

caddy16

Danjo8610 wrote: »

Loan is due to clear when I'm 29! So basically I'm f***ed till I'm 35?? Awful news

Small consolation it only stays for 5 years!

chris85

caddy16 wrote: »

Small consolation it only stays for 5 years!

yes sorry 5 years is right

MarkyMark22

Slightly off-topic, so apologies. What things show on an ICB report? Is it simply Banks and CU's or can things like a phone-bill show on it?

chris85

MarkyMark22 wrote: »

Slightly off-topic, so apologies. What things show on an ICB report? Is it simply Banks and CU's or can things like a phone-bill show on it?

banks, credit unions (not all of them), mortgage providers, finance houses, credit cards, and local authorities. Full list on icb.ie.

http://www.icb.ie/membership.php

MarkyMark22

chris85 wrote: »

banks, credit unions (not all of them), mortgage providers, finance houses, credit cards, and local authorities. Full list on icb.ie.

http://www.icb.ie/membership.php

Thanks, appreciate that. I noticed that my local credit union isn't on the list of approved or membership in progress. Pretty strange.

chris85

MarkyMark22 wrote: »

Thanks, appreciate that. I noticed that my local credit union isn't on the list of approved or membership in progress. Pretty strange.

There is well over 400 credit unions in Ireland, a small fraction (maybe around 25%) of them report to ICB so would be more strange if they were on it.

MarkyMark22

chris85 wrote: »

There is well over 400 credit unions in Ireland, a small fraction (maybe around 25%) of them report to ICB so would be more strange if they were on it.

Oh wow, I didn't know that. My local credit union is a full time one, 9-4 everyday. They also recently built a huge new modern building. I'm pretty disappointed about them not being a part of ICB as I currently have a loan with them and have paid it off two years in advance, ah well.

chris85

MarkyMark22 wrote: »

Oh wow, I didn't know that. My local credit union is a full time one, 9-4 everyday. They also recently built a huge new modern building. I'm pretty disappointed about them not being a part of ICB as I currently have a loan with them and have paid it off two years in advance, ah well.

Its over 500 actually now I see so 1 in 5 are icb members. Some would be happy their CU is not a member. Its grand if you are paying but miss one single payment and the CU being a member could make it difficult down the road for you to get access to credit.

MarkyMark22

chris85 wrote: »

Its over 500 actually now I see so 1 in 5 are icb members. Some would be happy their CU is not a member. Its grand if you are paying but miss one single payment and the CU being a member could make it difficult down the road for you to get access to credit.

I guess I'm happy too! I suppose they're less strict on lending perhaps.. I assume they're not doing too badly if they just built an incredible new building!

Danjo8610

chris85 wrote: »

It will stay on ICB for 6 years from completion of the loan. The only grounds for appeal would be that the CU made a mistake but thats not the case here. Also since the CU is a member of the ICB they are obliged to record loan on the ICB.

I just found out it was never reported!! Delighted !!

usernamegoes

Danjo8610 wrote: »

Loan is due to clear when I'm 29! So basically I'm f***ed till I'm 35?? Awful news

If they allowed you to restructure you could close that account now and start a new one; the 5 years would then start now.

wonski

Danjo8610 wrote: »

Hi guys,

I'm just looking for a bit of advice here if anyone can help me out. I'm 26 years of age and recently received my credit report from the credit bureau. Not pretty I'm told.. It gives a grid of the last 24 months of your payment to the creditor. In my case it was the credit union. I got the loan in 2006 and a "top-up" in 2008 and I now owe 13k. When I got both of these loans I was an apprentice carpenter and like the others I thought I'd be employed forever on good money although I wasn't myself on good money at the time. In feb 2010 I lost my job and genuinely could not afford my repayments. I fell into arrears of nearly 1500 euro. The credit union never told me that I was put on the ICB list but I realised now that I was. I gave up the carpentry and got into another line of work and have been paying back consistently but I've not managed to clear the arrears as it shows on my very recent credit report. My question is, how long does this affect you for and is there anything I can do now? e.g appeal explaining my circumstances. I'm told this may affect me the rest of my life? It just seems a harsh penalty to pay for stupid mistake made by an immature kid.

Danjo8610 wrote: »

I just found out it was never reported!! Delighted !!

Could you explain in more detail? Was it on your ICB report or not?

Good for you that it is all clear but I can't understand how it happened (based on your initial post).

BuffyBot

Zombie thread