What goes on if you’re refused that loan?
If you’re refused financing due to information in your credit file, the lending company must straight away inform you this and provide you with information on the database utilized.
This relates to consumer that is personal agreements for quantities between â‚¬200 and â‚¬75,000. It generally does not connect with mortgages.
Credit score databases
The Central Credit enter in addition to ICB database hold information that is similar your credit score, but you can find differences when considering them.
For lots more details on the sorts of loans incorporated into every one, see â€˜Information held regarding the databasesâ€™ within the dining dining table below.
Central Credit Join
Why had been the Central Credit Register arranged?
The Central Credit enroll ended up being arranged to market greater economic security by:
Information held from the databases
Exactly What loans are included?
Since 2017 june:
Since 31 March 2018:
Since 21 2019 january:
From 30 2019 june:
Exactly just What loans aren’t included?
The after info is maybe maybe not included from the Central Credit enter or the ICBâ€™s database:
Consent for information that is personal become included on a database
Under information security laws, organisations that hold your information that is personal must why they’ve been holding it.
Central Credit Register
The appropriate foundation for the Central Bank to gather and hold private information into the Central Credit join is placed call at the credit scoring Act 2013 in addition to Regulations.
Since 2017, loan providers must submit your credit and personal information to your Central Credit Register.
Irish Credit Bureau
The ICB hinges on the concept of genuine interests beneath the General Data Protection Regulation (GDPR) once the legal foundation to gather and process your individual and credit information.
The genuine passions consist of supporting a complete and accurate assessment of applications, assisting to avoid over-indebtedness and supporting faster, consistent lending choices. You are able to find out more as to what entitles the ICB to process your data that are personalpdf).
Consent for a lender to test your credit rating
Once you make an application for that loan, the lender must check out the Central Credit join in the event that loan is actually for â‚¬2,000 or higher. Loan providers also can look at the Central Credit enter in the event that application for the loan is actually for under â‚¬2,000.
Your permission is not needed for loan providers to test the Central Credit join.
Individually, you might be asked to provide the loan provider authorization to check on your credit score on another database, like the ICB. Usually, this permission is part of the contract or agreement when you initially submit an application for that loan, that you are giving consent so you may not notice.
Exactly just What details about you is held in the databases?
Credit information including:
How long back does the information get?
Central Credit Join
No factual statements about your credit rating before 30 2017 are held on the Central Credit Register june.
If that loan ended up being given before 2017 and was still active on 30 June 2017, it was reported to the Central Credit Register, with information at that date june. This included the mortgage amount, the outstanding quantity and missed re payments, if any.
Irish Credit Bureau
Information if you have had an active loan in the past 5 years and if your lender has provided information to the ICB about you is usually held on the ICBâ€™s database.
Just how long is information held?
Info on your loan is held for 5 years on both the Central Credit enter as well as the ICBâ€™s database. This 5-year duration generally speaking starts regarding the date that the loan is repaid.
Your credit history
How can you request your report?
You are able to request your credit file at any time â€“ see â€˜How to applyâ€™ below.
Will there be a fee for a written report?
No. Your Central Credit enter and ICB credit file are free.
just what does your credit report seem like?