Central Credit Register - MABS Investigates
17th June 2020
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In MABS we receive a lot of great questions. Questions that we know many people want to ask, but don't know who to ask or where to start. The focus of this week’s ‘MABS investigates’ is the Central Credit Register. We will cover what the Central Credit Register is, how it works, what its used for and what your rights are.
Click the question below to go to the answer you'd like to read or continue scrolling to read them all
- What is the Central Credit Register?
- How does it work?
- What is the information used for?
- What are my rights?
- I have applied for a payment break due to COVID-19, how will this be recorded on the Central Credit Register?
The Central Credit Register is a secure national database operated by the Central Bank of Ireland that stores information on consumer and business loans.
It is used to generate credit reports, which borrowers and lenders (in certain circumstances) can access.
All information is kept for five years after the loan has been repaid.
Lenders submit personal and credit information on all loans of €500 or more to the Central Credit Register. This happens every month and they do not need your consent to do so.
The personal information submitted includes your name, address, date of birth, gender, Eircode, telephone number, and Personal Public Service Number (PPSN).
The credit information submitted includes the type of loan, for example, credit card, mortgage, overdraft, personal loan. It also includes the name of the lender the amount of the loan, the outstanding balance, the number of missed payments (if any) and the date of the next payment. The following table shows you the type of loans that are included on the Central Credit Register and also what’s not included.
The information held on the Central Credit Register 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. For example, when you apply for a loan of more than €2,000, the lender must check the Central Credit Register for your credit report.
Lenders are also entitled check the Central Credit Register if you apply for a loan that is under €2,000.
You have the following rights in relation to information held on the Central Credit Register:
- Request a copy of your credit report
- Place an explanatory statement on your credit report
- Ask to have your information on your credit report amended
- Place a notice of suspected impersonation on your credit
1. Request a copy of your credit report
You have the right to request your credit report at any time. It is free of charge; subject to fair usage. This means your credit reports are free as long as you do not request an excessive amount of them.
You can get a copy of your credit report by applying online to the Central Credit Register or by email. Currently, due to COVID-19, no postal applications are being accepted.
You must print and sign a completed application form and upload it with identification documents.
Further information on the identification documents you need to provide proof of your identity are available here.
In order to get your credit report, you will need to provide proof of your identity, including your address and PPSN. This is required to ensure that your data protection rights are protected. A full list of acceptable documents is available on the Central Credit Register’s website.
2. Place an explanatory statement on your credit report
You have the right to place an explanatory statement of up to 200 words about any of your information on your credit report explaining an event or circumstance about your loans. This information will available be to anyone who has permission to access your credit report. The explanatory statement must relate only to you and your information held on the Central Credit Register.
3. Ask to have your information amended
If you believe your credit report information is inaccurate, incomplete or not up to date you can ask to have information amended. You can contact your lender and outline details of what you believe is your correct information. You may also process a request on the Central Credit Register’s website by completing a form online or by downloading a form and returning it and all required documentation.
4. Place a notice of suspected impersonation
If you reasonably believe that you have been, are being or could be impersonated by another person you can place a Notice of Suspected Impersonation on your credit report. The notice lasts for 90 days and can be extended if necessary. This can alert lenders to consider making additional checks when making a decision about your loan applications.
I have applied for a payment break due to COVID-19, how will this be recorded on the Central Credit Register?
The Central Bank has been working with financial services providers to help provide breathing space for customers who find themselves in financial difficulties due to COVID-19.
Banks and other financial institutions have announced that they will introduce a payment break of up to six months on mortgages and personal and business loans for some business and personal customers affected by COVID-19.
The Central Bank has clarified to lenders that a payment break agreed between a lender and a borrower as a response to COVID-19 is not, in itself an event that is reportable to the Central Credit Register and should not be reported as a missed payment. This means that the COVID-19 agreed payment break should not be specifically identified on your credit report.
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Disclaimer: This blog does not represent legal advice and is intended for guidance only. If you are concerned about your current or future personal financial situation then please contact a money adviser from MABS. All face-to-face consultations are currently suspended, however advisers are available by phone and email and through our live chat. Contact details are available here.