Credit Rating Ireland and UK

danotroy · 12-06-2014 03:03PM #1

Hello,

I am just wondering if a default on a loan payment would have an effect on my UK credit rating. I have come to an arrangement with my irish bank to pay off an outstanding debt and i have met the requirements of this agreement. I have recently moved to the UK and I have gotten refused for a bank account due to my credit rating. I am setting up an experian account now in order to find out the extent of my bad credit rating.

But does anyone on here know if there are credit sharing arrangements between the UK and Ireland.

Also is my credit rating is very very poor how can I improve it if I cant get a bank account or a credit card?

Regards

Dano!

coylemj · 12-06-2014 04:39PM

When you applied to open an account or get a loan in the UK you probably signed an authorisation permitting them to enquire from the Irish agencies about your record.

To answer your question, I doubt if there is blanket sharing between the UK and Ireland, I imagine one agency asks the other about specific individuals only when armed with a written authorisation signed by that person.

danotroy · 12-06-2014 04:44PM

coylemj wrote: »

To answer your question, I doubt if there is blanket sharing between the UK and Ireland, I imagine one agency asks the other about specific individuals only when armed with a written authorisation signed by that person.

I don't understand what you mean.

coylemj · 12-06-2014 05:18PM

I was responding to this question...

danotroy wrote: »

But does anyone on here know if there are credit sharing arrangements between the UK and Ireland.

I don't think there are any generic 'arrangements' by which they swap data willy-nilly, I suspect that one agency (in this case the Irish Credit Bureau) will disclose data about you to the UK bank where you applied to open an account only where that UK bank can produce an authorisation signed by you permitting the ICB to disclose data about your financial record.

bkehoe · 12-06-2014 08:30PM

The UK credit rating is not linked to anything from Ireland. Because you're new in the UK your credit rating is automatically dirt, and it will take an age to build up a good rating, probably 2 - 3 years. Several banks, as you discovered, will not even give you a bank account. Generally the larger the amount of finance you want the easier it will be to get (e.g. car finance) assuming you can prove income and stability as a human will look at your case. Simple things like phone contracts, etc, will get automatically rejected by a computer.

Lloyds/TSB should be approachable as a newcomer to the country.
Get yourself on the electoral register as soon as possible.
Ensure that all your bills, even mobile phone are paid on time, and in fact get a cheap contract from someone like '3' rather than use PAYG as your credit score will improve quicker if you have regular and on time payments for utilities.

BuffyBot · 12-06-2014 10:02PM

Indeed - it's quite likely that it's "no" credit record over a bad one. Many banks in the UK will credit check for standard or premium account packages.

danotroy · 12-06-2014 11:51PM

Thanks for all the replies. I lived in the UK for three years before for university. I was naive back then I opened a basic account with no overdraft as I am good with money. I never missed a payment with my contract or anything. I've registered on the the electoral role as of last week and I'm gonna try to get a credit card to use for daily items. I have the means to build a credit score if i'm starting from scratch. However I do not have the means to repair one if it was based on my Irish credit score.

choons · 14-06-2014 01:18PM

I don't think UK banks have access to Irish credit records.

I have an Irish credit card/phone bills etc and moved to the UK recently but have not been able to get a credit card over here due to 'no credit history'.

choons · 14-06-2014 01:21PM

danotroy wrote: »

Thanks for all the replies. I lived in the UK for three years before for university. I was naive back then I opened a basic account with no overdraft as I am good with money. I never missed a payment with my contract or anything. I've registered on the the electoral role as of last week and I'm gonna try to get a credit card to use for daily items. I have the means to build a credit score if i'm starting from scratch. However I do not have the means to repair one if it was based on my Irish credit score.

I'd advise checking your score on Expedia or similar (Month free trial)* before applying for a card. If you are refused a credit card by a bank, this leaves a bad mark on your credit score! Bit of a vicious circle :rolleyes:

*Remember to cancel Expedia or they will charge every month

**Experian, not Expedia!

wonski · 14-06-2014 01:48PM

Even the ntl/UPC or whatever it is called now in UK report your repayments history, so make sure to pay all your bills on time.
The system in UK is completely different to the Irish one, to beat it you need to have your name on few bills for at least few month to get anything really.

The time at the address is very important, too - if you change the address regularely you are less likely to be offered a credit card or a loan.

There are (or at least were) few credit card providers who offered low limit credit cards for people with short/poor credit history, but if you do go that route make sure to pay it in full and on time every month as the charges were high (i had a CapitalOne which helped me a bit, not sure if they are still operating there).

Do not, under any circumstances, use any of the financial services offering fixing or creating a good rating for you. Well known scam which cost you money and offers nothing in return.

Lloyds TSB was very accomodative to me when opening bank account there, HSBC had a basic bank account, too.

As long as you have a bill in your name and letter from an employer you should be fine. Sometimes employer's letter and something else with your address on it will do - walk from 1 bank to another and you will open an account somewhere.

For a credit card / loan I would expect at least a 6 months wait before you apply for one. Do not apply online for number of accounts as this will actually lower your credit score, whether you are accepted, or not.

Dangel4x4 · 14-06-2014 01:53PM

choons wrote: »

I'd advise checking your score on Expedia or similar (Month free trial)* before applying for a card. If you are refused a credit card by a bank, this leaves a bad mark on your credit score! Bit of a vicious circle :rolleyes:

*Remember to cancel Expedia or they will charge every month

Experian?

Expedia is a holiday booking site afaik?

wonski · 14-06-2014 01:57PM

Don't spend money on a report as I am pretty sure it will show nothing. If there is a free trial, go ahead, but again - this report will show nothing if you are new to the country.

The basic account you had in the past won't show up there anyway.

Credit Rating Ireland and UK

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