Fees and Levies
The Central Bank of Ireland has made regulations governing the fees to be paid by lenders for enquiry on the Central Credit Register. These regulations also address associated matters such as arrangements with regard to the payment, collection and recovery of fees and exemptions.
Borrowers who are individuals can apply for their credit report at any time free of charge, subject to such requests not being excessive in line with the General Data Protection Regulation. This is called ‘fair usage’.
If requests are unfounded or excessive, in particular because of their repetitive character, the data controller may either charge a reasonable fee or refuse to act on the request.
Borrowers who are not individuals (for example companies) may apply for a credit report once a year free of charge. There will be a charge of €6.35 for any subsequent request within the year.
As provided for in the Regulations, the maximum charge is €5.00 per enquiry for lenders. However, from 1 July 2019 the charge for lenders is €3.50 per enquiry. The Central Bank may review this after a period of actual operation.
The Central Bank of Ireland also reserves its right, under the Act, to introduce a levy for the Central Credit Register at a later stage. The Central Credit Register has been established on the basis that all costs associated with it are recouped.