You will have to check with your lender.
The Central Credit Register produces credit reports for lenders and borrowers. Importantly, it does not produce a credit score or a credit rating; it simply records the information that is submitted by lenders. It is factual, impartial information. The onus is on the lender at all times to ensure that the information reported to the Central Credit Register correctly reflects arrangements agreed with you.
Every month lenders submit personal and credit information on loans over €500 to the Central Credit Register. The Central Credit Register matches this information to create credit reports for lenders and borrowers.
When a lender agrees a COVID-19 payment break with a borrower, the lender should not report this to the Central Credit Register as payments being "missed" or "past due" or the loan as being "restructured", during the period of the payment break.
Example
If a lender agrees with a borrower to a payment break with no payments at all for a period of three months, starting in April. The lender will not report this as "missed payments" or a "restructure" event to the Central Credit Register for April, May and June.
If payments were being made, the amount recorded as the "Outstanding Balance" would normally decrease during those months. However as no payments are being made during the payment break period, the "Outstanding Balance" recorded will not decrease. The "Outstanding Balance" information is contained in the credit report.
There is a lot of information available on the Central Credit Register’s website including:
- A list of all lenders who submit information to the Central Credit Register
- A sample credit report and more information on your rights
- A comprehensive FAQ
You can, if you wish, place an explanatory statement on your credit report to explain your current circumstances where your loans are concerned.
It is important to note, only the Central Credit Register is within the remit of the Central Bank of Ireland; private credit bureaux are not. In order to determine if your credit rating will be affected, you may wish to check with your lender to see if they submit information on loans to any private credit bureaux, which may produce credit ratings or credit scores.
See also