NOTICE: Under the Credit Reporting Act 2013 lenders are required to provide personal and credit information for credit applications and credit agreements of €500 and above to the Central Credit Register. This information will be held on the Central Credit Register and may be used by other lenders when making decisions on your credit applications and credit agreements.
What is the Central Credit Register?
The Central Credit Register (CCR) is the new national credit database which is being set up as result of a commitment given by the Irish government during negotiations with the International Monetary Fund. Under the Credit Reporting Act 2013 the CCR will be owned and managed by the Central Bank of Ireland. Investec Bank plc (Irish Branch) will be obliged to furnish certain information to the CCR in respect of the loans we provide to our customers. For example, we will report the following personal data:
Date of Birth
Personal Public Service Number (PPSN)
We will also submit the following credit specific data:
amount of all loans held;
number of overdue repayments;
date of next scheduled repayment.
Therefore, if you are the holder of a loan from Investec and you fail to make the required repayments, we will be obliged to report this information to the CCR. The information submitted to the CCR will be used to generate your individual credit report. Importantly, it will not calculate a credit score or grade.
It is anticipated that credit reports will be accessible to you and to lenders in early 2018 when the CCR is fully operational.
The only parties having access to your credit report are you and lenders (current or prospective). Third parties such as landlords and employers will not be permitted to access your credit report unless you provide your express written consent.
The CCR is being introduced on a phased basis. Phase 1 began on 30 June 2017. From that date onwards providers of personal loans and mortgages such as banks are obliged to furnish details of these loans to the CCR.
Phase 2 will begin in March 2018. This phase relates to business loans.
It is expected that credit reports will become available in 2018. At that stage you will have the following rights:
to request a copy of your credit report (the first such report each calendar year will be provided to you free of charge);
to insert up to 200 words of an explanatory statement therein;
o request that your information be amended if you believe it to be either inaccurate, incomplete or out of date;
to report to the CCR if you believe that someone has, is, or is about to, impersonate you.