The Central Credit Register (CCR) is a database of personal and credit information to be created by means of a national mandatory credit reporting system being established by the Central Bank under the Credit Reporting Act 2013.
The Credit Reporting Act 2013 provides that the Bank is responsible for the establishment and operation of the Central Credit Register. The Act aims to address weaknesses identified in the current credit reporting system in Ireland by making it mandatory for lenders
- to submit information on credit agreements and payment histories to the CCR (over a threshold of €500); and
- to check credit information on the CCR when considering credit applications (over a threshold of €2,000).
The credit reporting obligations will apply to over 500 lenders, such as banks, building societies, credit unions, local authorities, NAMA, asset finance houses and money lenders. The obligations to report are likely to be introduced on a phased basis. The mandatory centralisation and sharing of credit data will help Irish lenders to make even more sophisticated informed decisions through an advanced model based on quality data.
“The CCR credit bureau will play a fundamental role in the improvement of a mature credit culture in Ireland’s financial system, further enhancing the profile of the country’s consumer credit market and global competitiveness. As CRIF has already experienced in other countries, evolution of the financial sector depends heavily on the availability of effective and quality information systems which streamline credit risk management and consequently support the financial needs of businesses and consumers”, said Sara Costantini, Director of CRIF Ireland Ltd.
