Information and advice for Dealers, Customers and SMEs in the Republic of Ireland
The Central Credit Register (CCR)
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 of Ireland (CBI) in line with the Credit Reporting Act 2013
- What will the Central Credit Register do?
- Why is the CCR needed?
- Why is it relevant to Close Brothers Motor Finance?
- What data will Close Brothers Motor Finance (CBMF) need to verify?
- When will this change come into effect?
- Do these regulations impact all finance providers in Ireland?
- Where can I find out more information about the CCR?
- What are an individual's rights under the Credit Reporting Act 2013?
- The information collected will help lenders, consumers and the CBI in its role of safeguarding stability and protecting consumers.
- Lenders will be able to use the information to get a more detailed picture of a consumer’s credit history, which will help them to make decisions about finance applications.
- Consumers will have the opportunity to see what credit information lenders hold about them.
The Government in Ireland gave a commitment, as part of the EU/IMF Programme of Financial Support, to develop a legal framework that would facilitate the collection and centralisation of credit information on borrowers. The CCR will contribute to consumer protection and financial stability by:
- Providing borrowers with an individual report detailing their credit agreements
- Providing lenders, such as Close Brothers Motor Finance, with comprehensive information to support credit assessments
- Providing the CBI with better insights into financial markets and supporting functions of the Central Bank of Ireland
Following an amendment to the Credit Reporting Act 2013, data on hire purchase, leasing and other credit agreements previously excluded from the scope of the CCR, is now reportable. Therefore, from 30 June 2019, Close Brothers Motor Finance will have a legal obligation to report credit agreements, where the principal amount of the credit agreed to be provided is €500 or greater, to the CCR. Therefore if you have a credit agreement with Close Brothers Motor Finance in force on 30 June 2019, your credit agreement and details will be reported to the CCR.
Further, where a customer makes a credit application of €2,000 or more, Close Brothers Motor Finance will have a duty to make an enquiry to the CCR in respect of that customer prior to making a decision whether to grant the credit.
Under the CCR definitions, we will need to verify data for:
- Customers who are individuals
- Customers who are sole traders
- Customers who are not individuals (Businesses)
From 30 June 2019, Banks and finance providers, such as Close Brothers Motor Finance will require ID&V documents to be provided as part of all new credit applications for individuals. This will include PPSN (Personal Public Service Number) for individuals, which we are required to obtain under the Credit Reporting Act 2013.
Yes – all banks, credit providers and money lenders will need to adhere to the new regulations. The timeframe in which to implement changes may vary depending on the type of firm.
Information on the CCR can be found at the following sites:
- You may request a copy of your credit report - this is available free of charge subject to reasonable use
- Insert an explanatory statement on your credit report
- Apply to have your information amended, if you believe it is inaccurate, incomplete or not up-to-date
- Report and be informed of suspected impersonation