Borrowers include consumers, individuals, sole traders, companies and any other entities that are resident in the State at the time of making the credit application, or where the credit agreement is governed by Irish law.
In time, it will also include guarantors who provide guarantees or indemnities in respect of credit agreements.
Lenders include Asset finance houses banks, credit unions, Local Authorities, NAMA, licensed moneylenders. The obligations will also apply to those entities that have acquired loan books from Irish financial institutions in recent years.
The Central Credit Register will begin with loans such as:
- Credit cards;
- Personal loans.
Hire purchase and Personal Contract Plans (PCPs) are not included at this time, but it is intended that they will be included in the future.
- the loan is for €500 or more; and
- the borrower lives in the State at the time of applying for a loan;
- The loan agreement or loan application is governed by Irish law.
Business loans, licensed moneylenders and local authority loans will be included from 31 March 2018.
All mortgages are to be reported to the Central Credit Register. If you have a tracker mortgage and are not impacted by the Tracker Mortgage Examination (TME) your tracker mortgage is already being reported to the Central Credit Register. If you are impacted however, your mortgage will not be reported to the Central Credit Register until your lender has issued an offer of redress and compensation. Your lender will have a period of time after this point to submit corrected details to the Central Credit Register. For further information on the Tracker Mortgage Examination, see https://www.centralbank.ie/consumer-hub/explainers/what-is-the-tracker-mortgage-examination
The Government gave a commitment as part of the EU/IMF Programme of Financial Support for Ireland to develop a legal framework that would facilitate the collection and centralisation of financial information on borrowers.
The Credit Reporting Act 2013 was framed from the recommendations of the Report of the Inter-Agency Working Group on Credit Histories, which recommended the establishment of a Central Credit Register to resolve weaknesses identified in various reports published subsequent to the banking crisis.
The Register will contribute to financial stability and consumer protection by:
- Providing lenders with more comprehensive analysis of borrowers’ creditworthiness;
- Equipping borrowers with information 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.
Yes, credit registers have been functioning worldwide for many years, helping lenders make decisions and helping prevent borrowers becoming over-indebted. In the EU most countries have credit registers including Germany and France. The Central Credit Register in Belgium for example is operated by the National Bank of Belgium.
In Ireland, the Credit Reporting Act 2013 provides that the Central Bank of Ireland is responsible for the establishment and operation of the national, mandatory credit reporting system called the Central Credit Register.
Information is submitted to the Central Credit Register within five working days of the last calendar day of the preceding month. So for example, by 7 July 2017, information will have been submitted to the Central Credit Register as at 30 June 2017.
Control of the use of the Public Service Card is set out in Section 263 of the Social Welfare Act 2005. Schedule 5 of that Act contains a list of specified bodies who are permitted to seek the production of public service cards. The Central Bank is not included on the list of specified bodies in this Schedule and therefore cannot seek or accept a public service card as a form of identification for the Central Credit Register. Read more about the identification documents that are acceptable.
Credit information will be held on the Central Credit Register for a period of five years from the date a loan is paid off.
Credit performance information, such as outstanding balance and number of payments past due will be held on the Central Credit Register for a period of five years from when it was first submitted.
Personal information will be held on the Central Credit Register for a period of five years from the date the last loan was paid off.
The Register is being implemented on a phased basis, and started with consumer loans such as credit cards, mortgages, overdrafts and personal loans on 30 June 2017. Information has been submitted on a monthly basis since then.
From 31 March 2018 moneylender loans, local authority loans and business loans are included on the Central Credit Register. Lenders have until 30 September 2018 to submit this information, all of which must be backdated to 31 March 2018 and they must do this on a monthly basis going forward after that.
This snapshot submitted each month includes information such as of number of overdue payments if any, and amount outstanding.
Personal and credit information has been submitted to the Central Credit Register on a monthly basis since the 30 June 2017 for consumer loans such as credit cards mortgages overdrafts and personal loans. If there were any payments past due on your account on the 30th June or if any payments have been missed since then, this information will be sent to the Central Credit Register.
Lender will start submitting information from the 31st of March 2018 on moneylender loans, local authority loans and business loans.
Your lender is responsible for the accuracy of the data that they send to the Central Credit Register. While it is still in their possession, they are a data controller under the Data Protection Acts.
Once the data is received by the Central Credit Register the Central Bank of Ireland becomes the data controller.
If you believe some of your data is inaccurate on your credit report, you have a right to request that the data be amended. Follow these instructions on how to request an amendment.
No. The Central Credit Register does not create lists of defaulters. Lenders can only request credit reports for a permitted purpose, such as an application for a new loan.
Each lender may make their own decision whether to approve or decline a loan, based not only on a credit report, but also details of income and assets, their own lending policy and any other information that they may require.
Yes. The Credit Reporting Act 2013 and the Regulations provide the legal basis for the collection and processing of PPSNs. In addition, the Central Bank of Ireland consulted with the Office of the Data Protection Commissioner in advance of publishing the Regulations.
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