What is it?
The Central Credit Register (CCR) is a secure mandatory national database of personal and credit information on loans. The register will be maintained and operated by the Central Bank under the Credit Reporting Act 2013.
What does it do?
From 30th June 2017, lenders including banks and credit unions must begin submitting personal and credit information on all consumer loans of €500 or more to the secure Central Credit Register (CCR) on a monthly basis. Loans include credit cards, mortgages, overdrafts and personal loans. Business loans will be included in early 2018. The Register processes data to create and maintain an accurate and up-to-date credit report for each borrower. A credit report can help lenders when it comes to making decisions about loans and loan applications. However, the Register does not score or grade credit reports or decide if a loan is approved or not – the lender makes that decision. Information will be kept on the CCR for 5 years after your loan is paid off.
From 30th September 2018, lenders may request a borrower’s credit report for loan applications of €500 or more and for loan applications over €2,000, they must request a borrower’s credit report.
Who can access the report and why?
Only a borrower or a lender can request a credit report. Any other person or entity cannot access a credit report without a borrower’s written consent. The CCR will be useful for borrowers as they can access an individual report detailing their credit agreements. Lenders will be able to access a credit report when considering an application for a new loan or an application to change the terms of an existing loan or if they are reviewing a loan in arrears. It will provide lenders with more comprehensive information to assess credit applications. It is expected that credit reports will be available for both borrowers and lenders in early 2018. Each request is logged and recorded on the credit report.
Is my information safe?
The Central Bank owns the information held on the Central Credit Register and is a data controller under the Data Protection Acts. The processing of the personal data of data subjects is governed by the Data Protection Acts 1988 and 2003.
Have I rights under the Credit Reporting Act 2013?
When credit reports become available, an individual will have the right to request their credit report at any time. The first credit report each calendar year is free of charge. They can also insert a 200 word explanatory statement on their credit report. They can apply to have information changed if they believe it is inaccurate, incomplete or out of date.
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