As the Deputy is aware, consumer credit including hire purchase and consumer hire, together with money lending and home loans, are governed by the Consumer Credit Act 1995. This legislation sets out important consumer protection measures, including the form and content of the credit agreements in respect of those types of loans. The Consumer Protection Code requires that before providing a product or service to a consumer a regulated credit institution must gather and record sufficient information from the consumer to enable it to provide a recommendation on a product or service appropriate to that consumer.
The Irish Credit Bureau (ICB) is an independent, commercial organisation which provides credit history information to its members and helps credit institutions to be better informed when making decisions on the provision of credit. I, as Minister for Finance, have no role in determining its operations or the scope of its activities. However, my officials have been in consultation with relevant stakeholders in relation to the kind of issues highlighted in the Deputy's question and will report to me on how best practice can be achieved in relation to credit history collection. I will then consider the options available to ensure a competitive market and fair practices in consumer credit can be maintained.
