The Central Credit Register

The purpose of this notice is to inform you about the Central Credit Register, which is being set up by the Central Bank of Ireland under the Credit Reporting Act 2013.

What is the Central Credit Register?

The Central Credit Register is a national database that will, on request, provide;

  1. A borrower with an individual credit report detailing their credit agreements
  2. A lender with comprehensive information to help them with credit assessments
  3. The Central Bank with better insights into national trends in the provision of credit

What will St. Colman’s (Claremorris) Credit Union Ltd be doing?

The Credit Reporting Act 2013 requires this credit union and all other lenders to submit personal and credit information to the Central Credit Register on loans for €500 or more.

We will share personal information that we may already have about you with the Central Credit Register from the 30th June 2017, such as:

  1. Your name
  2. Address
  3. Date of birth
  4. Telephone number
  5. Gender
  6. Personal Public Service Number

Why does the Central Credit Register need this information?

The Central Credit Register needs this information to ensure it creates an accurate record of your loans. It aims to ensure that every credit report it produces is complete and accurate. We will share credit information each month about any loans you have that are €500 or greater.

Your loan information will be stored securely on the Central Credit Register where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade for your credit report. Information will be kept on the Central Credit Register for five years after your loan is redeemed.

In early 2018, credit reports will become available from the Central Credit Register. Once available, you may request your report at any time. You are entitled to one free report each calendar year.

Lenders may only access your credit report:

  1. When considering an application for a new loan
  2. If you ask to change the terms of a loan
  3. If they are reviewing a loan in arrears

You do not need to take any action

This notice is to inform you that we will soon begin to send information to the Central Credit Register on loans for €500 or greater.

Your rights under the Credit Reporting Act 2013

When credit reports become available, you will have a right to;

  1. Request your credit report at any time (the first credit report each calendar year is free)
  2. Insert a 200-word explanatory statement on your credit report
  3. Apply to have your information changed if you believe it is;
  4. Inaccurate
  5. Incomplete
  6. Out of date
  7. Make a report to the Central Credit Register if you reasonably believe that someone has, is, or is about to impersonate you.

Please read the Central Credit Register fact-sheet.

…with you every step for the way

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