1. Exactly exactly just What impacts my getting that loan?
Many lenders search for details about your revenue, work, residing costs and current loan repayments to aid them determine whether you really can afford to settle that loan. Many lenders also wish to have a look at your credit score. It may be a very good sign of exactly how likely you may be to cover right back the cash. It’s likely you’ll have positive credit history for those who have a great reputation for payment on past loans. Your credit score could be poor in the event that you missed repayments on a consistent foundation or neglected to pay down that loan in past times.
Additionally it is feasible that ICB won’t have any credit documents in terms of you. This happens when you have no active loans in the previous 5 years or your computer data is not registered with ICB by the member that is relevant.
2. How do lenders find out about my past loans?
Many lenders in Ireland deliver information about borrowers and their repayments to a main agency, the Irish Credit Bureau (ICB). ICB holds information regarding borrowers and their loans for 5 years following the loan is closed.