Retention of Information
Credit information is recorded over time until five years of information is shown on your credit report.
On the credit report provided to lenders, only the most recent two years of detailed payment information is provided. Lenders will also see limited information on key repayment indicators within the last five years, for example the Maximum Number of Payment Past Due within the last five years of the contract’s history.
When a loan has been closed (where all payments have been discharged, or the loan closed off or written off by the lender), the information will be completely removed from the credit report five years after the last payment was made.
Personal information is held on the Central Credit Register for a period of five years from the date the last loan was paid off.
Each time you or a prospective lender obtains your credit report, a record is created on your credit report, called a footprint. This footprint records the date, the lender name, and the reason why that particular lender sought your credit report.
The footprint is shown at the end of the report and shows those lenders who have enquired on your credit report in the last 5 years.
However, a lender when they make an enquiry, will only be shown those lenders who have enquired on your credit report in the last 2 years.
The identification documents you provide as part of your application will be retained for a period of five years.
The Central Credit Register does not:
- decide if a loan is approved or not – the lender makes that decision;
- score or grade credit reports