Q. I had a problem with my last car loan at the start of this year and some payments were missed. I am now applying for a mortgage with my girlfriend and have been told that our lender could turn us down because of those missed payments. Is this true and when will my name be “cleared” ? Jerry – Glandore Co Cork
A. I am afraid Jerry you do have a problem. The government over the last few years set up the www.CentralCreditRegister.ie a database recording all loans and even overdrafts of the various institutions eventually replacing the Irish Credit Bureau. All credit institutions check the credit records of prospective borrowers through this database – includes credit unions, other credit institutions – and if even one payment has been missed, it generally ends up in a decline for that borrower’s application. They also check the Insolvency Service of Ireland (www.isi.gov.ie) to see if the borrower was ever declared a bankrupt. This is also bad news for the borrower even though they may have sat out the required 12 months to end their bankruptcy – the record however remains. If you need to check your history send an email to the Central Credit Register via their website and request a report. You will receive that report within days – it’s free too. Look after your good name and always honour your financial commitments.