Joan Burton (Dublin West, Labour)
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Question 189: To ask the Minister for Finance his views on the current functioning of the credit bureau market here; if he is in agreement with the World Bank that competition in the credit bureau market can improve its effectiveness in ensuring that borrowers do not take on credit commitments which they cannot afford; if he has satisfied himself with the level of competition in the credit bureau market here; his further views that it is necessary to have measures, legislative, regulatory or otherwise to enhance competition in this market; and if he will make a statement on the matter. [7603/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The Irish Credit Bureau (ICB) is an independent, commercial organisation which provides credit history information to its members and helps credit institutions to be better informed when making decisions on the provision of credit. I, as Minister for Finance, have no role in determining its operations or the scope of its activities. However, my officials have been in consultation with relevant stakeholders in relation to the kind of issues highlighted in the Deputy's question and will report to me on how best practice can be achieved in relation to credit history. I will then consider the options available to ensure that an appropriate structure and fair practices in consumer credit can be maintained.

As the Deputy is aware, consumer credit, including hire purchase, together with money lending and home loans, is governed by the Consumer Credit Act 1995. This legislation sets out important consumer protection measures, including the form and content of the credit agreements in respect of those types of loans. The Consumer Protection Code requires that before providing a product or service to a consumer, a regulated credit institution must gather and record sufficient information from the consumer to enable it to provide a recommendation on a product or service appropriate to that consumer. Further, there are suitability provisions in the Consumer Protection Code which are designed to ensure that lending institutions make responsible decisions based on all of the information which it has gathered in the process.