Hire Purchase, PCPs, and similar type finance now included on Central Credit Register
Since 30 June 2019, lenders are now 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 means that credit reports are now available containing these products.
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 request their credit report at anytime.
A list of lenders who have submitted information to the Central Credit Register is available and is updated regularly.