Credit Reporting Requirements For Hire Purchase Agreements

The Markets in Financial Instruments Bill 2018 has recently been proposed which will require providers of hire purchase credit and other similar loans for the purchase of goods or services from the same entity to report information about these loans to the Central Bank’s Central Credit Register (CCR).

What is the CCR?

The CCR is a secure database established and controlled by the Central Bank of Ireland, under the Credit Reporting Act 2013. It is used to collect and store personal and credit information on both consumer and business borrowers. Under the Act, lenders such as regulated financial service providers, NAMA, local authorities and other credit providers, must report certain information about borrowers for loans in excess of €500. They must also access the Register when an individual consumer or business makes an application for a loan in excess of €2,000, in order to ascertain their creditworthiness.