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.
Since 30 June 2017 lenders including banks, credit unions, and any other lender that provides consumer loans for €500 or more, have submitted personal and credit information on those loans to the Central Credit Register every month. The Central Credit Register started with credit cards, mortgages, overdrafts, and personal loans.
Since 31 March 2018 licensed moneylenders and local authorities have submitted information to the Central Credit Register every month. Business loans have also been included from this time. Other types of loans such as Hire Purchase and Personal Contract Plans (PCP) will be added from 30 June 2019. Find more information on what is included on the Central Credit Register.
From 30 September 2018, lenders must request your credit report of you have applied for a loan of €2,000 or more and may request a credit report if the amount applied for is less than €2,000.
They may also obtain your credit report if:
- you have asked for a re-structure of an existing loan
- if there are arrears on an existing loan
- if you have breached the limit on a credit card or overdraft
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.
The Central Bank owns the information held on the Central Credit Register and is a data controller under the Data Protection Acts. Information submitted 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.