ICB Membership and it's implications for members

What is the Irish Credit Bureau?

The Irish Credit Bureau (ICB) is the principal credit reference agency in Ireland and was established in 1965 by a number of financial institutions. The objectives of the ICB are:

· To assist in lowering the cost of credit

· To enable faster decision making in the provision of credit

· To aid in avoidance of over indebtedness of its members customers

The vast majority of Lending Institutions (including many Credit Unions) in the state are members of the ICB.

Why is Balbriggan Credit Union a member of the Irish Credit Bureau?

The Board of Directors has a responsibility under Credit Union and consumer credit legislation to safeguard the assets of the Credit Union and also to ensure that members do not become over-indebted, it was with this responsibility in mind that the Board of Directors of Balbriggan Credit Union took the decision to join ICB.

ICB membership will assist in minimising bad debts and other costs of credit and ensuring that as much information as possible is obtained to assess a member's ability to repay a loan.

What information does the Irish Credit Bureau hold?

Most lenders in Ireland send information about borrowers and their repayments to a central agency, ICB. 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 active within the last 5 years;
• 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.

Frequently Asked Questions about the Irish Credit Bureau

Question: Is my Lender allowed to check my credit record?
Answer: Only with your consent.

Question: What information is available to Balbriggan Credit Union from the Irish Credit Bureau (ICB)?
Answer: Details of current borrowings and loans that have been repaid or closed in the last 5 years for all ICB members are shown in response to an ICB enquiry. Details include the loan amount, category and repayment history. The database also shows footprints of enquiries made by other ICB members in the previous 12 months.

Question: What information is available to the ICB from Balbriggan Credit Union?
Answer: Only where the member has consented, the credit union provides the same information to the ICB as other ICB members. 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 (as amended).

Question: Will an ICB report affect my ability to get loan?
Answer: The main factors in determining whether or not a loan is granted are your borrowing/repayment history with the credit union and your ability to repay. In common with other lenders, the credit union may request information about your income, employment status, living costs and existing loan repayments to help decide whether you can afford to repay a loan. An ICB enquiry is another source of information relevant to a lending decision.

Question:  How do I see my credit history?

Your Credit History can be obtained in the following ways:

• A member may contact the ICB website (http://www.icb.ie/) and either apply online for a copy of their credit report paying the €6.00 fee by Laser or download, complete, sign & return to ICB an application form, with a fee of €6.00.
• Members may also contact ICB by phone (01 260 0388) to request an application form by post.