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Credit report

  • 04-02-2024 5:08pm
    #1
    elius
    Registered Users, Registered Users 2 Posts: 1,204 ✭✭✭


    Hello all just looking for some advice on a credit report. During the start of recession my wife and I like alot of people went through financial troubles. Although her fault she ignored a debt with a bank of about 6k and stuck her head in the sand. Our finances have both settled in the last number of years but the debt is still on her credit rating despite the bank not contacting her in about 16yrs. Just wondering what usual causes this maybe being nieve I had thought after 7years it's removed from your credit history. Any how any thoughts appreciated. Thanks



Comments

  • #2
    Citizen2011
    Registered Users, Registered Users 2 Posts: 105 ✭✭Citizen2011


    If the balance still appears on the Central Credit Register (CCR) it will remain there until written off by the Bank or cleared by your wife. Then the info will remain for a further 5 years and will drop off after that point.



  • #3
    28064212
    Registered Users, Registered Users 2 Posts: 10,906 ✭✭✭✭28064212


    https://www.centralcreditregister.ie/borrower-area/data-protection-statement/

    Where all liabilities under the loan agreement have been discharged, the credit information is held on the Central Credit Register for a period 5 years after the loan is discharged.

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  • #4
    Buddy Bubs
    Registered Users, Registered Users 2 Posts: 4,484 ✭✭✭Buddy Bubs


    The bank may have stopped pursuing it but doesn't disappear for 5 years after its settled. Clear it today and you'll have clean credit rating in 5 years time. I had something on mine years ago, cleared it and now it's gone.

    Can't hide from this I'm afraid



  • #5
    elius
    Registered Users, Registered Users 2 Posts: 1,204 ✭✭✭elius


    Thanks Guys! She will have to make contact and sort something out.



  • #6
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,606 Mod ✭✭✭✭Jim2007


    https://www.boards.ie/discussion/2058334643/credit-report

    The old system was replaced by an EU directive that require financial institutions to continue to report credit events such as this to the Central Credit Register (CCR) until such time as the debt is settled not just written off. The statute of limitations is still a defence in court against the forced collection of the debt, but unless you are never going to need credit going forward it is not much use. The CCR information is accessible to all financial institutions across the EU, not just Ireland.

    The only way the debt will be removed from your CCR report is if you contact the bank and settle the debt with them, the entry will then be removed in due course, five years after final settlement.



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