Irish Credit Bureau (ICB)
We have a legal responsibility to safeguard the assets of the Credit Union and to ensure that Members do not become over-indebted. This means making sure that we get as much information as possible to assess a member’s ability to repay a loan. When applying for a loan, members will be asked to sign a consent form allowing us to seek a credit report from the ICB detailing their credit history with other financial institutions.
We always assess a loan application on the basis of a member’s willingness and ability to repay but recent regulation requires us to modify the way we make decisions on loan applications to ensure that a Member is not in arrears with other financial providers and that they can afford all existing debts during the term of the loan application we are reviewing. These changes include the use of the ICB.