Credit Reporting Update: Vol 2/2016

In our February 2016 Credit Reporting Update, we summarised the Central Bank's plans to phase in credit reporting for its new Central Credit Register (the Register) based on the Feedback Statement published by the Central Bank on 11 February 2016. The Central Bank had indicated that Phase 1 of the reporting would address consumer credit and Phase 2 would address business credit. Since then, the Central Bank has been working with CRIF Ireland Limited (the operator of the Register) to develop the Register.

On 22 September 2016, the Central Bank published a series of regulations under the Credit Reporting Act 2013 (the Act) and confirmed that:

• the collection of data from lenders relating to consumer credit will begin on 30 June 2017 (9 months later than originally expected); and