Central Credit Register: Phase Two - Preparation For Reporting On Business Loans

From 31 March 2018, lenders, both regulated and unregulated, are obliged to collect and report information in relation to credit advanced to non-consumer borrowers, including companies, limited liability partnerships, industrial and provident societies, clubs and associations. The requirement on lenders to provide personal and credit information relating to any qualifying credit application or agreement to the Central Bank of Ireland (the "Central Bank") for the purpose of populating the Central Credit Register (the "Register") has been introduced on a phased basis. The proposed timelines set by the Central Bank provide that all in-scope lenders must report data on non-consumer credit to the Register by 30 September 2018. Given these impending deadlines, this note will focus on phase two ("Phase Two") credit reporting.