The Central Bank is responsible for the operation of the Central Credit Register under the Credit Reporting Act 2013. Under the Act lenders are required to submit personal and credit information to the Central Credit Register every month.
In order to produce full and accurate credit reports, the Central Bank expects that all lenders comply with their reporting obligations under the Act. This includes having in place robust policies and procedures to ensure all data submitted to the Central Credit Register is accurate, complete and up to date.
Lenders may find that information which was not accurate, complete or up to date was reported to the Central Credit Register in error. If this happens, the Central Bank requires that we are notified of the error and further expects that such errors are corrected as a matter of priority by the lender.
Lenders may under data protection provisions also be required to write to you explaining what has happened and what action they have taken to correct the errors. This may also require a report being made to the Data Protection Commission by the lender and at the Central Bank.
You can apply for your credit report free of charge (subject to fair usage).
If you have identified information on your credit report that is inaccurate, incomplete or not up to date, you may apply to have this information amended. Find out more information and start the application here.
If you believe your personal information (name, address, date of birth, PPSN, address(es)) is incorrect, incomplete or not up to date you should refer back to your lender(s) to have this information corrected.
If you believe your credit information (anything in the Contract Data area or the Performance Data area of your credit report) is incorrect, incomplete or not up to date, you may request an amendment with your lender directly or request an amendment to the Central Credit Register. You can start your online application here.
The Central Bank’s primary focus in its supervision of the bank account transfers is on ensuring that these operational issues do not arise in the first place. Nevertheless, given the scale of the transfers, the Central Bank is also putting additional safeguards in place to protect consumers.
The Central Credit Register already includes a months’ grace period. This means that, if a single monthly payment is missed, this is not recorded in your credit report.
Given the scale of the account migration exercise from Ulster Bank and KBC, we have issued instructions to lenders to amend the Central Credit Register in the event that more than 1 monthly payment is missed because of operational issues. This means that, if you miss loan repayments through no fault of your own as a result of switching bank accounts, and once the payments are again up to date, this will not show up on your credit report. The amendment will be made to the Central Credit Register by your lender after you have engaged with them.
Where possible, we would encourage you to monitor your loan repayments during the account switching process. If you notice that payments have been missed on your account, you should contact your bank immediately. Once you have told your lender that the issue was due to account switching, and your payments are up to date, they are expected to amend the CCR so that your payment history is unaffected.
This applies even if you yourself are not switching bank accounts. For example, it also covers cases where your employer might be switching accounts, raising the risk of a delay in your salary being deposited, and resulting in your loan or credit card payment being late.
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