Important Date - 1st October 2019
Since 30th June 2019, lenders are now obliged to report information on all hire purchase, asset finance and similar lending to the Central Credit Register. This includes lending to consumers and non-consumers. This means that credit reports are now available containing these products.
Lenders considering a consumer loan application of €2,000 or more must enquire on the Central Credit Register for a borrower’s credit report. In addition, lenders may obtain a credit report if borrowers seek to restructure a loan or are in arrears on a loan, or are seeking a new loan under €2,000. These obligations will extend to hire purchase and similar credit applications from 1st October 2019 onwards. Borrowers can request their credit report at anytime. In line with our reporting obligations, we will also make inquiries for any credit applications of €500 or more with the Central Credit Register.
What is the Central Credit Register?
The Central Credit Register, or CCR for short, is a new secure system for collecting personal and credit information on loans of €500 or more. The Government developed the Central Credit Register to collect and centralise information on loans. The Central Credit Register contributes to financial stability and consumer protection by:
- providing lenders with a better analysis of borrowers’ creditworthiness;
- giving information to borrowers on their financial profile;
- giving the Central Bank better insight into financial markets; and
- supporting the Central Bank’s role of supervising the financial sector and ensuring financial stability.
How does the Central Credit Register work?
The Central Credit Register processes data to create and maintain an accurate and up-to-date credit report for each borrower. Credit reports may be requested by borrowers and lenders. Each request is recorded on the credit report as a footprint. From 30th September 2018, lenders must request your credit report if you have applied for a loan of €2,000 or more. Lenders may request a credit report if the amount applied for is less than €2,000. They may also obtain your credit report if:
- you have asked for a re-structure of an existing loan;
- if there are arrears on an existing loan; or
- if you have breached the limit on a credit card or overdraft
IMPORTANT:
- Your credit report doesn’t tell you if you can be approved for a loan
- The Central Credit Register doesn’t decide if a loan is approved or not – the lender makes that decision
- Your credit report doesn’t tell your score or grade Credit Reports
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. 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; or
- You breach the terms of a credit card or overdraft.
No other person can access your credit report without your consent and any time a request is made it is recorded as a “footprint”.
What information is included in my credit report?
Your credit report contains factual personal and credit information only.
Personal information includes your:
· Name (first name and surname)
· Current and previous addresses
· Date of birth
· Personal public service number (PPSN)
· Gender
· Eircode
· Telephone number
Credit information includes:
· Type of loan (for example, credit card, mortgage, overdraft, personal loan)
· Name of the lender
· Amount of the loan
· Outstanding balance
· Number of overdue payments, if any
· Date of next payment
· Amount next payment
So, what is the main impact for me, as a customer looking for a new finance facility?
After 1st October 2019, if you wish to apply for any credit product with First Citizen Finance you must provide your PPSN as part of the credit application. This new piece of mandatory data will be captured before submitting the application, be that directly with us or through a credit intermediary, for example a motor dealer.
For further information about how we collect your personal data, please visit: https://www.firstcitizen.ie/privacy-policy.php
For further information about the Central Credit Register, please visit: https://www.centralcreditregister.ie
