What is Your Credit Rating and How Can You Check it?

Have you any idea what your credit rating is? Did you know that every time you deal with a financial institution, the lender may update your credit rating report?

When you apply for a loan, mortgage or credit card, the lenders generally view your credit report to help them decide whether to offer you finance. Most lenders want to look at your credit rating, as it gives them a good idea how likely you are to pay back the money you borrow.

This a summary of what shows up on your credit report:

• History of Enquiries in the last 12 months
  (this typically highlights which lenders you've applied to for loans, credit cards etc)
• Account details of each loan you have had in the last 5 years
  (e.g. account numbers, how much you borrowed, over how long etc)
• Any loan payments you have made or missed
• How long it was before you cleared the arrears
• The failure to pay off any loan.
• Any legal action taken against you
• The credit report reflects your credit history, good and the bad
• Information is kept on your credit report for 5 years after the loan is CLOSED.
  
  
• You can see a sample report by clicking here
• Click here to see which lenders are members of the ICB

How Can You Check Your Credit Rating?

The Irish Credit Bureau is the credit rating company who holds your credit record. They charge €6 per report. They will post you a copy of the report, which you'll usually get within about a week of them receiving your form and payment.

You can download a form or apply online or phone them on 01 260 0388 and they'll send you a form.

Can You Still Get a Mortgage with Bad Credit History?

Yes. If you are having problems arranging a mortgage with the standard banks and building societies in Ireland, due to a bad credit history, the good news is that there are now a number of 'specialist lenders' offering mortgages to a much wider range of people.

Less than perfect credit history? Apply for a quote and mortgage approval
or call 1890 44 66 44 to speak to a mortgage consultant
(lines are open 8am - 8pm Monday to Thursday, 9am - 5pm Fridays, 11am - 4pm Sundays)

(It's Confidential & You are under No Obligation)

Lenders who offer mortgages to people with a bad credit rating:

• Start Mortgages
• Stepstone Mortgages
• Springboard Mortgages
• GE Money Mortgages
• NUA Homeloans.
  

Other Popular Articles:

• Buying a Home - Step by Step
• Mortgage Application Process
  
• Rates & Costs
• Do I Need a deposit?
  
• Which type of mortgage is best for me?
• How Much Can I Borrow?
• Would I Be Approved?
• Approval in Principle - Why it's so Important
• Online Mortgage Application

Mortgages Direct Ltd t/a Mortgages Direct is regulated by the Financial Regulator.