Fees and Levies
It is anticipated that credit reports will be available for lenders and borrowers in early 2018.
At that time borrowers, who are individuals, will be able to request their credit report at any time with no charge, subject to such requests not being excessive in line with the General Data Protection Regulation.
Article 12 of the General Data Protection Regulation (GDPR) sets out that where requests from a data subject are manifestly unfounded or excessive, in particular because of their repetitive character, the data controller may either charge a reasonable fee taking into account the administrative costs of providing the information or communication or taking the action requested or refuse to act on the request.
Lenders will not be charged for access to the Register until 1 January 2019.
The exact fees to be paid by lenders will be set in Q1 2018. There are a number of variables which will influence the level at which fees are set, including but not limited to the timing of any amendment to the Credit Reporting Act (‘the Act’) to clarify the exclusion of ‘trade credit’.
The Register has been established on the basis that all costs associated with it are recouped. It is intended that the costs of the Register will be recouped using a fixed ‘click fee’ i.e. a flat fee each time it is accessed by lenders. However, the Central Bank of Ireland reserves its right, under the Act, to introduce a levy for the Register at a later stage.
Further information on fees will be published here in Q1 2018.
The Central Bank of Ireland will review the approach after a period of operation.