New Hire Purchase, Asset Finance and PCPs to be included on Central Credit Register.

From 30 June 2019, lenders will be obliged to report information on all hire purchase (including PCPs), asset finance and similar lending to the Central Credit Register. This includes lending to consumers and non-consumers.

This is as a result of a recent amendment to the Credit Reporting Act 2013 which brings hire purchase (including PCPs), asset finance, and similar lending within the scope of the Central Credit Register.

The addition of this data on the Central Credit Register will provide a more comprehensive view of lending, which in turn will facilitate creditworthiness assessments and responsible lending.  

Lenders currently report personal and credit information on consumer loans, such as credit cards, mortgages, overdrafts and mortgages to the Central Credit Register. Lenders are also obliged to report information on business loans.  

Lenders considering a consumer loan application of €2,000 or more must enquire on the Central Credit Register for a borrower’s credit report. In addition, lenders may obtain a credit report if borrowers seek to restructure a loan or are in arrears on a loan, or are seeking a new loan under €2,000. These obligations will extend to hire purchase and similar credit applications from 1 October 2019 onwards. Borrowers can obtain their credit report at anytime. 

A list of lenders who have submitted information to the Central Credit Register is available and is updated regularly.