The Central Bank of Ireland has established a Central Credit Register under the Credit Reporting Act 2013.
The Central Credit Register is a national database that will, on request, provide:
- a borrower with their own individual credit report detailing their own credit agreements;
- a lender with comprehensive information regarding a borrower to help with lending decisions and other credit assessments; and
- the Central Bank with better insights regarding national trends in the provision of credit.
The Credit Reporting Act 2013 requires us to process your personal and credit information for the Central Credit Register. From 30 June 2017, we will submit personal information to the Central Credit Register that we may already have about you, for example:
- your name;
- date of birth; and
- personal public service number (PPSN) – where available for this purpose.
The Central Credit Register needs this information to make sure it accurately matches you to your loans, including loans that you may have with other lenders. Producing a full and accurate credit report is one of the main aims of the Central Credit Register. We will also submit credit information each month with regard to your loans with us where the loan is for €500 or more.
The CCR are then obliged to store your information securely where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade on your credit report. Information will be kept on the Central Credit Register for five years after your loan is cleared.
In early 2018, credit reports will become available from the Central Credit Register. Once available, you may request your report at any time and 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 a top-up on an existing loan;
- if you request a change of loan terms of an existing loan; or
- when reviewing a loan in arrears.
Employers, landlords, or any other person or entity cannot access your credit report without your written consent.
We invite you to read the Central Credit Register factsheet at https://www.centralcreditregister.ie/media/1083/a-consumer-guide-to-the-central-credit-register.pdf.
If you have any other question about any of your loans with us, you can contact us at 065 9051242.