Explainer - What is the Central Credit Register?
The Central Credit Register (the Register) is a centralised system that collects and securely stores information about loans. It is managed by the Central Bank of Ireland under the Credit Reporting Act 2013.
The Register collects information on loans of €500 or more including:
- Credit cards
- Overdrafts
- Personal loans
- Mortgages
- Business loans
- Moneylender loans
- Loans from local authorities
- Hire purchase agreements
- Personal Contract Plans and similar types of finance.
How does it work?
Every month lenders submit information on loans of €500 or more to the Register. This information is used to generate individual credit reports on borrowers which they and, in certain circumstances, lenders can access. Borrowers can request their credit report to see the credit information lenders have submitted on their loans. Lenders can use credit reports to get a picture of a borrower's current lending and credit history. This can help them to decide if they should approve an application for a loan or not.
The Central Bank uses the Register to get better insights into the level and patterns of lending in the economy.
How can I request my credit report?
As an individual you can request your credit report anytime, free of charge, subject to fair usage. Borrowers who are not individuals (for example companies) may submit a request for a credit report once a year free of charge. There will be a charge of €6.35 for any subsequent request within the year.
To uphold your data protection rights, when you make a request you will need to provide identification documentation.
A lender can only access your credit report when:
- You apply for a new loan
- You apply to restructure an existing loan
- You have arrears on an existing loan
- You breach the terms of a credit card or overdraft.
No other person can access your credit report without your consent. Any time a request is made it is recorded as a "footprint" which you can see. This tells you when your report was requested, who requested it, and why.
For full information on how to request a copy of your credit report, see Submit a request.
For information on your rights, see Your Rights.
Further information
You can find out more about the Register at www.centralcreditregister.ie or by contacting us at:
Email: [email protected]
Phone: +353 (0)1 224 5500
See also: