Timeline
The Central Credit Register will be implemented on a phased basis with phase 1 focusing on the submission of information on consumer loans, and phase 2 focusing on submission of information from licensed moneylenders, local authorities and business loans.
Phase 1
30 June 2017
Lenders (other than licensed moneylenders and local authorities) will begin submitting consumer loan information to the Central Credit Register on a monthly basis. This will begin with credit cards, mortgages, overdrafts and personal loans.
31 December 2017
Lenders (other than licensed moneylenders and local authorities) must have completed the submission of consumer loan information to the Central Credit Register. Information must be backdated to 30 June 2017.
Phase 2
31 March 2018
Licensed moneylenders and local authorities will begin submitting consumer loan information to the Central Credit Register. Those who have submitted information at this time may start requesting credit reports.
Business loans such as loans to companies, partnerships, clubs and associations will be included at this point.
30 September 2018
Licensed moneylenders and local authorities must have completed the submission of consumer loan information to the Central Credit Register. Information must be backdated to 31 March 2018.
Lenders that are subject to Phase 1 may request a borrower’s credit report for loan applications of €500 or more and for loan applications over €2,000 they must request a borrower’s credit report from this date forward.
31 March 2019:
Lenders that are subject to Phase 2 must request a borrowers’ credit report for loan applications of €2,000 or greater.