Dáil Éireann Debate, Tuesday - 28 November 2023
196. Deputy Mattie McGrath asked the Minister for Finance how a person who fell into personal difficulty and fell behind on their loan repayments due to personal circumstances can have their credit report amended (details supplied); and if he will make a statement on the matter. [52131/23]
View answerThe Central Credit Register is established by the Central Bank under the Credit Reporting Act 2013 (the Act). Under the Act, lenders are obliged to submit information to the Central Credit Register that is accurate, complete and up to date. This includes performance information such as outstanding balance, number of payments past due, and if there has been any re-structure or credit status event (such as legal proceedings).
It is important to point out that the Central Credit Register does not make decisions on loan applications; that is a matter for each lender. A lender may consider the contents of the credit report and other relevant information not recorded on a credit report, such as assets and income, when making their decision to lend.
Credit information submitted by lenders in respect of loan agreements is held on the Central Credit Register for a maximum period of 5 years at any given time.
The Act also provides a borrower with a right to place an explanatory statement on their credit report. The explanatory statement may be used to provide an explanation for certain performance data records.
An explanatory statement will be visible to any lender who makes an enquiry on a borrower. A borrower can exercise this right under the borrower area of the Central Credit Register website.
