The Central Credit Register is established by the Central Bank under the Credit Reporting Act 2013 (the Act). It is a database of information on loans and loan applications.
The Act provides that Credit Information Providers (lenders) must submit information on loans where the loan is for €500 or more. Lenders must enquire on the Central Credit Register when considering a loan application of €2,000 or more. Lenders may enquire on the Central Credit Register if the loan amount is for less than €2,000 but are not obliged to do so.
Lenders are obliged to report information in accordance with the Act and associated Regulations. Lenders began submitting data to the Central Credit Register on loans that were in force/active, on a phased basis, from June 2017. Where all liabilities under a loan agreement have been discharged, the credit information is held on the Central Credit Register for a period 5 years after the loan is discharged.
However the Central Bank has advised that while it may be possible that a lender is statute barred from pursuing a borrower for repayment of a loan, the passage of time does not erase the actual debt and the loan may still be reported to the Central Credit Register.
Also lenders may sell or assign the rights under a credit agreement from time to time and in such circumstances the obligations under the Act to report information to the Central Credit Register rests with the new owner of the loan.
The Act provides four important rights to borrowers such as:-
• the right to a free report at any time, free of charge (subject to fair usage);
• the right to place an explanatory statement of up to 200 words on their credit report;
• the right to request an amendment to information if the borrower believes that information is incorrect, incomplete or not up to date;
• the right to place a Notice of Suspected Impersonation on their credit report.
If the individual wishes to exercise any of these rights, they may do so online at www.centralcreditregister.ie .
The Deputy may wish to note that there is a general requirement on all regulated entities to act with due skill, care and diligence in the best interests of their customers and if a person is not satisfied with the service provided by a regulated entity the person should, in the first instance, raise the matter directly with the regulated firm.
If the person is not satisfied with the response from the regulated firm, the person can then refer the complaint to the Financial Services and Pensions Ombudsman (FSPO). This is the independent statutory Office put in place by the Oireachtas to consider and as necessary adjudicate on complaints between regulated financial service providers and their customers.
It should also be noted that the Central Credit Register does not approve or sanction loan applications; subject to the consumer protection requirements associated with the provision of credit, decisions on applications for new credit are solely a business matter for individual lenders.
Finally the Irish Credit Bureau was a private entity and that their data collection, retention and reporting policies were a matter for that entity. It should be noted that no information on the Central Credit Register was transferred or sourced from the Irish Credit Bureau.
