The Central Credit Register (the Register) is a new centralised system for collecting personal and credit information on consumer loans. The Central Bank of Ireland is in charge of operating the Register as set out under the Credit Reporting Act 2013.
From 30 June 2017, the Register will begin collecting and storing personal and credit information from lenders about the loans they give to consumers.
Lenders who give out loans of €500 or more will have to transfer information on these loans to the Register.
The Register will not collect information about smaller loans of less than €500.
The Register will initially include information on loans such as credit cards, overdrafts personal loans and mortgages. In time, information on other types of lending, such as hire purchase agreements and personal contract plans, will also be included.
Reason for the Register
The Government agreed to establish the Register as part of the EU/IMF Programme of Financial Support for Ireland.
The information collected will help lenders, consumers and the Central Bank in its role of safeguarding stability and protecting consumers.
Lenders will be able to use the information to get a more detailed picture of a consumer’s credit history, which will help them to make decisions about loan applications.
Consumers will have the opportunity to see what credit information lenders hold about them.
It is expected that consumers and lenders will be able to access the information in the form of a credit report from early 2018.
You will have the right to request your credit report at any time, and the first report each year is free of charge.
Only a consumer or a lender can request a credit report.
Each request will be recorded as a “footprint” so you will know who has looked at your credit report.