Paul Murphy (Dublin South West, RISE)
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307. To ask the Minister for Finance if he will instruct the Irish Credit Bureau to close a loan account (details supplied). [12325/23]

Michael McGrath (Cork South Central, Fianna Fail)
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The Irish Credit Bureau (ICB) was a privately owned and operated credit reference entity that ceased operations in October 2021. While neither I nor the Central Bank of Ireland had any responsibility for the operation of the ICB, I understand that it deleted its records after it stopped providing a service.

However, the Deputy will be aware that the Credit Reporting Act 2013 (the Act) provided for the establishment of a Central Credit Register (CCR) by the Central Bank. Under the Act, lenders are obliged to submit information to the CCR on loans for €500 or more. On 30^thJune 2017, lenders began submitting information on active consumer loans such as credit cards, personal loans, overdrafts and mortgages. This was followed in March 2018 by business loans, moneylender loans and local authorities. Hire purchase, PCP and similar type products were included in June 2019. Lenders are obliged to submit information to the CCR that is accurate, complete and up to date.

The Central Bank advises that when a loan has been closed (i.e. repaid, refinanced or written-off) the lender must report this information at the next CCR reporting date. Once a loan is closed, the lender is not required to report any further information. Information is then retained for a period of five years, after which it will be deleted from the CCR in line with the Central Bank's retention policy.

The Act provides four important rights to borrowers:

- The right to a free report at any time, free of charge (subject to fair usage);

- The right to place an explanatory statement of up to 200 words on their credit report;

- The right to request an amendment to information if the borrower believes that information is incorrect, incomplete or not up to date;

- The right to place a Notice of Suspected Impersonation on their credit report.

If the individual wishes to exercise any of these rights, they may do so online at www.centralcreditregister.ie.

It is important to note that the CCR does not provide a credit rating or credit score. Also the CCR does not approve or sanction loan applications; subject to the consumer protection requirements associated with the provision of credit, decisions on applications for credit are a business matter for individual lenders.