The Irish Credit Bureau Explained
The Irish Credit Bureau (ICB) in Ireland is the main credit reference agency established in 1965 by several financial institutions. The majority of financial institutions are members of the ICB including many Credit Unions. It’s objectives are as follows:
- To help reduce the cost of credit
- To speed up decision making relating to credit
- To help it’s members avoid excessive debt
Did you know that Donegal Town Credit Union is a member of the Irish Credit Bureau? The Credit Union is responsible under Credit Union and consumer credit legislation to guard the assets of the Credit Union and prevent members becoming over indebted. By joining ICB the Credit Union helps minimise bad debt, reduce costs of credit and ensure information is obtained to check a member’s ability to pay back their loan in flexible terms to suit their needs.
What is the Irish Credit Bureau?
Question: Can my lender check my credit history?
Answer: Yes, but only with your permission.
Question: What information can be accessed by Donegal Town Credit Union from the Irish Credit Bureau (ICB)?
Answer: Current borrowings or loans that have been cleared or are being repaid in the last five years including the amount, category and payment history.
Question: What can the ICB access from Donegal Town Credit Union?
Answer: With permission of the member, the Credit Union provides the same information to the ICB as other ICB members. This does not extend to loans taken out or repayment histories prior to the Credit Union becoming a member of ICB. However, where a loan incorporates an existing loan (i.e. a top-up), the new balance is the figure disclosed to ICB. Confidentiality and disclosure of your personal information is subject to the Data Protection Acts 1988 & 2003 and the Credit Union Act, 1997 (as amended).
Question: Is my ability to get a loan affected by my ICB report?
Answer: When you apply for a loan, the main areas assessed are your history with loans and repayments with the Credit Union. As with other lenders, the Credit Union looks at your income, employment status, living costs and existing loan repayments to help decide whether you can afford to repay a loan.
Question: Can I have access to my Credit History?
Answer: Visit the ICB website and apply online for a copy of your credit report to download with a fee of EUR 6. Members may also contact ICB by phone (01 260 0388) to request a form for your credit report by post.