It's your Mortgage Day!
The Central Credit Register is a new secure database of personal and business information for borrowings of €500 and above. It has been set up and will be operated by the Central Bank of Ireland under the Credit Reporting Act 2013.
From 30th June 2017 and each month after that, all lenders (including banks, credit unions, and other lenders that provide consumer credit of €500 and above) must supply personal and credit information relevant to the Central Credit Register relating to certain credit agreements (borrowings) to the Central Credit Register. This covers borrowings including credit cards, mortgages, overdrafts, and personal loans. KBC will be required to provide this information regarding KBC customers.
The collection of credit and personal data from lenders will be implemented on a phased basis, with Phase 1 starting 30th June 2017 focussing on data collection for consumer lending and Phase 2 starting in 2018 focussing on lending to businesses, including clubs and associations.
By September 2018, lenders must request a credit report from the Central Credit Register when a consumer applies for credit of €2,000 or above before approving any application, in order to comply with the Credit Reporting Act 2013.
Once the Register is fully operational (expected to be 2018) borrowers can obtain a copy of their own credit report and are entitled to one free report per year.
How do I find out more?
More information in relation to the Central Credit Register is available from the Central Bank of Ireland’s CCR website www.centralcreditregister.ie on lo-call number 1890 100 050 or 01 2245500, and via email firstname.lastname@example.org