Written answers
Tuesday, 24 June 2025
Department of Finance
Financial Services
Cian O'Callaghan (Dublin Bay North, Social Democrats)
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292. To ask the Minister for Finance the timeline for the implementation of Recommendations 11.2 of the retail banking review from November 2022 to bring buy-now-pay-later agreements into the central credit register, namely, reducing the reporting threshold for credit agreements from €500 to €200 and the consultation obligation threshold from €2,000 to €1,000; and introducing a new lower fee for Central Credit Register consultations for low value loans (i.e., loans of less than €1,000, in line with the proposed changes to the obligatory consultation threshold) to facilitate smaller loans, particularly by credit unions; and if he will make a statement on the matter. [33538/25]
Cian O'Callaghan (Dublin Bay North, Social Democrats)
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293. To ask the Minister for Finance his views on the operation of the Central Credit Register, particularly the pace of corrections by the Central Bank where errors are detected; and if he will make a statement on the matter. [33539/25]
Paschal Donohoe (Dublin Central, Fine Gael)
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I propose to take Questions Nos. 292 and 293 together.
The Credit Reporting Act 2013 (the Act) provided for the establishment of a Central Credit Register (CCR) by the Central Bank. The Act places certain obligations on Credit Information Providers (lenders who submit personal and credit information to the Central Credit Register). Under the Act, lenders are obliged to submit information to the CCR on outstanding and new loans of €500 or more and must enquire on the CCR when considering a credit application for €2,000 or greater and may enquire when considering credit applications for a lower value.
Lenders must submit information on active consumer loans such as credit cards, personal loans, overdrafts and mortgages, business loans, moneylender loans and local authorities. Hire purchase, Personal Contract Plans (PCPs) 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.
When a loan has been closed by a lender, the lender must report this information at the next CCR reporting date and then information is retained on the CCR for a period of five years, after which it will be deleted 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; and
- The right to place a Notice of Suspected Impersonation on their credit report.
In relation to the operation of the Central Credit Register and the pace of corrections by the Central Bank where errors are detected, as noted above, the Act and associated regulations oblige lenders to submit accurate, complete and up to date personal and credit information to the CCR.
The CCR does not have access to the underlying records of the lender. It is the responsibility of lenders to ensure what is reported to the CCR is accurate, and where they have identified a reporting error or inaccuracy, it is the responsibility of the lender to correct this. The Central Bank has informed me that it expects that such errors are corrected as a matter of priority by the lender.
The Central Bank has further advised that where errors are detected, established processes are in place so that either lenders or borrowers can seek to amend any inaccurate, incomplete or out of date information and that these established processes are operating normally.
In relation to its fee structure, the CCR has been established on the general basis that all costs associated with its establishment and operation will be recouped over time. The Central Bank has committed to keeping the fee structure under review after a period of operation in light of actual usage or other relevant developments or enhancements to the CCR. The Central Bank has advised that it reduced the fee to €3.00 per enquiry for lenders with effect from 1 January 2024.
The Retail Banking Review set out a wide range of recommendations to improve the sector and customers' experiences, and the implementation of recommendations directed at the Banking Division in my Department were embedded in the annual business plan.
My Department will, therefore, continue to liaise with the Central Bank and all relevant stakeholders on the on-going management and operation of the CCR, including its fee structure and reporting thresholds.
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