Ever wondered about your credit rating? A new operation has been put in place to help borrowers and lenders to simplify the lending process. Operated by the Central Bank of Ireland,
“The Central Credit Register is a new secure system for collecting personal and credit information on loans.”
What does this mean for me as a borrower?
This database allows us to calculate your ability to pay back a loan based on your credit history. It is beneficial for us in assessing an applicant’s eligibility, and will also benefit you in that your application will be a far more streamlined process. It is this kind of technology that allows us to offer 24 hour loan approval.*
Where can I access my Credit Rating?
The Central Credit Register’s website currently states …
“It is expected that credit reports will be available in early 2018 subject to data consolidation being completed satisfactorily.”
Is this the same as a Credit Score?
A Credit Score suggests that you are graded based on your ability to repay a loan. There is no grading system in place. This is simply a list of your previous credit information, which currently includes credit cards, mortgages and personal loans.
Want to build your credit rating? If you’ve got some savings with us, take a Covered Loan. Build your credit rating with a lower rate loan that provides instant loan approval.*
*Lending criteria, terms and conditions apply.
All information correct at 19 01 2018.