What are the results if you should be declined that loan?
If you’re refused that loan as a result of facts in your credit file, the lending company must immediately inform you this and provide you with information on the databases put.
This relates to consumer that is personal agreements for quantities between в‚¬200 and в‚¬75,000. It doesn’t connect with mortgages.
Credit score databases
The core Credit enter as well as the ICB database hold similar info on their credit score, but there are numerous differences when considering them.
To get more information on the sorts of loans contained in each one of these, see вЂInformation held from the databasesвЂ™ within the dining dining table below.
Core Credit Join
- The Central Credit enroll try run because of the core Bank of Ireland.
- For legal reasons, loan providers must distribute information on their loans to your core Credit join. Their permwassion is not needed.
- Since 2018, it’s compulsory for loan providers to check on their credit history into the core Credit join when they have been considering that loan application of в‚¬2,000 or higher.
- Lenders can access their credit history for those who have sent applications for a loan under в‚¬2,000 or requested a re-structure of a current loan. They are able to furthermore get access to it if you will find arrears on a current loan or perhaps a breach of the limitation on a charge card or overdraft.
- Info is held for 5 ages following the loan was paid back.
Why had been the core Credit join put up?
The Central Credit enroll is arranged to advertise greater economic security by:
- Delivering borrowers by having a credit that is individual detailing their loans
- Providing loan providers with comprehensive ideas to evaluate loan requests
- Supplying the core Bank with best insights into national styles around lending
See most on centralcreditregister.ie.