What is the Central Credit Register?
The Central Credit Register is a new secure system for collecting personal and credit information on loans of €500 or more. The Central Bank of Ireland operates it under the Credit Report Act 2013.
- was created as a result of the Inter-Agency Working Group on Credit Histories’ recommendations; and
- provides for a Central Credit Register to resolve weaknesses identified following the 2008 banking crisis.
The Government developed the Central Credit Register to collect and centralise information on loans. This was agreed as part of the EU/IMF Programme of Financial Support for Ireland.
The Central Credit Register contributes to financial stability and consumer protection by:
- providing lenders with a better analysis of borrowers’ creditworthiness;
- giving information to borrowers on their financial profile;
- giving the Central Bank better insight into financial markets; and
- supporting the Central Bank’s role of supervising the financial sector and ensuring financial stability.
Every month since 30 June 2017 lenders including banks, credit unions, and any other lender that provides consumer loans for €500 or more, must submit personal and credit information on those loans to the Central Credit Register. The Central Credit Register started with credit cards, mortgages, overdrafts, and personal loans.
Every month from 31 March 2018 licensed moneylenders and local authorities must submit information to the Central Credit Register. Business loans are also included from this time. Other types of loans such as Hire Purchase and Personal Contract Plans (PCP) will be added in the future. Find more information on what is included on the Central Credit Register.
The Central Bank owns the information held on the Central Credit Register. The Central Bank is a data controller under the Data Protection Acts. Information transferred by lenders to the Central Credit Register is used to create individual credit reports. You have a right to request your credit report, free of charge at any time (subject to fair usage). Find out how to request your credit report or exercise any of your rights.
Your credit report does not tell you if you can be approved for a loan.
The Central Credit Register does not:
- decide if a loan is approved or not – the lender makes that decision;
- score or grade credit reports.