The Central Credit Register is maintained and operated by the Central Bank of Ireland (“Central Bank”). Under the Credit Reporting Act 2013 (“Credit Reporting Act”) lenders are required to provide personal and credit information for credit applications and credit agreements of €500 and above to the Central Credit Register. This information will be held on the Central Credit Register and may be used by other lenders when making decisions on your credit applications and credit agreements. For information on your company’s rights and duties under the Credit Reporting Act please refer to the customer notice below:
Purpose of this customers notice
The purpose of this notice is to inform you of your rights and duties under the Credit Reporting Act and to inform you that we will send information on your company’s credit facilities to the Central Credit Register. In this notice, any reference to “you” or “your” means the Borrower.
You do not need to take any action as a result of this notice.
The Credit Reporting Act
The Credit Reporting Act mandates that the Central Bank establishes, maintains and operates a national mandatory database of credit information known as the Central Credit Register. The purpose of the Central Credit Register is to:
1. facilitate enhanced creditworthiness assessments and responsible lending by the Lender;
2. provide the Central Bank with better insights into national trends in the provision of credit; and
3. provide customers with a credit report detailing their credit agreement(s).
What information will be held on the Central Credit Register?
Capitalflow (Commercial Real Estate) Designated Activity Company, referred to in this document as ‘the Lender’, will as applicable, collect and report data relating to your existing credit agreement(s) and any new credit facilities to the Central Credit Register. The Lender will also send the Central Credit Register monthly updates on the status of credit facilities. The data to be submitted to the Central Credit Register in relation to your credit agreement(s) is set out in Credit Reporting Act 2013 (Section 11) (Provision of Information for Central Credit Register) Regulations 2016 and shall include the following:
· legal name of entity and address;
· companies registration office registration number (or equivalent); and
· legal entity identifier.
The Central Credit Register needs this information to make sure it accurately matches your credit facilities, including credit facilities the Borrower may have with other lenders. Producing a full and accurate credit report is one of the main aims of the Central Credit Register helping to create a single borrower view to facilitate enhanced creditworthiness assessments and responsible lending.
The information we submit to the Central Credit Register may include personal information and we will process such data in line with our duties under data protection law.
Examples of credit information that the Central Credit Register will store include the:
1. amount of all credit facilities;
2. purpose of credit facilities;
3. name of each lender;
4. outstanding balance;
5. number of overdue payments if any; and
6. date of next payment.
More details of the information held on the Central Credit Register can be found at www.centralcreditregister.ie
Types of credit facilities included on the Central Credit Register
Credit facilities on the Central Credit Register include those listed below, however these products may change over time:
· commercial mortgages;
· business loans;
· syndicated loans;
· revolving facilities; and
· business overdrafts.
Hire-purchase agreements, personal contract plans, leasing agreements or any other type of credit agreement where the credit is being advanced by the owner of the financed good or service are currently outside the scope of the Credit Reporting Act. We understand these agreements will be included in the future as credit facilities to be reported to the Central Credit Register.
What about foreign credit facilities?
You may have a duty to provide information to the Lender about any foreign credit of more than €5,000 in the future and as part of this the Central Bank may publish a Regulation specifying the information to be provided and its form.
Your credit information will be stored securely on the Central Credit Register where it will be used to create your credit report.
The Central Credit Register will not calculate a score or grade for your credit report. Information will be kept on the Central Credit Register for five years after your credit facility is paid off. Any credit data collected as part of a new credit application enquiry will be retained on your record for a period of six months following that application enquiry. Credit reports are available from the Central Credit Register. Subject to data quality assurance, the Lender will be required to enquire on the Central Credit Register for relevant credit applications for credit of €2,000 or greater, from 31 March 2019.
New Credit Applications
The Lender will only access your credit report:
1. when considering an application for a new credit facility;
2. if the Borrower request a change to the terms of a credit facility; or
3. when reviewing a credit facility in arrears.
A third party cannot access your credit report without your consent.
Accessing credit reports
When credit reports become available, you will have a right to request a copy of the credit report from the Central Credit Register which may be subject to payment of a fee (currently €6.35) in accordance with the Credit Reporting Act 2013 (Section 26) (Fees) Regulations 2018.
You have a right to insert a statement of 200 words or less, relating to any of information held on the Central Credit Register, and the Central Credit Register will include this statement on credit reports, including those provided to other lenders.
You have a right to make an application to amend information held on the Central Credit Register if you believe it is (i) inaccurate; (ii) incomplete; or (iii) out of date.
You may request that a notice of suspected impersonation is inserted on your Central Credit Register record where you reasonably believe you have been, may be being, or may be about to be impersonated by any person. That notice will stay on the credit record for 90 days, or shorter if requested. You may also extend the period of 90 days by giving a further notice to the Central Credit Register.
The Central Bank will publish on www.centralcreditregister.ie the exact date when credit reports will become available.
Submitting data to the Central Credit Register?
The Lender will begin reporting credit information to the Central Credit Register on existing credit agreement(s) and any new credit facilities in accordance with the prescribed timelines set out in the Credit Reporting Act 2013 (Section 11) (Provision of Information for Central Credit Register) Regulations 2016. Phase 2 of the reporting covers business lending only and commenced on 31 March 2018.
Where can I get more information about the Central Credit Register?
LoCall: 1890 100 050
Landline: 01 224 5500
If you have any other question about any of your credit facilities with us and the information to be reported to the Central Credit Register, please contact your usual relationship manager at the Lender.