The Credit Reporting Act 2013 has been amended to bring hire
purchase agreements and similar credit agreements, together with
personal contract plans (PCPs), within the scope of the credit
reporting regime.
The Markets in Financial Instruments Act
2018 was signed into law on 29 October 2018 and came
into effect on that date. While the main purpose of the Bill was to
introduce criminal sanctions for breaches of the Irish MiFID II
Regulations, the Act also amended the definition of
"credit" in the Credit Reporting Act. Rather
than excluding credit provided "for facilitating the
purchase of goods or services from the person by whom the credit is
provided" (which appeared to unintentionally exclude hire
purchase agreements and similar agreements from the credit
reporting regime), that exclusion will now be limited to
"trade credit". "Trade
credit" is credit where:
