If you should be refused that loan as a result of information in your credit file, the financial institution must instantly let you know this and provide you with information on the database utilized.
This relates to individual credit rating agreements for quantities between в‚¬200 and в‚¬75,000. It generally does not affect mortgages.
Credit score databases
The Central Credit enter together with ICB database hold information that is similar your credit score, but there are numerous differences when considering them.
To get more information on the kinds of loans contained in every one, see вЂInformation held from the databasesвЂ™ within the dining table below.
Central Credit Join
- The Central Credit enroll is operated by the Central Bank of Ireland.
- For legal reasons, loan providers must submit information regarding your loans towards the Central Credit enter. Your consent isn’t needed.
- It really is compulsory for loan providers to test your credit history into the Central Credit join whenever a loan is being considered by them application of в‚¬2,000 or even more.
- Loan providers can access your credit file when you have sent applications for that loan under в‚¬2,000 or asked for a re-structure of a loan that is existing. They are able to additionally get access to it if you will find arrears for a current loan or even a breach of a limitation on a charge card or overdraft.
- Info is held for five years following the loan happens to be paid back.
Why had been the Central Credit join put up?
The Central Credit enroll had been set up to market greater economic security by:
- Offering borrowers with a individual credit file detailing their loans
- Supplying loan providers with comprehensive information to evaluate loan applications
- Supplying the Central Bank with better insights into nationwide styles around lending
- The ICB is an organisation that is private owned and financed by its users (such as banking institutions, credit unions and regional authorities).