What is The Irish Credit Bureau?

The Irish Credit Bureau (ICB), currently the main credit reference agency for individuals in Ireland, complies a database of information supplied by the country’s main financial institutions. The database includes information on a wide range of loans, including personal loans, mortgages and credit card loans. The ICB does not decide whether or not you get a loan. Financial institutions use the information held by the ICB when deciding whether or not to lend to you.

What does the ICB database include?

The ICB’s database holds information about you if you have had an active loan in the past 5 years and if your lender has provided information to the ICB. The information is held in an individual credit report.

The ICB report includes:

• Your name, date of birth, address,
• Name of lender and loan account number (incl. loans active within the last 5 years),
• Repayments made or missed for each month,
• Failure to clear off any loan,
• Loans that were settled for less than you owed and,
• Legal actions that your lender took against you.

Your credit scoring

The ICB calculates a credit scoring based on your credit report if a lender requests it. A high score indicates a good record and a low score indicates a poor repayment record. The ICB requires your consent for it to provide information on your credit history however it is normal practice that such consent is part of any loan agreement. You have the right to access this information under data protection legislation. You can obtain a copy of your credit record by completing the ICB’s application form or applying online (see www.icb.ie) - a cost of €6 arises. Reference: www.finance.gov.ie and www.citizensinformation.ie

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