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CCR report / mortgage chances

  • 24-04-2021 6:49pm
    #1
    Marshall987
    Registered Users, Registered Users 2 Posts: 100 ✭✭


    Hi
    Have I just ruined my chance of our family getting a mortgage in next 5 years.?
    We had planned to go for a mortgage in the next month or so.

    Just received my CCR yesterday, stupidly didn’t check it earlier, I used the ICB check in 2019 getting a hire purchase loan from aib, which was all clear so assumed that I was clear


    The CCR, is showing a credit union loan from 2007 that I took out for my parents, and looks like there is just short of 2k owed on it. I haven’t got any correspondence in years for this and I knew it was being paid off by them, so assumed it was cleared at this stage but obviously not cleared in full with missed payments etc.

    Me and my partner have 45 k in savings combined.
    Combined income of approx 60k

    We have a hire purchase Loan for a car from Aib- 15 k left over 3 years. (Never missed a payment etc),
    Well able to pay it and save combined 2k a month minimum. No other missed payment etc on any other previous finance I had.


    I am in the position to just pay off the credit union loan next week and pay it off in full now once and for all, but is it to late for us, has the damage been done?


Comments

  • #2
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    Rules for the CCR report are different to the ICB report.

    An debt will continue to be reported until such time as it is settled. There after it will remain as paid for a further 12 months. So if you settle it as you intend, then you should be in the clear about 12 months later.


  • #3
    Marshall987
    Registered Users, Registered Users 2 Posts: 100 ✭✭Marshall987


    Jim2007 wrote: »
    Rules for the CCR report are different to the ICB report.

    An debt will continue to be reported until such time as it is settled. There after it will remain as paid for a further 12 months. So if you settle it as you intend, then you should be in the clear about 12 months later.


    Will be settling it Monday first thing, but from what I’m reading it will still show up for a further five years.


  • #4
    Yggr of Asgard
    Registered Users, Registered Users 2 Posts: 5,259 ✭✭✭Yggr of Asgard


    Yes the information will be shown for 5 years and for your least 2 years before you close out your loan they will also show the payment history.

    As per FAQ:
    Credit information will build up over time until five years of information is shown on the credit report that is provided to you.

    Personal information is be held on the CCR for a period of five years from the date the last loan was paid off.

    For an active loan (one where payments are still be made, or are expected to be made, by a lender), a lender will see the most recent two years of payment information on the credit report provided to them.

    Please note, if you decide to pay off a loan, or if your loan is closed off by your lender, it is deemed a closed loan. For a loan closed after 30 June 2017, a lender will see the final two years of payment information.

    When the oldest information reaches five years old, each separate entry will be deleted month by month thereafter. The closed loan information will be completely removed from the credit report five years after the last payment was made.

    For example, if you pay off a loan in January 2020, the lender will see information back to January 2018. They will continue to see this information until Jan 2023, when the oldest information (i.e. the information as at January 2018) begins to delete on a monthly basis. The entire record will have been deleted by January 2025.

    So in your case they will the last 2 years before you paid it off as missed payment and that info will be there until April 2026 (with some of it being deleted but the final missed payment will be shown until April 2026).

    Now you could work with the credit union and getting the record set straight if you parents did not miss any payments but if they missed payments than that info (i.e. that you paid the loand back) will be shown in the CCR for the next 5 years and it will also show the last 2 years of payment record (which than includes the missed payments).


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