The scope of the Central Credit Register

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 however 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 Consumer Protection at the Central Bank.

You can get a copy of your credit report free of charge (subject to fair usage).

You can get further information on your rights and if you have any queries relating to the processing of your personal data, please see our data protection page, or visit www.dataprotection.ie. You can also submit a complaint directly to the Data Protection Commission at www.dataprotection.ie.

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.

  • Asset finance houses
  • Banks
  • Credit Unions
  • Firms that have acquired loan books from Irish financial institutions in recent years
  • Licensed moneylenders
  • Local authorities
  • NAMA

From 30 June 2017:

  • Credit cards
  • Mortgages
  • Overdrafts
  • Personal loans

From 31 March 2018:

  • Moneylender loans
  • Local authority loans
  • business loans

From 30 June 2019

  • Hire Purchase
  • Personal Contract Plans
  • Asset Finance

 

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/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.

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