Irish Credit Bureau profits drop to €3.2m

THE Irish Credit Bureau, owned by the country’s main banks, saw pre-tax profits fall to €3.2 million from €6.1m in the previous year.

Accounts for Irish Credit Bureau Limited show the directors declared and paid a dividend of €3.9m.

The company collects, tabulates and supplies information and statistics relating to the credit history of loan applicants. Its primary revenue stream is enquiry income and membership fees. Revenue from member enquiry fees fell significantly during 2009, . “Furthermore, a decrease in admission fees from new members added to the reduction in profitability,” the accounts read.