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Ballinasloe Credit Union Joins The Irish Credit Bureau
The Irish Credit Bureau was formed in 1965.
The objectives of the ICB, which have the support of regulatory authorities and consumer groups, are as follows…
•To assist the lowering of the cost of credit
•To enable faster decisions in providing credit
•To aid the avoidance of over indebtedness
•To assist with fraud prevention
ICB complies fully with the Council of Europe Convention on Data Protection and the subsequent 1988 and 2003 Data Protection Acts and as such private individuals may inspect their own personal ICB reports.
ICB is owned and financed by its members which are mainly financial institutions
The bureau is an electronic library or database that contains information on the performance of credit agreements between financial institutions (i.e. Credit Unions, banks and building societies) and borrowers (i.e. the citizen).
A credit agreement can include a mortgage, car loan, and personal loan, leasing agreement or hire purchase agreement. Credit card details are included in the ICB library. Overdraft agreements, with the exception of overdraft agreements that are the subject of legal proceedings, are not reported by the ICB.
Over 40 lending institutions register information with the ICB, usually on a monthly basis. Each time you apply for credit from one of these lenders, the lender accesses your credit report to find out about your performance under previous credit agreements with other lenders. All loans are registered with the ICB, including instances where you may have missed payments in the past.
Typically, the Member’s payment profile history is reported over a 24-month repayment period.
Information is held for five years after a credit agreement is closed.
The ICB CANNOT decide who should get credit, but the information it provides may help the Ballinasloe Credit Union to decide.