Guidance

To be in scope of the Act, a lender must be a Credit Information Provider (‘CIP’), providing credit in connection with a credit application or agreement to which the Act applies, to a Credit Information Subject (‘CIS’).

Lenders must satisfy themselves whether they are in scope of the Act.

The following are questions that a lender might ask when considering whether they are within scope of the Act. Lenders should obtain their own independent legal advice if they are unsure as to whether they are within scope of the Act or not.

 

A) Am I a Credit Information Provider?

1.  Are you a Regulated Financial Service Provider listed on any of the Central Bank’s Registers?

  •  If you answer Yes to A, you ARE a CIP, proceed to B.
  •  If you have answered no, proceed to (A) 2.

 2.  Are you NAMA or a Local Authority?

  • If you answer yes to either, you ARE a CIP, proceed to B.
  • If you have answered no to both, proceed to (A) 3.

  3. Other EU or Non-EU Lenders:

   3(i) EU based lenders: are you established in the State?

  • If you answer yes, you ARE a CIP, proceed to B.
  • If you answer no, you are NOT a CIP, no need to proceed.

    3(ii) Non EU based lenders: are you outside the state?

  • If you answer no you ARE a CIP, proceed to B.
  • If you answer yes, you are NOT a CIP, no need to proceed.

  

B) Am I providing Credit in scope of the Act?

1. Are you providing credit including a loan, deferred payment or other form of financial accommodation, other than the exceptions set out in section 2 (1)(a) – (g) of the Act?

  • If you answer yes to the above – proceed to (B) 2.
  • If you answer no, you are NOT providing credit in scope of the Act, no need to proceed.

 2. Are you providing credit, which is specifically within the phased implementation of the Central Credit Register (CCR)?

  2(i) Phase 1 - lending to consumers i.e. mortgages, credit cards, overdrafts, personal loans

  2(ii) Phase 2 – lending to non-consumers i.e. lending to companies, businesses, sole traders etc.

  • If you answer yes to either of the above – proceed to C.
  • If you answer no to both you are NOT providing credit within the current implementation phases of the CCR, there is no need to proceed. You may however, wish to stay informed about the future implementation of the CCR, please see the Further Information section below.

 

C) Is the credit being provided through a Credit Application or Credit Agreement to which the Act applies, i.e.,  

1. The applicant for the provision of credit (Credit Application) or the person for whom credit is provided (Credit Agreement) is resident in the State at the time when the credit application or credit agreement is made OR

2. The law governing the agreement made pursuant to the application or the law governing the credit agreement is the law of the State

  • If you answer yes of either of the above – proceed to D.
  • If you answer no to both you are NOT providing credit in relation to a Credit Application or Credit Agreement to which the Act applies, no need to proceed.

 

 D) Is the credit being provided to a CIS, i.e. a person who

 1. has made a credit application,

 2. has made a credit agreement for the provision of credit to the person, or

 3. is a guarantor

  •  If you answer yes of to any of the above – you are a CIP providing credit, under a credit application or agreement, to which the act applies, to a CIS and therefore you are in scope of the Act.

 

Further Information

  • If you are a CIP and in scope of the Act and have received your Provider Code and Registration Number from the Central Bank, please follow the instructions provided by the Central Bank to complete the registration.
  • If you are a CIP and in scope of the Act but have not received a Provider Code and Registration Number you can request these here.
  • If you believe you may become a CIP in scope of the Act in the future, you can request to be added to a CCR mailing list to receive information on future implementations of the CCR here.

The Act provides that

“A credit application or credit agreement is a qualifying credit application or qualifying credit agreement for the purposes of this Act if the amount of the credit applied for or agreed to be provided is at least the amount provided for by subsection (6).

(6) The amount referred to in subsection (5) is—

(a) such amount as is for the time being specified by order under subsection (7), or

(b) where no amount is for the time being so specified, €500.

In addition, the applicant for the provision of credit, or the person for whom credit is provided under the credit agreement, must be resident in the State at the time when the credit application or credit agreement is made, or the law governing any credit agreement made pursuant to the application would be, or the law governing the credit agreement is, the law of the State.

 

A CIP is obliged to submit information to the Register only in respect of qualifying credit applications and qualifying credit agreements.  If the credit applications or credit agreements are below €500 then there is no requirement to submit data to the Register.

If any credit agreement in the existing portfolio is a qualifying credit agreement, there is an obligation to submit data to the Central Credit Register. 

 

If you no longer own any qualifying credit applications or credit agreements, and are no longer engaged in the provision of credit then you are not required to submit data to the Register. The duty to report to the Register includes only qualifying credit applications and qualifying credit agreements.

A CIP is obliged to make an enquiry where that person has made a relevant credit application to the CIP, i.e. an application for credit for €2,000 or more. In the case of a joint application, i.e. more than one person is applying as part of the same credit application, the CIP has a legal obligation to make an enquiry on every person who has made a relevant application.

Details on cost of enquiry can be found on the fees and levies page.

From time to time, the CCR will need to implement changes to ensure it’s efficient operation.

Where a material change is made to requirements or processes already implemented by industry, this change will be communicated in advance to CIPs.

In order to safeguard the integrity of the CCR database and website, the CCR retains the ability to implement certain changes without advance notice to CIPs. Such changes could include emergency fixes, changes to data quality rules and alteration or upgrading of content on the CCR Website.

The CCR welcomes feedback from CIPs on opportunities for enhancements to the CCR at ccr@centralbank.ie.

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