Central Credit Register: Explained
From 30 September 2018, Central Bank of Ireland made it compulsory for Banks, lenders and credit providers to access the Central Credit Register when considering a credit application for €2,000 or more. Customer data on mortgages, personal loans, credit cards and overdrafts, held from 30 June 2017, will be included on the credit reports. The Central Bank of Ireland owns the information held on the Central Credit Register and is a data controller under the Data Protection Acts.
Key Takeaway
- Central Bank of Ireland is responsible for operating and maintaining of the Central Credit Register (CCR)
- The CCR is a mandatory database for lenders to store personal and credit information on loans of €500 or more.
- Every month, lenders are required by law to submit credit agreement payment performance data on borrowers to the CCR whether paid or not.
- CCR can only retain data for a maximum of 5 years after which data is deleted.
What is a Central Credit Register
The Central Credit Register is a mandatory database that holds personal and credit information. CCR is established, maintained and operated by the Central Bank, under the Credit Reporting Act 2013 as amended (“the Act”). The register keeps a record of credit applications, credit agreements and parties to them. The information held on the register is for the purpose of assessing credit worthiness and to impose duties on parties to the credit agreement. The register will also provide a individuals with a credit report detailing all their credit agreements. Central Bank of Ireland also use the CCR as a tool to get insights into the nations consumer credit trends. In essence, the Central Credit Register supports the Central Bank’s obligations and functions, including consumer protection, supervising the financial sector and ensuring financial stability.
How Central Credit Register Works?
Every month lenders submit credit information and personal information on loans of €500 or more to the Register. Personal information includes name, address, date of birth, gender and personal public service number (PPSN). This information accurately identifies the borrower. Credit information includes information related to a credit application or credit agreement such as the nature and term of the credit applied for or agreed, amount, currency, rates of interest and conditions about payment and repayment. This information is used to generate individual credit reports on borrowers which they and, in certain circumstances, lenders can access. You can request your 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.
This information is stored securely on the Central Credit Register and is released only: when a lender or the borrower to whom the information relates requests access; if the borrower to whom the information relates, consents to the release of this information to another person; as provided by the Credit Report Act 2013 as amended, the Data Protection Act 2018 or as required or permitted by law or any other applicable legislation. The Central Bank may also transfer information to state agencies and law enforcement bodies when it is considered necessary and proportionate to do so
What is reported on the Central Credit Register?
Borrower Information: These include Companies Consumers Individuals Partnerships Sole traders. Types of borrower can also include any other entities that are resident in the State at the time of making the credit application such as clubs or associations, or where the credit agreement is governed by Irish law.
Lender Information: Asset finance houses, Banks, Credit Unions, Firms that have acquired loan books from Irish financial institutions in recent years, High Cost Credit Provider, Local authorities NAMA
Loan Information: Credit agreement details on Credit cards, Mortgages, Overdrafts, Personal loans, Business loans, Local Authority Loans, High Cost Credit Provider, Hire purchase, PCPs, Asset Finance are included on the report. Loans are included on the Central Credit Register if the loan is for €500 or more and the borrower lives in the State at the time of applying for a loan or the loan agreement or loan application is governed by Irish law.
Note – You will need to review your information on central credit register regularly to ensure that information recorded against you is correct and up to date.
What is "NOT" on the Central Credit Register?
The Central Credit Register does not decide if your loan application is approved or not. It is your lender makes that decision calculate a credit score on credit reports. The CCR does not keep record of your utility bills, pawnbrokers, income or salary information, tax liabilities, deposit accounts, insolvency service of Ireland or courts service records.
How much does it cost to get a Credit Report from CCR?
- Individuals: Credit report is free of charge for individuals as long as it is for fair usage and in line with the General Data Protection Regulation, if excessive request is made the data controller may either charge a reasonable fee or refuse to act on the request.
- Lenders: Form 1 January 2024, lenders pay a maximum charge is €3.00 per enquiry for lenders.
- Companies (other than lenders): Credit report is free of charge for companies once a year and after that a charge of €6.35 for any subsequent request within the year.
How to Apply for Your Credit Report?
You will need to request your credit report from the central credit report online. You can request for your credit report, amend your information, place an explanatory statement and notice of suspected impersonation.
Credit Reports and Your Rights
- Credit Report: You have a right to apply for your credit report at any time, free of charge subject to fair usage.
- Amendment of Information: If you have obtained your credit report and believe there is information that is inaccurate, incomplete, or not up to date you can request an amendment to that information.
- Explanatory Statement: You can place an explanatory statement on your credit report to provide further information on your loan(s). Your explanatory statement must be 200 words or less and must relate only to you and your information on your credit report.
- Notice of Suspected Impersonation: You can place a notice of suspected impersonation on your credit report if you believe you are being, have been, or are about to be, impersonated by another and will remain on your credit report for 90 days.
To apply for your credit report, or exercise any other rights, you will need three types of identification documents including:, photo and signature, proof of your address and proof of your PPSN
Who can Request your Credit Report
Lenders must request your credit report if you have applied for a loan of €2,000 or more. Lenders also have the right to request your credit report if you have:
- applied for a loan less than €2,000
- asked for a re-structure of an existing loan
- arrears on an existing loan
- breached the limit on 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.
Uses of the Central Credit Register
The Central Bank uses the Register to get better insights into the level and patterns of lending in the economy.
- Lenders submit personal and credit information on existing loans for €500 or more. Lenders also submit personal and credit information on loan applications for €2,000 or more.
- The Central Credit Register processes this data to create and maintain an accurate and up-to-date credit report for each borrower.
- All borrowers and prospective lenders can view a credit report. A “footprint” is recorded each time a credit report is issued to a lender or a borrower.
Central Credit Register FAQs
Are lenders required to use CCR?
Yes. Under the Credit Reporting Act 2013, lenders (including banks, non-bank lenders, credit unions and other credit providers) must report on all loans above €500 to the CCR. From June 2017, lenders have reported on mortgages, credit cards, overdrafts and personal loans. Lenders have also started reporting on other credit products including business loans, hire purchase, personal contract plans and asset finance.
How do I know if a lender accesses my credit report?
Any time lenders get your credit report, they leave a ‘footprint’. The footprint is a record of the date, the lender’s name and the reason why they looked for your credit report. The footprint is shown at the end of the report for five years after the lender last requested access.
How long is my personal credit information stored on the CCR database?
Your personal credit information is stored on the CCR database for five years. When the earliest recorded information reaches five years old, it is deleted. Then, when the next piece of information becomes five years old, it is deleted, and so on. There will never be information in the database going back more than five years. Any information about a loan that has been repaid will be completely removed from the credit report five years after the last payment was made
Are guarantors recorded on the central credit report?
Guarantors who provide guarantees or indemnities to borrowers are not currently included on CCR record but it will be included in the future.
Final Thoughts
It is important to note that the information held on the CCR is one of many factors that lenders use to determine whether a loan is approved or not. In addition, the fact that lenders made a request for information on the CCR does not mean that those specific pieces of information were used by lenders in their credit decisions.
Central Credit Register accessed on 22nd January 2024
Irish Times Report on Central Credit Register accessed on 23rd January 2024
