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Credit Union loan not on Credit Report?

  • 22-01-2021 5:34pm
    #1
    [Deleted User]
    Posts: 14,344 ✭✭✭✭


    Howdy do folks,

    Just an odd one here, but I have a credit report that I requested (out of curiousity).

    Biggest loan I have is a joint loan (with a family member) with our local Credit Union. It doesn't appear anywhere on my report though.

    Is this because it's a joint-account loan of me and someone else? Or do CU loans just not show up on credit reports as a general rule of thumb?


    Cheers


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,599 Mod ✭✭✭✭Jim2007


    For a start which report are you referring to? CRR or ICB?


  • #3
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    Jim2007 wrote: »
    For a start which report are you referring to? CRR or ICB?


    Sorry, it's an ICB report.


  • #4
    Q&A
    Registered Users, Registered Users 2 Posts: 571 ✭✭✭Q&A


    [Deleted User] wrote: »
    Sorry, it's an ICB report.

    ICB reports are based on their members records. The members list can be found at http://www.icb.ie/membership.php

    The CCR is more extensive as all lenders are required under law to register loans in excess of €500.

    CCR trumps the ICB. If you want to a new loan it will be the CCR that the lender will check not the ICB.


  • #5
    [Deleted User]
    Posts: 14,344 ✭✭✭✭ [Deleted User]


    My local Credit Union are listed on the ICB site as a member, though?


  • #6
    Q&A
    Registered Users, Registered Users 2 Posts: 571 ✭✭✭Q&A


    [Deleted User] wrote: »
    My local Credit Union are listed on the ICB site as a member, though?

    Check your CCR report, it'll be the more comprehensive report and the one the industry actually uses these days. CUs, like all lenders, are required to report on individual and joint loans.

    Yours might be an example of why the CCR had to be introduced in the first place i.e., too many gaps in a limited/voluntary scheme.


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  • #7
    markc1184
    Registered Users, Registered Users 2 Posts: 3,087 ✭✭✭markc1184


    Quick question about CCR reports. I've just received mine but it only shows a summary for the last 5 years? Should payed up loans from beyond the 5 years not also be shown or are lenders only interested in the last 5 years? Can lenders access a more detailed report on their end?


  • #8
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,599 Mod ✭✭✭✭Jim2007


    markc1184 wrote: »
    Quick question about CCR reports. I've just received mine but it only shows a summary for the last 5 years? Should payed up loans from beyond the 5 years not also be shown or are lenders only interested in the last 5 years? Can lenders access a more detailed report on their end?

    - By a paid up loan, do you mean a loan that has been settled in full? If so, then they only remain for 12 months after being settled.

    - The report should show all unsettled debt regardless of age

    - Everyone sees the same report


  • #9
    Cape Clear
    Registered Users, Registered Users 2 Posts: 2,721 ✭✭✭Cape Clear


    Deleted User wrote: »
    Howdy do folks,

    Just an odd one here, but I have a credit report that I requested (out of curiousity).

    Biggest loan I have is a joint loan (with a family member) with our local Credit Union. It doesn't appear anywhere on my report though.

    Is this because it's a joint-account loan of me and someone else? Or do CU loans just not show up on credit reports as a general rule of thumb?


    Cheers

    Any chance the loan is only in your family members name? Is it common for credit unions to give out joint loans to two individuals?


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