How Vital is Credit Rating in Obtaining Credit Cards Ireland

Credit cards are widely used in most developed countries around the world

. In Ireland, many business establishments are also accepting cards as a form of payment for food, products and services. It has been reported that from the late 1990s to 2007, the number of credit cards issued have soared even more than double than in the past.

But credit cards are not for everyone. Companies issuing these cards are now more cautious with the type of people they approve for this type of credit. While they have become very aggressive in their marketing campaigns to gain more customers in the midst of tight competition in the industry, they have implemented a rigid selection process to ensure that they approve the applications only of qualified consumers.

People in Ireland applying for the best credit cards need to know that their credit rating is very important. Most companies consider this aspect as one of the major criteria when approving applications. For this reason, it would be beneficial to first determine your credit record before you apply for a credit card.

The Irish Credit Bureau (ICB) is the largest and main agency from where consumers can access their credit information. It is not under the government but is a private agency owned by financial institutions. To secure a copy of your credit record, a minimal charge of five sterling pounds applies. You will also need to complete an application form to obtain this report whether online or offline.

It is crucial to obtain such credit information not only as a step before applying for a credit card but also as a way to verify the accuracy of the details included in your record. It is unavoidable for mistakes to occur when recording your credit data. Errors can come from you or your lending company such as when completing a form concerning direct debit or failure of your lender to note on the report any agreement that you've reached regarding payments.

Under the Data Protection Acts 1988 and 2003, consumers are entitled to check their personal record. In case you find incorrect information, you also have the right to have it changed or removed it from your file when necessary.

Whenever you apply for credit, lending companies access the ICB files to check on your credit report for the past two-year period. This report details your history such as loans, prompt and missed payments and agreements you might have reached with your lender. Lending institutions register your information with the ICB on a monthly basis.

How Vital is Credit Rating in Obtaining Credit Cards Ireland

By: Christopher Enders

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