Ireland Reminder – Credit Reporting Obligations

The Credit Reporting Act 2013 (the "Act") establishes an official statutory register (the "Register") operated by the Central Bank of Ireland (the "CBI") to record the amount of credit in the Irish economy. The Register will also enable creditors to check a potential borrower's credit status before advancing credit.

The Act applies to credit where the debtor is resident in Ireland, or where the credit agreement is governed by Irish law. The Act requires that creditors provide the CBI with basic information on all credit arrangements exceeding €500 which are within the scope of the Act.

Both regulated and unregulated lenders are covered by the Act, which refers to them as "credit information providers" or "CIPs".