Dáil Éireann Debate, Tuesday - 1 May 2018
88. Deputy Michael McGrath asked the Minister for Finance if persons' credit ratings with the central credit register will be affected if payments were rejected as a result of the information technology issue at banks (details supplied); and if he will make a statement on the matter. [18753/18]
Amharc ar fhreagraThe Central Bank has advised that the Central Credit Register is being implemented on a phased basis. Phase 1 started on 30 June 2017 and included the submission of information on consumer loans such as credit cards, personal loans, mortgages and overdrafts. The information is provided by lenders to the Central Credit Register on a monthly basis, and represents the position of a loan as at the end of a month. Lenders are obliged to submit information that is accurate, complete and up to date.
Since 20 March 2018 credit reports containing this information have been available on request. Borrowers can request their report at any time free of charge and have a right to seek an amendment for any information that they believe is inaccurate, incomplete or out of date. Although provided for in the Credit Reporting Act 2013, the Central Credit Register does not calculate a score or rating for credit reports.
Phase 1b included submission of information from moneylenders and some other lenders. This phase started on 31 March 2018. Lenders have until 30 September 2018 to complete the submission of information, backdated to 31 March 2018. Phase 2 included business loans. This phase started on 31 March 2018 and these lenders have until 30 September 2018 to complete the submission of information.
