Protecting your Credit Rating

Most times when you take out a credit card, mortgage or loan, you will be subject to an ICB check. This is a database which stores personal information with regards to your repayment history and is an indication to a new lender of the likelihood of recovering their money at a future date.

Your Credit Report Includes:

• Your name, date of birth, address (both current and old)
• The names of lenders and account numbers of loans you currently have or any that were active over the past 5 years
• Repayment history on each loan outstanding over the past 5 years
• The failure to clear any loans or credit agreements
• Any legal action taken against you
• Loans that were settled for less than you owed

It's important to understand your credit rating and how this may affect your likelihood of applying for credit in the future. Under Data Protection Acts 1988 and 2003, you are entitled to receive a full copy of any data, which is held in your respect on the ICB's Database. You can order a report online from the Irish Credit Bureau at a charge of €6.

What can I do if Information is Incorrect?

There are a few examples given on the ICBs website with regards to incorrect information on your ICB report.

- You might make a mistake in completing your direct debit form and miss a loan repayment on the due date.
Or
- Your lender might have agreed to let you postpone payments for a period, but forgot to change the report it sends to the ICB

When you receive a copy of the report, you should ask your lender to write to the ICB with details of any correction to be made. Most lenders will comply with this legitimate request, however if you experience difficulties or delays, you can consider making a formal complaint to the Office of the Data Protection Commissioner.