Dáil Éireann Debate, Wednesday - 18 October 2023
112. Deputy Louise O'Reilly asked the Minister for Finance if he is aware of any mechanism by which a person can improve their credit rating in the situation where their home was repossessed and where there was a default on their mortgage; and if he will make a statement on the matter. [45664/23]
View answerThe Central Credit Register is established by the Central Bank under the Credit Reporting Act 2013 (the Act). Under the Act credit information providers are required to provide factual information in relation to loans and loan applications, which is then used to provide credit reports to borrowers and lenders.
The Deputy may wish to note that the Central Credit Register does not produce credit scores or credit ratings. Also, the Central Bank does not decide if a loan application is approved or not. Such decisions are commercial matters for individual lenders who make these decisions based on their own credit policies which may vary from lender to lender and may take different information and factors into account.
In line with the provisions of the Act, performance information in relation to a loan is retained on the Central Credit Register for a period of 5 years at any given time. Where all liabilities under the 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.
Borrowers have rights under the Act, including the right to a free credit report; a right to request an amendment to information if they believe that information is incorrect, incomplete or not up to date; a right to place a Notice of Suspected Impersonation on their credit report, and a right to place an Explanatory Statement on their credit report. The Explanatory Statement may be up to 200 words and relate to any information held on the Central Credit Register which relates to the credit information subject.
Further information including a factsheet in exercising borrower rights is available at www.centralcreditregister.ie.
