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Credit Ratings

Dáil Éireann Debate, Wednesday - 28 March 2018

Wednesday, 28 March 2018

Ceisteanna (145)

James Browne

Ceist:

145. Deputy James Browne asked the Minister for Finance the rules surrounding records on individual credit ratings, specifically if a person's credit rating was affected due to the fact that they were the victim of a scam (details supplied); and if he will make a statement on the matter. [14476/18]

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Freagraí scríofa

The Central Credit Register has been established by the Central Bank of Ireland under the Credit Reporting Act 2013. It was developed to collect and centralise specified credit and personal information on loans and other relevant credit facilities.

The Central Bank has advised that the Central Credit Register is being implemented on a phased basis. Phase 1 included the submission of information on consumer loans such as credit cards, mortgages, personal loans and overdrafts, and this information is now being submitted on a monthly basis. Phase 2 commences on 31 March 2018 and includes the submission of information on moneylender loans, and business loans. No information on deposit accounts is included on the Central Credit Register.

Section 9 of the Act provides that a credit information subject (or credit information provider) may make an application to amend information or the Register on the grounds that it is inaccurate, incomplete or not up-to-date and where the Central Bank decides that the information should be amended it shall do so. Section 13 of the Act also provides that a credit information subject may give a statement relating to any information on the Register which relates to the credit information subject.

The Central Bank has also advised that Section 30 of the Act provides that the Bank may produce credit scores and other analyses. However, as credit reports only became available on 20 March, it is not the intention of the Central Bank to consider the production of credit scores until a practical period of experience has been accumulated.

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