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Credit Register Administration

Dáil Éireann Debate, Thursday - 5 March 2020

Thursday, 5 March 2020

Questions (69, 70)

Michael McGrath

Question:

69. Deputy Michael McGrath asked the Minister for Finance the details of the company running the Central Credit Register; the location in which it is based; if the system is operating smoothly; if not, if there are operational difficulties or delays; and if he will make a statement on the matter. [2573/20]

View answer

Michael McGrath

Question:

70. Deputy Michael McGrath asked the Minister for Finance the length of time a consumer has to make a repayment beyond the normal due date of the repayment before a late payment is recorded against their personal record in the context of the Central Credit Register; if the same provision applies in respect of non-standard repayments; and if he will make a statement on the matter. [2574/20]

View answer

Written answers

I propose to take Questions Nos. 69 and 70 together.

The Central Credit Register (CCR) was established by the Central Bank of Ireland (the Bank) under the Credit Reporting Act 2013.   Following a public procurement process, the Bank signed a contract with CRIF Ireland Ltd, 1st floor, Adelphi Plaza, Georges Street Upper, Dun Laoghaire, Co Dublin (a wholly owned subsidiary of CRIF S.p.A) to build and operate the CCR in February 2015.  The Bank has advised me that no operational difficulties have been experienced to date and that CCR systems are operating as expected.

In relation to CCR reporting, the Bank advises that in respect of "standard frequency loans" (i.e. where the payment frequency is daily, weekly, fortnightly four weekly or monthly) information will be reported to include the application of a "grace period" of one month. The grace period acts as a practical buffer so as to avoid the reporting of technical arrears by a CIP over which a Credit Information Subject (CIS) may have little control. In relation to less frequent loan payments (e.g. quarterly, annually etc.) there is time for a CIP to check that everything is in order prior to the payment falling due and consequently no "grace period" is applied to these loan types.

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