The Irish Credit Bureau – (ICB)
The Irish Credit Bureau
Link Credit Union Ltd is a member of the ICB as we have a responsibility under Credit Union and consumer credit legislation to safeguard the assets of our Credit Union and ensure that members do not become over-indebted. For loan applications, this means minimising the risk of default by obtaining as much information as possible on a member’s financial situation in order to properly assess their ability to repay their loan in accordance with their loan agreement. An ICB enquiry will greatly assist us in this assessment.
If you have been refused a loan based on a credit history report, you can request a copy of your ICB report by visiting www.icb.ie
What we can see
The ICB holds information about borrowers and their loans for 5 years after the loan is cleared. This information is held in an individual credit record that is kept by ICB about each borrower. Your credit record includes:
- your name, date of birth and address;
- the names of lenders and account numbers of loans you currently hold, or that were
- repayments made or missed for each month on each loan;
- the failure to clear off any loan;
- footprints from other lenders enquiring about your credit record within the last 12 months
active within the last 5 years;
What information will the Credit Union give ICB?
The credit union provides the same information to ICB as other ICB members – details in relation to the loan and its repayment history. 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
What happens if I do not give consent?
Your loan application will still be processed but we will require you to provide us with alternative evidence of your financial circumstances that will give us the same level of information as we would obtain from ICB, before the loan can be considered.
Can I see my credit history?
We cannot show you the report we receive from the ICB, however, you can obtain a copy of your credit history by completing an ICB Private Enquiry Form. The quickest way to do this is through the ICB website, www.icb.ie. There is a fee of €6 payable to ICB in respect of this