Central Credit Register
What is the Central Credit Register?
The Central Credit Register is a national database of Irish loans and guarantees given. It includes details on all types of loans such as commercial loans, mortgages, personal loans, overdrafts, credit cards etc.
The Central Credit Register holds personal and credit information about you and your loans and a payment history in relation to those loans. Lenders will send information on your loans to the Central Credit Register on a monthly basis where it will be consolidated to create your credit report.
The Central Credit Register can on request, provide:
• a borrower with an individual credit report detailing their credit agreements;
• a lender with comprehensive information to help with credit assessments; and
• the Central Bank with better insights into national trends in the provision of credit.
Notice in relation to the Central Credit Register
The purpose is to inform you in respect of each of your and NAMA’s obligations in relation to the Central Credit Register, which was established and is operated by the Central Bank of Ireland under the Credit Reporting Act 2013 (as amended).
What is NAMA doing?
The Credit Reporting Act requires that NAMA (including National Asset Loan Management Designated Activity Company) submit personal and credit information to the Central Credit Register in relation to all forms of personal and business loans for €500 or more. This requirement also applies to other lenders in Ireland, including banks, credit unions and local authorities.
Since 2018, NAMA has provided information personal information in the case of individuals who are borrowers in their personal capacity and credit information to the Central Credit Register and has continued to provide monthly updates thereafter. This is for all existing loans to individuals, partnerships and corporates held or advanced by NAMA.
Data Protection Notification
If you are a borrower and/or guarantor in your personal capacity, another purpose of this Notice is to inform you that the Credit Reporting Act requires NAMA to process personal data for the Central Credit Register.
NAMA has a legal basis to process this data for this purpose under the Credit Reporting Act.
Your personal and credit (or loan information) is sent by NAMA to the Central Credit Register through the Central Bank of Ireland’s secure reporting channels. That information will then be stored securely by the Central Bank of Ireland on the Central Credit Register, where it will be used to create your credit report.
The current list of personal information (being personal data) and credit information is set out in the Credit Reporting Act and regulations issued by the Central Bank of Ireland in Statutory Instrument No. 486 of 2016.
Why does the Central Credit Register need this information?
The Central Credit Register needs this information to ensure it creates a complete and accurate record of your loans, including credit facilities you may have with other qualifying lenders.
A credit report will contain factual personal and credit information only. The Central Credit Register will not calculate a score or grade for your credit report nor decide if a loan is approved or not. Lenders, such as NAMA, will continue to make that decision.
Information will be kept on the Central Credit Register for five years after a loan account has been closed.
Lenders’ access to your credit report
Lenders, including NAMA, may only access your credit report when:
• considering an application for a new loan of €2,000 or more;
• you ask to change the terms of a loan facility; or
• NAMA is reviewing a loan in arrears.
No other person, such as employers or landlords, can access your credit report without your written consent.
Your obligations and the requirements of you under the Credit Reporting Act
The Credit Reporting Act requires that NAMA must obtain certain personal and credit information from any loan applicant, in relation to any loan application for €500 or more and to provide that information to the Central Credit Register.
NAMA is also under a legal obligation to hold or obtain from you up to date identification documentation for any borrower or loan applicant, where that is not already held.
If you are a borrower and/or guarantor in your personal capacity NAMA is required to obtain your personal public service number (PPSN) from you in relation, for example, to any loan application and to provide that to the Central Credit Register.
In addition, NAMA is required to take all reasonable steps to ensure the accuracy of the personal and credit information submitted to the Central Credit Register and may require your assistance in verifying that information to ensure accuracy.
Your rights under the Credit Reporting Act
You have a right to:
• request your credit report at any time;
• insert a 200 word explanatory statement on your credit report;
• apply to have your credit or personal information changed if you believe it is inaccurate, incomplete or out of date. Any such application must be made in writing, with supporting documentation. If a requested amendment is not made by the Central Credit Register, you can enter an explanatory comment for inclusion on your credit report.
- place a notice of suspected impersonation on your credit report if you believe you are being, or have been, or are about to be, impersonated by another person.
The Central Bank has published details of how to submit a request for a credit report on www.centralcreditregister.ie.
