Oireachtas Joint and Select Committees

Wednesday, 23 October 2013

Committee on Finance, Public Expenditure and Reform: Select Sub-Committee on Finance

Credit Reporting Bill 2012: Committee Stage

2:10 pm

Photo of Kieran O'DonnellKieran O'Donnell (Limerick City, Fine Gael) | Oireachtas source

I seek clarity on the interpretation section and the definition of the credit score, which is mentioned on line 24 of page 6 and states that credit score, "in relation to a credit information subject, means a numerical or alphanumerical value assigned to the credit information subject, on the basis of information ...". In layman's terms, the credit score refers to the risk rating attached to an individual who has been loaned money. Who has access to this information and for how long can they retain it? One of the big issues currently is that people borrowed money during the credit bubble - the so-called Celtic tiger period - and they are adversely affected by that credit rating, in some cases through no fault of their own. What is the procedure for ranking the credit score, how is it arrived at, who will have access to it and for how long will it last?

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