The scope of the Central Credit Register
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
- Credit Unions
- Firms that have acquired loan books from Irish financial institutions in recent years
- Licensed moneylenders
- Local authorities
From 30 June 2017:
- Credit cards
- 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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