The Central Credit Register

The Central Credit Register, is being set up by the Central Bank of Ireland under the Credit Reporting Act 2013.

It is a national database that will provide:

• a borrower with an individual credit report detailing their credit agreements.
• a lender with comprehensive information to help them with credit assessments
• the Central Bank with better insights into national trends in the provision of credit.

Why do they need this information?

The Central Credit Register needs this information to ensure it creates an accurate record of your loans, including credit facilities you may have with other lenders. The Central Credit Register aims to ensure that every credit report it produces is complete and accurate. Banks will also share credit information each month about any loans you have that are worth €500 or more.

Your loan information will be stored securely on the Central Credit Register where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade for your credit report. Information will be kept on the Central Credit Register for five years after your loan is paid off.

In early 2018, credit reports will become available from the Central Credit Register. Once available, you may request your report at any time. You are entitled to one free report each calendar year.

Lenders may only access your credit report when considering an application for a new loan. OR if you ask to change the terms of the loan. OR if they are reviewing a loan in arrears.

Employers, landlords, or any other person or entity cannot access your credit report without your written consent.

Your rights under the Credit Reporting Act 2013

When credit reports become available, you will have a right to:

1. request your credit report at any time (the first credit report each calendar year is free);
2. insert a 200-word explanatory statement on your credit report;
3. make a report to the Central Credit Register if you reasonably believe that someone has, is, or is about to impersonate you.
4. apply to have your information changed if you believe it is

• inaccurate;
• incomplete; or
• out of date

The Central Bank will publish on www.centralcreditregister.ie the exact date when credit reports will become available.