ARTICLE · 22 NOVEMBER 2017

Credit Reporting Act 2013 – An Update

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One of the main aims of the Credit Reporting Act 2013 (Act), when it was enacted, was to put in place a Central Credit Register (Register) to record information on both consumer and business borrowers.

IrelandFinance and Banking

Christine O'Donovan

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One of the main aims of the Credit Reporting Act 2013 (Act), when it was enacted, was to put in place a Central Credit Register (Register) to record information on both consumer and business borrowers. Under the Act, lenders such as regulated financial service providers, NAMA, local authority and other credit providers, must report certain information about borrowers for loans in excess of €500. They must also access the Register when a consumer or business makes an application for a loan in excess of €2,000, in order to ascertain their creditworthiness. Regulations introduced in 2016 prescribed the type of information to be provided and the relevant deadlines for providing that information. The deadline for Phase 1 reporting (consumer loans) is 31 December 2017.

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