The Irish Credit Bureau was formed in 1963.
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 Data Protection Act 2018 which gives private individuals the right to inspect their own personal ICB reports free of charge.
Irish Credit Bureau has been certified by Certification Europe to international standard
ISO 27001 Information Security Management.
The bureau is an electronic library or database that contains information on the performance of credit agreements between financial institutions (i.e. banks and building societies) and borrowers (i.e. the citizen).
A credit agreement can include a mortgage, car loan, 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 to the ICB.
Over 300 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 citizen's payment profile history is reported over a 24-month repayment period.
Information is held for five years after a credit agreement is concluded.
ICB DO NOT decide who should get credit, but the information we provide may help the lender to decide.