ICB Credit Rating after 5 years

turtleback78

Guys, just for clarity.

I had multiple bad loans and Credit Card failures in my mid 20's, now in my mid 30's...some of the bad debts were sold to CABOT money collectors which I have just cleared.

I applied for my Credit Report last week for the first time expecting carnage and received "NO DATA" on te Report.

I found this strange so rang the ICB, checked my addresses and name were correct etc and they suggested it had been 5 years since the "bad loans" had been sold to the money collectors so over 5 years since the banks sold them on.

It seems my Credit Record has been wiped clean and the fact that I have been paying Cabot these years is not an issue.

Has anyone any similar experiences? and is it possible now for example if I applied for a Mortgage that I am in the clear re: credit rating.

JustAddWater

turtleback78 wrote: »

Guys, just for clarity.

I had multiple bad loans and Credit Card failures in my mid 20's, now in my mid 30's...some of the bad debts were sold to CABOT money collectors which I have just cleared.

I applied for my Credit Report last week for the first time expecting carnage and received "NO DATA" on te Report.

I found this strange so rang the ICB, checked my addresses and name were correct etc and they suggested it had been 5 years since the "bad loans" had been sold to the money collectors so over 5 years since the banks sold them on.

It seems my Credit Record has been wiped clean and the fact that I have been paying Cabot these years is not an issue.

Has anyone any similar experiences? and is it possible now for example if I applied for a Mortgage that I am in the clear re: credit rating.

Im in a similar situation.

I now have NO credit history lol. Sometimes even a small bit of bad credit history is better than none and that worries banks unfortunately

Like I was told, you need to build it up again, but how, is the big question

Engine No.9

I'm not 100% on this but I thought that debt collectors publish in the Stubbs Gazette. My brother in law informed me recently that his name is in there even though there are no judgments against him. As to the lifetime of his name being in there, I'm not sure, but you might want to get your hands on a copy and check it out.

turtleback78

Is the Stubbs Gazette not just for companies? if not, how do I check if I'm on it?

Engine No.9

I thought that too until he told me. Wouldn't know how to get hold of a copy, but I'm sure a quick google will set you on the right path.

turtleback78

As far as I can see it's only companies and businesses, or individuals that have had a case brought against them by a company.

But I can't see a way of getting the list other than doing a credit check on the stubbs site which only returns companies / businesses.

wmpdd3

AFAIK, its the day that the bank 'writes off' your debt and sells it to the debt collector that the 5 years is counted from, would that add up?

seamus

Only legal credit institutions report to the credit bureau. As said above, when the bank wrote off your loan, this would be recorded on your history and that would be the end of it.

This CABOT company would not be a credit institution and so do not report to the credit bureau, just like utilities companies, etc can't.

Here's a list of companies who can make reports to the ICB:
http://www.icb.ie/membership.php

Stubbs Gazette afaik only reports on court judgements to pay a debt. You don't appear for simple default.