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.

Lenders include banks, credit unions, Local Authorities, NAMA, licensed moneylenders and asset finance houses. The obligations will also apply to those entities that have acquired loan books from Irish financial institutions in recent years.

The Central Credit Register includes loans such as:

• Credit cards
• Mortgages
• Overdrafts
• Personal loans

If 

• the loan is for €500 or more; and 
• the borrower lives in the State at the time of applying for a loan,

           or where

• The loan agreement or loan application is governed by Irish law.

Business loans, licensed moneylenders and local authority loans will be included from 30 March 2018. Click here to see what is not included

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 several functions including prudential supervision, statistics and 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 is responsible for the establishment and operation of the national, mandatory credit reporting system called the Central Credit Register.