What is the Irish Credit Bureau (ICB)?
The Irish Credit Bureau (ICB) is the biggest credit-referencing agency in Ireland. It is a private organisation, owned and financed by its members, which are the main financial institutions, including many credit unions. The ICB maintains a database of information on the performance of credit agreements, such as mortgages; car loans; other personal loans; leasing agreements; hire purchase agreements and credit cards.
The objectives of the ICB
Their objectives, 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
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 by the ICB.
ICB DO NOT decide who should get credit, but the information they provide may help the lender to decide.