CENTRAL CREDIT REGISTER
The Central Credit Register (CCR) is being set up by the Central Bank of Ireland under the Credit Reporting Act 2013.
The CCR is a national database that will, on request, provide
- a borrower with an individual credit report detailing their credit agreements
- a lender with comprehensive information to help with credit assessments, and
- the Central Bank with better insights into national trends in the provision of credit.
Under the Credit Reporting Act 2013 from 30 June 2017 we are required to submit personal information to the CCR that we may already have about you, such as:
- your name
- your address
- your date of birth, and
- your personal public service number (PPS Number)
The CCR requires this information to accurately match your loans, including loans you may have with other lenders. We are also required to submit credit information each month about your loans, if the loan is over €500 or more. Your loan information will be stored securely on the CCR where it will be used to create your credit report. Information will be held on the CCR for five years after your loan is repaid. In early 2018, credit reports will become available from the CCR. You may request your credit report from the CCR at any time and are entitled to one free report each calendar year.
Lenders may only access your credit report:
- when considering an application for a new loan
- if you ask to change the terms of a loan or
- if reviewing a loan in arrears
Please ensure that you include a copy of documentation showing your PPS Number with all future loans.
Proof of your PPS Number – This must be in the form of an official document from the Revenue Commissioners or Department of Social and Family Affairs, which contains your name and PPS Number.
Central Credit Register FAQs
What types of loans are included on the Central Credit Register (CCR)?
Loans included on the Central Credit Register are:
- Credit cards
- Personal loans
When will lenders start sending loan information to the CCR?
The project is in two phases.
Phase 1 begins on 30 June 2017. From then, organisations like banks, credit unions and any other lenders who provide consumer loans, will start giving details of these loans to the CCR.
Phase 2 is due to begin in March 2018. From then licensed moneylenders and local authorities will start giving loan details to the CCR.
During phase 2, details of business loans will also start being reported to the Central Credit Register.
What information will be held on the Central Credit Register?
The CCR will hold information about loans existing on 30 June 2017 and any new loans after that. From then, lenders will also send the Central Credit Register monthly updates on the status of loans. This information will include the personal information referred to in the attached letter.
The type of credit information that the CCR will store includes the:
- amount of all loans;
- type of each loan – such as credit card, mortgage, overdraft or personal loan;
- name of each lender;
- outstanding balance;
- number of overdue payments if any; and
- date of next payment.
More details of the full information held on the Central Credit Register can be found on www.centralcreditregister.ie
What about foreign loans?
In the future, you may also have a duty to provide information to your lender about any foreign credit of €5,000 or more. For this to happen, the Central Bank must publish a Regulation.
What are my rights?
When credit reports become available, you will have a right to:
- request your credit report at any time and the first credit report each calendar year is free;
- insert a 200-word explanatory statement on your credit report;
- apply to have your information amended if you believe it is:
- incomplete; or
- out of date.
- make a report to the Central Credit Register if you reasonably believe that someone has, is, or is about to impersonate you.