Background

This video gives you an overview of why the Register has been established and how it works. It will explain who is included, what a credit report looks like, and your consumer rights. The development of the Central Credit Register is an important financial sector reform, contributing to financial stability and consumer protection. The Central Credit Register does not score or grade credit reports, and only your lender can approve a loan. The Central Credit Register will match the personal and credit information received from lenders to create a complete credit report. You can obtain a credit report at any time free of charge, subject to fair usage at www.centralcreditregister.ie. The Central Bank will act as data controller and will ensure strict security and data protection protocols are in place to safeguard borrowers' information submitted by lenders to the Central Credit Register. You can learn more about the Central Credit Register by visiting www.centralcreditregister.ie.

The types of borrowers included on the Central Credit Register include companies, consumers, individuals, partnerships, sole traders. Over 500 lenders are included on the Central Credit Register, such as asset finance houses, banks, credit unions, firms that have acquired loan books from Irish financial institutions, licensed money lenders, local authorities, NAMA.

The Central Credit Register will equip borrowers with information on their financial profile, provide lenders with a better analysis of borrowers creditworthiness, and support the Central Bank's role of supervising the financial sector and ensuring financial stability.

Your credit report will contain factual personal and credit information only. Lenders will only be able to access your credit report when you apply for a new loan, have applied to have your existing loan restructured, have arrears on your existing loan, or have breached the limit on a credit card or overdraft.

It is set out in four parts. Part one shows your personal information that has been submitted to the Central Credit Register by your lender or lenders. Part two contains a summary of your credit agreements. Part 3 presents the details of each individual loan, the type of loan, who the lender is, and a history of the repayment performance. Part 4 is called the footprint and is at the end of your credit report. It is a record of each date your credit report has been accessed, by whom, and the type and purpose of the enquiry. No other party can access your credit report without your written consent.

You can request your credit report at any time, free of charge, subject to fair usage. You have the right to give an explanatory statement of 200 words or less relating to any of your information held on the Central Credit Register, and this statement will be included on your credit report. You have the right to give notice to the lender or the Central Credit Register if you reasonably believe you have been, are being, or may be about to be impersonated by any person. You have the right to make an application to correct your information held on the Central Credit Register if you believe it is an accurate, incomplete, or not up to date. For more information about the Central Credit Register, please visit www.centralcreditregister.ie.